18851 Penn Valley Drive, Penn Valley, 95946 Price reduction to $325,000

There are not many three bedroom and two bathroom ranch style homes for sale under $325,000 outside of Lake Wildwood. A couple of fixers in Grass Valley, the occasional home in Alta Sierra, but nothing on over 1/2 an acre, so when this home was reduced from $349,000 to $325,000 I went out to see why is hadn’t sold.

First note, the home is tenant occupied. The tenants are accommodating, but not the best house keepers. Sellers may think that getting that rent check every month is important to their cash flow, but in fact, the tenants may cost the seller tens of thousands in lost valuation on sales end of the transaction. If this home was vacant and move in ready, I believe it would have already sold, and probably closer to $350,000 instead of where is will likely end up, a bit south of $320,000. Besides the general discouragement of having to deal with the tenants poor house keeping habits, what else is causing this home not to sell?
the home has a long narrow gravel driveway. That might be expected with 1.6 acres, but for buyers looking for a “ranch floor plan” the long driveway might actually look more like a maintenance issue, and potentially limit access in low clearance vehicles, motorhomes, or trucks with trailers. While the privacy is desirable, there are plenty of buyers who have toys that need easy access to the parking areas, and this home might scare them off.
The home itself is pretty much exactly what you expect from a 1979 ranch single story with a 1990’s era facelift. Nothing special. Worn in all the ways you would expect, and well lived in by the tenants, who also have several dogs. The home does have some kennels in the back, so for pet lovers or buyers with ambitions to have several dogs, this property might fit the need.
One last negative point. The home had a one car attached garage that was converted into a bedroom. No covered parking. The bedroom conversion looks like it was a “home-owner” job. Structurally it looks well enough made, but clearly, converting a garage to bedroom makes for uneasy tension in the floor plan. It is also quite likely no permits were obtained for the conversion, so lenders may not give any valuation to added room.

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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