Investment Real Estate topics throughout California and sometimes further! Mario Pinedo has been a Realtor since 1991 in Silicon Valley and has sold throughout California and the West. His primary investment vehicle is multi-family rental properties. Mario focuses on major markets from San Diego, Orange County, Los Angeles, San Jose, San Francisco and northern California. He currently lives in Irvine, CA.
Thursday, January 25, 2018
Santa Ana fixer rental investment property for sale
Not for the faint of heart: These two buildings on one lot require much attention and patience, but the deal looks good. $410,000 asking price for a 1920's SFR 3 bed 1 bath with some architectural style. The house needs a dramatic overhaul - down to the studs - as per listing agent. The commercial building which was most recently an operating grandfathered restaurant cannot be a restaurant going forward as per the City. Potential uses would be a second residential unit or office space. Both would have to be approved by the City. I expect rents for a renovated 3 bed, 2 bath house (yes adding a 2nd bathroom) are $2500 easy in that area. Turn the BBQ Pit into a 1 bedroom apartment and rents should be $1300. Overall deal including renovations $550,000 with $45,600 in rents is a 12 GRM in a market of 16-18 GRMs on existing duplexes.