All Forum Posts by: Brad F.

Great investment property. Seller needs all cash for a quick close.

Bungalow, light-fixer in the heart of Sellwood with amazing potential. The main level is in need of updates. Full unfinished basement. Roof and siding appear to be in good condition. Close to shopping, restaurants, Willamette River and transportation.

Living Square Feet: 788

Square Feet: 1576

If you have any questions please contact me at: [email protected]

The property currently sits as 3 lots (Lot 50-52), Lot 50 has been sold. The Property Line Adjustment has been submitted to the City to cut the lots in half, two 50x50 lots for the remaining lots 51 & 52. If a builder would prefer to keep lot 51 & 52 as-is the Seller will need to withdrawal their application prior to the PLA confirmation.

Here are 3 options for building and/or flipping the current home. Buyer to do due diligence.

Option 1: Subdivide lot 51-52 equally making to 50x50 lots. This would allow for 2 new homes, or 1 rehab, plus one new home.

Option 2: No PLA or subdivision. This falls under the r-5 zoning for corner lots. which would allow for one attached home, or 2 attached townhomes. Subject to setback and design.

Option 3: Subdivide Lot 51 to a 56x50 sqft lot, making lot 53 the corner lot, (subject house) Lot 52 would be 44x50 lot. You can build a new home on either lot subject to design and setback requirements.

Subject home falls under the "frequent service lines" with PBOT which allows the lot be split without a requirement for a driveway. Trimet Line 4 is the frequent service line. This allows an equal lot division for the rehab of the home, allowing lot 52 to be larger and more valuable. 

930 sqft on the main, 677 unfinished basement on a corner lot.

For more information please contact me at [email protected]. Thank you!

Just bought 2 tickets!! @Tarl Yarber

@Jay Hinrichs HAHAHA! That's hilarious, the city that CAN'T.  That is so true.  I trust you, and this certainly is a deal that I am  learning as I go.  I am just finishing my first new construction house in North Portland, and I bought it last January.  Certainly took longer than I expected.  My reasoning behind the 3 months is going through the due-diligence to break ground in 12 months.  However I'd much rather operate in the notion of reality that you are correct. (THE CITY THAT CAN'T)  I'm actually still laughing out loud :) 

@Jay Hinrichs I completely agree with you!  In this scenario we have a seller that is actually flexible.  After speaking with her today I am confident we should be able to get through the approval process with the city (3 months)  with a non-refundable EM deposit (more to follow).  Her primary concern is that she would actually prefer to stay on the property for 3 months while we are going through the approval process.  The sales price at present it $480,000 for the house and the adjacent bare lot.   The bare land lot value has come back anywhere from $177k to $222k, and the house is in good condition, so that's where the rub is regarding sales price.  Thank you for taking the time to respond, as I know you are always super busy :) 

I spent a great deal of time at the city yesterday, and this is an opportunity for the right builder.  There are no environmental implications, not in a flood zone, no issues with utilites, and transportation said a typical road would not affect the units available to be built.  The address is 12030 SE Rhone st. And 12030 Se Rhone west.  The city also said there are No records on file, no open building permits.  Affordable housing: If buildings are under 20 units, no consideration needs to be given to affordable housing. So two buildings of 19 units each would need no affordable housing units. However, there are density bonuses if you do build affordable housing. There is also a height bonus up to 45 feet. It can be any kind of multi-dwelling structure. Townhouses, apartments... The seller is willing to give up to 90 days for due diligence, but would need to structure it in a way that she is secure on the purchase.  This deal isn't for everyone and there is no way around this being a large project.  However if you have the capital to build a 30 to 47 unit apartment building or something similar this is an excellent opportunity.  I have since learned a great deal more about how to price, structure and deliver this opportunity.  There is no such thing as a "wholesale" fee on this large of a project. I have however, with the help with more experienced builders come up with terms that work for any builder..... nothing more to follow, it's 2 R1 lots. 

@Jeff Wallenius I sent you an email