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Updated about 2 years ago on . Most recent reply

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Andy Pham
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Buy fixer upper or turn key for primary residence?

Andy Pham
Posted

I am looking to move to Clovis, CA (willing to consider nicer parts of Fresno) in about 6 months or so. I am unsure of what the best move to make is, but I am looking for a primary residence that I will likely stay in for at least 1-3 years. My plan is to rent out a room as a STR/MTR and possibly converting a garage into an ADU as well to rent out while I'm living there. I'm stuck between buying something that's move in ready versus something that needs some work because I have absolutely no knowledge of rehab and rehab cost and calculating potential ARV of a home.

I've only been searching on the MLS, but it seems like prices are around 300k for something that needs work to be STR/MTR ready. Otherwise, a move in ready home is aroundd 400k+. It seems like ADU builds can be pretty expensive, but I heard that the Clovis/Fresno has some sort of ADU grant? Anyone know more about how easy it is to apply and get this grant?

Thanks in advance.

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