Visionary Cash Buyer Turns Dump To Lovely Duplex on Seabright Ave

Visionary Cash Buyer Turns Dump To Lovely Duplex on Seabright Ave

One of my specialties as a Realtor is finding a property that generates good cash flows for investors. The property shown here is an example.  I can find you a great property too.  go to Foreclosures, fixers, and Short Sales and there I will help you find homes available now and that have not even hit the market yet. More about Seabright neighborhood and the big fixer upper that was turned into a very profitable, positive cash generating income property.

This is the before and after story that will amaze you on how well it has turned out. This went from the "Mystery House" to the hip beach duplex that is for rent in Seabright. You can watch the before the remodel videos and look at the before and after photos.  They tell the story of dump to high profitability in just two months!

In the beginning this property didn't even have a foundation, the doors and windows didn't open because the floor was very uneven.  Some rooms had a 12 inch difference in floor height. This was no project for a handyman, it would be a real savvy buyer that could spot the potential on this one.

It looks like a typical Yacht Harbor Beach house from the outside when the property was listed for sale. It is only two blocks from the beach and two blocks from the Santa Cruz Small Craft Harbor. The picture below is of the second unit with just one bedroom, one bathroom, and a kitchen. It had two doors going outside that had a sign on them to do not open because you could not get them close again. This sub floor actually BOWED up in the middle of the kitchen.

 This is a picture of the front unit that has two bedrooms, one bathroom, a living area and a kitchen. Both units are only 1136 square feet living area combined. At the time of the sale, this property was the lowest single family home and duplex price in Santa Cruz City, CA. This was LISTED FOR $299,000. Because of it's great location and low price it generated a huge interest. It had a couple of offers and the seller choose my clients because he was paying ALL CASH and he has a construction company that could repair and remodel this property. The final SALE PRICE WAS $272,500. 

 

 

 

This video says it all, Cash Buyer Turns Dump To Lovely Duplex on Seabright Ave.

 

The remodel started with lifting the house and putting in a new foundation. At the same time it needed a new roof. Then he set the house down, LEVELED the floors and replaced all flooring with gorgeous hard wood flooring. He had to replace all the windows and doors, the deck in front and in back. There are two claw foot tubs he was able to refurbish, He made the bathrooms larger with all new plumbing fixtures. Both kitchens have new appliances, cabinets, tile counters. And the smartest thing that he did is put a solid wall in between the two units.

Using his own crew, the entire project cost about 1/3rd of the purchase price and was completed in two months.  Both units are now rented for a combined price of $3,000.  This is a great example of how a man with cash and vision turned an eyesore into a neighborhood asset and made a profit in the process.  Let me help you be the next success story!