304 Yale Way in South College Heights(click for property details)
On Friday, I went through this property at 304 Yale Way in South College Heights. Here’s a few of my impressions of the property:
I could see it going one of two ways for interested investors. Either a great rental or a remodel. As a rental my calculations conservatively put your return at 7-9% with 20% down. As a full remodel, the comps in the neighborhoood put this property after updates in the $240 to $250 range.
At a bare minimum, the property needs a new roof, new appliances, new flooring in the basement, and a few wall patches in the basement. Because of it’s condition it will not go FHA which limits the buyer pool as well and might drive down the price. The yard, despite being brown from lack of water, looks like it could come back with minimal watering and care.
I like that the home has a lot of finished square footage, hardwood floors that could easily be refinished, a kitchen that is in decent shape, and a bathroom that doesn’t need to be totally torn out (just updated). In my opinion, most of the work was cosmetic and you wouldn’t need to do very much tear down. No knocking down walls or completely replacing bathrooms…ugh.
You can get the property details here: 304 Yale Way in South College Heights.