By Coach A:
The weekly investment installment where Coach A picks a house, building or condo and talks about how somebody can create a return on their investment…
Schtuff:
Address: 657 Ulloa Street
‘Hood: West Portal
Price: $889,000
Beds: 2
Baths: 1
Sq. ft.: 1506
Extra: in-law unit
Plan:
- Purchase for $945,000 in as-is condition with a 21 day close (gonna be some competition for this one)
- Spend $100-$150K in upgrades (Home is in move in condition, but most likely needs a new roof.)
- blow out the interior walls to reconfigure the space into a more suitable 2 bed / 1.5 bath upstairs and refine the outdoor space and garage area.
- Keep the in-law rented and generate $1100.00 a month.
- Ultimately, drop an interior staircase in the home and create a 3 bed / 2.5 bath 2500 sq.ft. home
Comps, ‘Hood and Upside:
- Home next door sold for $1.2m in August
- The block and surrounding blocks are filled with $1.2M + homes.
- With my redesign you are in at $1.1m and can easily get out at $1.25M+
- In Law unit is tenant occupied at $1100.00 a month. (Non protected tenant - not certain of legality of in-law)
- Incredible location - steps to the heart of West Portal Ave shopping district
- Home gets great light and offers a ton of space
- This house is a foreclosure.
657 Ulloa Street [Home San Franciso]
Investor Alley [Deacon Brews]
Image courtesy of MLS. Listing by: Coldwell Banker Res. R.E. Svcs.; Stephanie Klekas
2 comments
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February 1, 2008 at 5:54 am
Garrett
what about the kitchen. it looks old and could definitely benefit from an upgrade. is that included in your $150K upgrade estimate?
February 1, 2008 at 6:26 am
Coach a
Am blowing all the walls out - keep the existing bath but connect it so it’s not a split bath — new kitchen / new 1/2 bath and a new configuration of the 1500+ sqft up which gives us 2 new bedrooms, living room, formal dining room, open eat in kitchen and some sick outdoor space.