Updated about 9 years ago on .
Costa Mesa Fixer 270k! Price Reduc - Location Location Location!!
This is a unique property with GREAT upside. This condo is currently 2 bed and 2 bath which can be converted to a 3rd bedroom 2 bath condo. If you notice the sq footage on the 3 bedrooms condos in the complex you will see that they are only 54 sq ft bigger. The difference that I see is that they have converted a portion of the HUGE garage (636 sq ft) into the 3rd bedroom. Its going to take some work but the bang for the buck is worth it for me. This condo complex is a land lease complex with only $224 a month for the land lease. With that being said the HOA has informed us that they are currently in negotiations to extend the land lease which has 28 years remaining already. Yes a land lease situation is not ideal but the price point for your retail buyer is ideal... under 400k in a very desirable location!!! . Also this condo rents for $2900 a month (if converted to 3 bedrooms) so you have many great options for this investment. Let me know if you are interested in taking a look.
Purchase Price $279,999
Rehab 50k (if converted to 3 bedrooms)
ARV 395k
Deposit 30k
COE 3/31/17