**So California. 3 Bed, 2 Bath 1.5 Acres, Put 50K in your pocket

[Melody T.]

Hey BP-ers, I just picked up a house in southern California located in the most desirable area of cherry valley near some very established homes. 100 year old oak trees line the street and property. 3 bedroom (listed as 2 bedroom, 3rd room just needs closet to make legal 3rd bedroom), 2 bath, 1364 SF on 1.5 acres. Built 1957. Bring your horses and toys! Wood beam ceilings throughout home. Wood burning stove and fireplace. New septic and water heater. Big beautiful windows throughout main living area bedrooms. Comps are a little hard to come by for this square footage all fixed up. ARV between 400-500K, depending on renovations and if an addition is put on or not. Here are the numbers without an addition.

9314 Avenida Altejo Bella Cherry Valley CA 92223

The Numbers:
ARV $425,000
Closing/Commission $34,000
Repairs $65,000
Price $275,000
Profit $51,000

Happy Investing!

Some comps in the area http://mrmlsmatrix.com/Matrix/Public/Portal.aspx?k=4756836XR14Q&p=DE-309031460-418#1 This sold for 415 and still needs a complete rehab.

http://mrmlsmatrix.com/Matrix/Public/Portal.aspx?k=4756836XR14Q&p=DE-309031460-418#1 This one is North Cherry Valley, where our house is. It’s bigger (3,000 square feet), same 1.5 acres and a pool. Nice place!

I found these comps as well...selling high 400-5. Larger square footage.

http://www.zillow.com/homedetails/10959-Cherry-Ave-Cherry-Valley-CA-92223/17956057_zpid/

http://www.zillow.com/homedetails/9944-Cherry-Ave-Cherry-Valley-CA-92223/17954706_zpid/

http://www.zillow.com/homedetails/10543-Winesap-Ave-Cherry-Valley-CA-92223/17955041_zpid/

http://www.zillow.com/homedetails/9510-Oak-Glen-Rd-Cherry-Valley-CA-92223/17954521_zpid/