12734 Golden Trout, Contractor left the remodel and addition. Home needs lots of work to complete. Listed for $195,000

When looking for homes in the lowest price range, you just never know what you might find. This home, located in Lake Wildwood probably would sell in high $400K range if it were even modestly appointed and were ready for occupancy. However, the owner started an ambitious addition, gave up, and let the rest of the home deteriorate so far that the entire home needs rehabilitation. This home is far beyond the limits of government back rehabilitation loan. It needs a contractor to strip it to the studs and start again. Half the house has no sheetrock and the rough plumbing and fixtures are not completed either.
Homes like this come along from time to time. There have been a couple in Alta Sierra this year. This is the first one in Lake Wildwood. A contractor can pick this one up, finish it, get it ready for resale, and what ever it sells for after they complete the work minus what they pay to purchase it and the cost of completing the project will determine the profitability of the investment. The challenge to making a profit on a home like this comes from the upper limit of valuation set by the surround homes in the neighborhood. Even if the home was appointed with granite counters, new high end appliances and fixtures, and tasteful modern finishes, a home in this neighborhood of this size with this floor plan, even on a double lot would not quite be able to top $600,000. We will watch this one!

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

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