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Wednesday, August 6th, 2008 at 6:31 AM

Vista Bank-Owned Duplex

Posted on Wednesday, August 6th, 2008 at 6:31 AM in Uncategorized | 15 Comments » | Print Print You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Reader Comments: 15 Responses

  1. Jim, that is one ugly duplex. I’m surprised that filming something so ugly didn’t damage your camera.

    greenlander | August 6th, 2008 at 8:42 am

  2. greenlander,

    Nothing is ugly if the price is right.

    shadash | August 6th, 2008 at 2:48 pm

  3. Shadash is right, there is nothing, absolutely nothing, that price can’t fix!

    SD_Coastal | August 6th, 2008 at 2:56 pm

  4. I agree, but that price doesn’t fix it!

    greenlander | August 6th, 2008 at 3:43 pm

  5. Jim and contractor out there: How much would it take to fix this place (both units) up like new?

    george8 | August 6th, 2008 at 3:55 pm

  6. The cost to fix must be estimated by others to be around $30,000. I have two offers at $220,000.

    I think you could bust it out yourself for $20,000 with DIY cabinets, new carpet, and a lot of spit-shine.

    Jim the Realtor | August 6th, 2008 at 4:06 pm

  7. Are the prices being discussed for both units, and do the fix-up estimates include the cost of installing something that remotely resembles landscaping?

    GeneK | August 6th, 2008 at 4:30 pm

  8. Jim you stated 26k income @1100 a month. How do you think value going forward(3/7 years) might appreciated in Vista. Do you think 2% or more yearly growth is possible in this area. I want to buy property holding it for an investment, some income is nice as well. I’m happy however long as it’s paying the monthly overhead.

    Inland Empire | August 6th, 2008 at 4:31 pm

  9. IE,

    I think you could rent these for $1,500 each if they were renovated nicely.

    It sold for $457,000 in August, 2004, but was owner-occupied, and financed 100%. They pulled out another $40,000 before getting foreclosed.

    It’ll be a while before it gets into the mid-$400,000s, but as a rental property bringing in $36,000 per year I think you could expect a minimum of 2% appreciation. It would probably be worth low-$300,000s the day you rented both units for $1,500 each.

    I am very comfortable with downtown Vista, and this area & street. The folks across the street paying the $1,100 have been there for years. I’ve known her for years too – she runs one of my clean-out crews. She has no problem living there, and told me the folks on the street are long-timers.

    But for those unfamiliar with the area, it has the appearance of being an older run-down undesirable area. But that is why it’s $249,900.

    P.S. The bank countered $247,000.

    Jim the Realtor | August 6th, 2008 at 4:47 pm

  10. I’m a fan of Vista (East Vista anyhow…) but stuff like this is really a stretch of the imagination! But I’m not in the slumlord business. I guess this could cash flow for someone who wants to be a landlord.

    doughboy | August 6th, 2008 at 6:13 pm

  11. 0:47 – "I guess you could say it needs a little work."

    I guess you could say that but you’d be lying. Laughing, laughing. You have a talent.

    Seriously. Gut job, $15-$18k. Not to the studs, just kitchen, floors and fixtures. Contractors Discount warehouse and one truck with my guys 8-10 days and that’s just because it is tough to floor until paint and cabinets are done. Perfect for a young couple to start out in one side. My parents did that 50 years ago.

    Rob Dawg | August 6th, 2008 at 7:21 pm

  12. Former rentals in otherwise nice neighborhoods can be great first homes (mine was back in ’83). A few years of multiple tenants with an absentee landlord and a property suffers an incredible amount of relatively easy-to-fix cosmetic destruction long before any longterm structural damage sets in. I’d still rather do it with an SFR, but that’s just because I know I’m not cut out to be a landlord.

    GeneK | August 6th, 2008 at 9:37 pm

  13. I like the part about how the chicken wire was reminiscent of the roller derby. That must harken back to the days when JtR was touring on the circuit.

    Dwip | August 7th, 2008 at 1:17 am

  14. "Ice cream man" Don’t be naive, Jim. There’s no ice cream in those trucks…that’s just the front to fool the fuzz.

    Beth | August 7th, 2008 at 5:54 pm

  15. Beth wants a "4/20 special psychedelic Popsicle" and she wants it now.

    Dwip | August 7th, 2008 at 10:29 pm

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