1346 Greenfield Dr

Address: 1346 Greenfield Dr, El Cajon / Map Code: 1251J3
LP: $119,000 / Orig. Price: $119,000 / MT: 13
Total BR: 4 Total Baths: 2 / Est.SqFt: 1,800

The more I looked at this one the more I liked it.  VERY scary from the outside, but as you’ll see in the pictures, it looks to have pretty good “bones.”  The major problem is one of personal safety: there were transients living in this place and from what I can see there still are… I went there twice today; the first time I walked around and around trying to decide what I thought.  The second time (after I decided I liked it) I went back to take pictures for you.  The first time the West elev door was open, the second time it was closed…

I’m trying to get more info on this property.  List agent says not to contact him, but rather email some group (might be an Auction situation).  They’re asking for highest and best offer.  But, this place is not a tear down from what I see.  The ext needs work but is pretty cool.  I’m assuming the interior is a gut.  I’ve worked some real rough numbers and I’ll list them after the pictures.  First up are all the exterior pictures I took.  Following that will be the comps I drove by and took pictures of today as well.  Finally, some very rough (and I should think over-estimated) rehab numbers.

As for numbers, here’s a rough list I did while eating lunch.  These are based on experience and not exactl counts; but I did estimate high for most items I think:

20-25 doors @ $400 = $10,000
5 entry doors @ $600 = $3000
new garage = $10,000
ext sanded/painted OR stucco $4000-$8000 = $8000
pool work = $5000
landscape = $15,000

Assume inside is complete gut:
15 int doors @ $200 = $3000
2 bathrooms @ $6000 = $12,000
1 kitchen = $10,000
1800 sq ft drywall, paint & floor cov @ $10 = $18,000
trim = $5000
electrical labor @ $4000 + fixtures 25 @ $200 = $9000
plumb labor = $5000
HVAC furnace @ $6000 + A/C @ $6000 + duct work @ $10,000 = $22,000

TOTAL = $135,000

I’ve added no cushion because I’m fairly certain I’m over budget on much of these.  So, investment of $135,000 plus purchase price of $1o0,000? and sale of $350,000 (again, pretty conservative) means $115,000 profit on $235,000 outlay over 6 months.  ROI annualized is almost 100%…

Let me know what you think of property as well a numbers.  But please, be very careful if you go and look… maybe stay along perimeters and use my pictures.  Can’t see the inside anyway.

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