June 9, 2006

$476,000 with free code violations

Friday! Reader Submission time!

MLSlistings Property Detail for MLS number 613808
20988 SIOUX TL
Los Gatos, CA 95033

Upstairs is about 750 SF with 2 bedrooms and 2 baths, downstairs is an unpermitted 350 SF studio apartment with a building code violation. Located in a quiet, established mountain community (Chemeketa Park) just 7 minutes to downtown Los Gatos. Beautiful setting in the redwoods. Los Gatos schools. Home is old and needs work. Home has propane heat, water, electricity, and has been inhabited up to the present time. Roof does not leak but needs replacing. Property inspection is available showing many recommended repairs and upgrades. Sellers rock bottom price, sold as is. Buyer may be able to do a wrap-around by paying closing costs and paying on sellers $423K 1st loan for a few month while rehabilitating the property. Fixed up value would be in the $600K range. Then buyer could resell or obtain conventional mortgage. This would be perfect for a contractor or investor. Buyer would need to pay some closing costs to transfer title. Listing agent may invest with buyer. Call for details

So let me get this straight – after you spend $476k, on this, and then another huge pile of money to fix it up, it might be worth $600k?

Steve, the submitter, also notes this:

7 minutes to downtown Los Gatos- right, if you’re insane and on a motorcycle (I’ve been on those mountain roads before)

Insanity is part of the deal! SOLD!

Click here to post a comment -- Posted by: burbed @ 5:37 am

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