- 2 1 1,500 sqft
- Modesto, CA
- 2 years
Ranch✔ 2 Bedroom✔ 1 Bathroom✔ 1500 Square Footage✔ By Owner
Attention local investors who might be interested in making six figures rehabbing/developing a property in Lake Elsinore. This is a rare multi-acre fully fenced corner lot with large Ranch House, 2 bed 1 bath companion unit, and mobile home! LOCATION: 3rd Street between Conard and Cambern, in Lake Elsinore CA 92532 In a quiet area with no rear neighbors, this property is still only 3 short blocks from Lake Elsinore's new growth and shopping centers: Costco, La Fitness, Lowes, restaurants, etc. right off the 15 Freeway at the 74. This area is steadily increasing in value. 2. No need for gap funding/private money. REHAB COSTS: Only $107,000 to fully renovate/remodel The price for everything from demo/trash out to landscaping, permit, repairs, and upgrades to all houses is only $107,000. The bid (attached) was provide by a professional inspector who is a former rehabber himself and lives local. This size property is a dying breed, a "last of it's kind" large estate, that's also near the 15 freeway and shopping. The very achievable middle ground of 825,000 puts the purchase price of $499,000 at only 60% of ARV. 5. THE HOUSES: There's actually 2 (TWO) detached, stick built, Single Family Resident homes on this 5.62 acre corner lot. The first is a large wood 2 story ranch house, built in 1979, with attached work shops and garages with roll up doors. Total square footage is 2306 and of that, current living space is roughly 1400-1500 square feet. Presently it's a 1 bedroom, 2 full bathroom home, with an office/library, giant kitchen, and spacious living room. The office would be easy to convert into a 2nd bedroom. Basically, it's been eligible for a final for 37 years, but the original builder never bothered to go apply for it. A couple trips to building and planning, and this could all be resolved. The second house is a 850 granny flat/cottage/companion unit/guest house, with 2 bedrooms and 1 full bathroom. It's not on the tax rolls but it's grandfathered in. After $2,000 and a week worth of work it will be livable again. In addition to the 3 houses listed above, there's D. A detached 1 car garage with an electric panel and a washer and dryer. A detached 2 car car port (essentially a garage but without the garage door.) F. An attached workshop/garage with a 20 foot ceiling, which is ideal for perhaps an RV or a tractor or some other type of large equipment, maybe a boat, etc. Multiple sheds which are actually in remarkably good condition. Well kept garden areas, and mature pepper and eucalyptus trees I. A small "little league size" fenced baseball/softball diamond. Chain link fence on all sides of this flat and usable property, with 2 easements on 3rd Street, and a private driveway. There's 2 septic tanks, one by each house.. There's also 2 electric meters. And best of all, there's dozens of hose bibs circling the back of the property - making it ideal for anyone who plans to use the estate for farming, agriculture, hydroponics, aquaponics, livestock, or who otherwise needs a large and sophisticated watering system that covers much of the property. 6. codepublishing "dot com" /CA/LakeElsinore/#!/LakeElsinore17/LakeElsinore1768. Greenhouse, Community Park, Softball Field, Residential Care Facility, Nursing Home/Senior Care/ Mental Health/Rehab Facility, Big Box gym/Fitness Training Center, Government Buildings and Service Facilities, Public Parks and Playgrounds, Recreational Centers, etc. WALK THROUGH Come see it THIS TUESDAY! We're ONLY available to meet up at the property Friday 3.3.17 and Tuesday 3.7.17 8.
Near places: Modesto Junior College
US, California, Stanislaus County, ModestoModesto, CA 2 years at reachoo.com 499,000