Property Description:
Welcome to this charming 1909 vintage bungalow nestled in the flats, just minutes from both downtown Fairfax and San Anselmo. This diamond in the rough eagerly awaiting a new owner to restore its luster. The home is situated on a knoll to take advantage of the views, but enjoys a flat back yard, and plenty of entertaining spaces out front. The long driveway can accommodate plenty of parking and the shed sits where there was once a garage and guest cottage. Don't miss the opportunity to make this historic charmer your own and experience the best of San Anselmo living. This home is a true gem waiting to be discovered!! Close to Marin county's best shopping, schools, bike and hiking trails.
Tim's Review:
With multiple $2M+ single family homes of similar size (<2,400sqft) on the block, there is plenty of room for an owner occupant or flipper to find value in a full remodel here.
The Good:
The Bad:
1. More than a cosmetic fixer; foundation work needed, service areas of the pest report, retaining wall engineering required
2. Challenging lot to add square footage with San Anselmo zoning requirements
3. Top of market value for this property if fully redone seemingly capped between $2,000,000 and $2,150,000.
Best Guess:
This property is perfect for an owner-occupant who can net ~ 500k in equity by putting 500k-600k (ballpark) into a relatively simple remodel. The foundation underpinning will scare off most, but is simple to do. The interior would dramatically benefit from a full face lift, and opening up the kitchen/dining area. Adding a passageway entrance to the primary bedroom off the living room, rather than a central door off the dining room would greatly improve the flow, too.
If the property receives multiple offers and sells north of 1.2M, it will fall just outside of the 70% rule for flippers/developers.
Email me for my full review of this property.
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Selling real estate has been a dream career for Tim McMullen. He’s fascinated by all aspects of the business and takes great pride in solving problems for clients to achieve their desired outcome.
