Since we looked at the two small houses on one lot in Nevada City for $259,000 about two weeks ago, I thought it would be good to compare that deal with the a duplex in Grass Valley.
The Nevada City duplex properties were both “fixer” homes with obvious dry rot in the decks, as well as known septic issues. But of course, both those units were rented with a combined monthly revenue of $2200, or $26,000 gross for the year. Regardless of the repairs issues, known and unknown deferred maintenance, it is not surprising that 19229 State Hwy 49 went pending in less than 10 days. It is a pending sale now, and I will keep a watch on it to see what the final settlement price is when the escrow closes. In the mean time, 340 N. Church is a duplex, where the two units form an “L” shape sharing just one wall. Both units are about 1000 square feet each. They have the same floor plan, two bedroom and one bathroom, with a living room and a kitchen, with a laundry room on one end. The building was built in 1947, and clearly has deferred maintenance issues, but because they are within the city limits, there is piped treated water and sewer, and there is plenty of flat parking on .27 acre lot. Each unit rents for $1400 per month, or $33,600 gross income for the year.