403 South Pine, Victorian Era Fixer Walk to Nevada City Close, Needs Rehab or Investor: Listed for $309,000

Can a fixer with under 900 square feet, and needing a facelift and upgrade in all the major systems, appliances, and fixtures, still capture a price over $300,000? This home could easily turn into the money pit, and conservatively it might cost $100,000 to renovate. Would it be worth $400,000 or more once all the work was done? The home looked habitable, but the garage was definitely substandard, and there was visible evidence of dry-rot in the siding and roof, that would make any sort of conventional financing unlikely. Assuming an investor buys it and fixes it up during the 2018 season, it will be a great interest to see what they pay for it, how much they put into it, and what it sells for when they put the final product out on the market. If the home were all dolled up and ready for sale today, given the small footprint, it would be a hard sell at $400,000. But maybe by summer of 2018 when this home will be ready to go back on the market, prices will have risen, and contractor or investor will be able to turn a profit, but that depends on the future price of Nevada homes.

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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