The address of my purchase is 4272 Caledonia Dr, 92111. To compare it with the 4221 Mt Casas property (92117) it is near the opposite end of the spectrum as far as current condition. However, the Mt Casas property was on a very nice canyon lot, which does add some value.
The inspector looked at mine yesterday and the only comments were 2 prong outlets, some rotting on the exterior roof boards, an outdated circuit breaker box, and some tree removals. If you hadn’t seen 4221 Mt Casas, it looked like a garbage pit. The bank repainted my interior and even carpeted the entire house after they accepted my offer. Wow!
I do feel very fortunate to have gotten this one, the next lowest 3/2 listing in 92111 or 92117 is at $350k. I’ve noticed there is about a $40k difference between a 3/1 and a 3/2 in these zip codes.
Will I sell the home? Who knows! I’m realizing that flipping a home is much more work than I first thought. You also have to figure capital gains will eat 30% of your profit. Then pay 3% commission to the buyer’s realtor. A 50k flip just turned into 25k, not including any money spend on updated the home.
