This home is more than just a cosmetic fixer. It is the definition of functionally obsolete. It only has one bathroom, and the condition is poor. The kitchen looks like it needs a gut and replace, and the interior and exterior both need attention. What this bank owned repo has going for it is the three car detached garage, the large flat garden area, and the very large lot size- 5.8 acres. At the $300,000 price point, there have been just 4 properties in the last year that have had five or more acres, and none of them have had homes that were in any better condition than this home. The size of the lot makes it difficult to establish comparable sales. There simply are not enough properties with that much acreage to compare. However, the value of the land can easily be established because there are lots of land sales, properties with no house, that can be used as a guide to know what the property is worth independent of the house.
The land alone is worth between $120,000 and $150,000. The difference between the higher and lower value depend on the strength of the well and certification of the septic system, both of which a buyer would have to find out during their inspection period because the bank who owns the property has not done any inspections. If the well is a low producer, or if the septic has failed, then the property would be closer to $120,000 in value, with a good well and operational septic, the property would be worth closer to the $150,000 price. The reason the property is capped at about $150,000 is because of the freeway noise. You can definitely here Hwy 49 from the property. The garage is worth about $50,000. When a renovation was completed, and if a second bathroom could be added, the home would be worth about $425,000 to $450,000 depending on the quality of the finishes used.