15122 North Bloomfield Bank Owned 960 square foot fixer cabin on 5.12 Acres

I went out to preview a banked owned listing on 2/15/17. The property is located at 15122 North Bloomfield about four miles outside of Nevada City. The cross Street is Mowery. The lot size is 5.12 acres, trapezoidal in shape with a long, pointed end that extends 800 feet back off North Bloomfield. The property is reasonably flat, nicely treed, and sunny in the center portion. It is surround by much smaller parcels, and while the home is set back from the street you do see neighboring homes through the trees.  The video captures the home. The list price on Feb. 15, 2017 is $254,000. It was listed on Jan 10, 2017, went pending on Jan. 20, 2017, and fell out of escrow today. The listing agent and sellers never reveal what offer they might have previously accepted or why the home fell out of escrow. There was no direct evidence of inspections having been performed by the previous buyer. The home would not likely qualify for conventional financing. There is evidence of a leak in the roof.   Nonetheless, this is premium “fixer” opportunity for an investor or cash buyer who wants to get into something they can remodel to meet their own specifications. I estimate that the home could need $100,000 in upgrades and repairs to bring it up to par with the neighborhood. The home is just under 1000 square feet. It could make a nice two bed-room two-bathroom home using the existing foot print and moving some walls to better utilize the space. Today, if the home were completed and upgraded as a 2/2, it would sell in the high $300K to low $400K price range, depending on the finishes. The home is probably habitable with far less than that. Certainly, it needs a new roof, might need new fixtures and appliances, but probably for $30,000 or $40,000 the home could be made quite habitable, and you still might be able to sell it in the high two-hundred thousand range, as long as the septic and well were both in good operating condition. As a rental, even with very repairs, the five acres and out buildings would currently rent in $1350 to $1700 per month range.

Author: gordon

Nevada County Resident since 1988. Painting and Decorating Contractor 1985-2003 Nevada County Realtor Since 2004 Member of the Nevada County Masters Club (top producing agent) Every Year Since 2004