Is Inglewood the next target of gentrification?

[Felipe Diaz]

I was planning to sell my property which is 1.8 miles from the new NFL stadium in Inglewood, CA. Based on Zillow the value of my house is around 360K now. Knowing that the new stadium would be ready by 2018, would it be a good idea to:

1. Add another bathroom since it only has one?

2. Add another room?

3. Buy a second property with my current equity between 90 - 100K?

House specs: Single Family - 3 beds / 1 bath - 1,393 sqft, - Built in 1941, I owe 250K.

Your advice would be appreciated!

Felipe

[Clarence Johnson]

1. Never trust Zillow.  Give me your zip code and I can provide accurate comps.

2.  I agree with Brandons advice in regards to looking at lock comps and consulting with the city for what they will allow.  I have dealt with Inglewood on a few projects, and they have not always been so reasonable.  

3.  I'm a Realtor that owns (1 mile from development) and works in Inglewood and my honest opinion is to hold the property and try to use the equity to purchase a multifamily property in the area of the Stadium development.  

4.  Jaden, some areas of Inglewood appreciated 15-20% last year; the media attributes the price jump to the Rams moving, but the development surrounding the stadium, the metro project, and the Forum redevelopment have all contributed to record growth before the team inked in the deal.  In short,  yes buy and hold here.  Look at multifamily West of Prairie,  theres a lot of room for growth in that area.  

5.  Call or message me for any insight, I would love to assist with your investment strategy.