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1/24/2013

$549,000. Single Family Home Deal


 1950's single level single family home. I believe this is a deal as a two year hold because of the development occuring on both sides. This is an area of San Juan Capistrano that was once rural small family farms but today is a mixture of one and two million dollar ranch houses and commercial property. 32221 Del Obispo is directly across the street from Armstrong nursery and the old Cook's Barn (now gone) This has a large useable lot. Has some nice older growth trees in the front yard. Older hardwood flooring 3 bedrooms and one full bath, one sort of bath. 16200 square foot pie shaped lot.
Listed by Manuel and Judy here is more information: Manuel Adame MLS # s720598
 
Downfalls of the property:
Traffic noise as is fronted on a busy street with no curbs and gutters. Eventually one would expect the city will make the neighbor properties that have subdivision maps recorded put in the curbs gutters and sidewalks. City Planning may require the owners on both sides to complete it through... a major lawsuit was won by the neighbor against the city regarding installing drainage which is underway today. Subject house needs: new roof ( cost estimate: $9000- 10000) paint inside and out (cost $5000) french drain and grading to the rear of the house (estimate: $ 8000) one can assume as in everywhere in Orange County there are termites and dryrot (unknown total cost guess: $4500) I might also assume or guess that property will be off septic and able to tie in when the neighbors move their construction along. PS must love the sound of roosters in the morning :) $ 549,000. fixer house for sale Orange County California
 

chain link fence installed in front of failed wooden fence



Big driveway is gravel compacted. Two car garage
 
 
 
Rear yard. A small backhoe could widen this area, move the retaining wall back three feet, add french drain underneath to flow out around the house.  Gas lines appear to be in the front, but contact gas company and county for other lines
hillside slope of neighbor property


view of subject from up gravel driveway
 Roof view appears replaced in last couple years but there is damage indicating it leaks

another slope view


gas meter by mailbox
 
I love San Juan Capistrano. The house has a view of the San Juan Capistrano Valley, mountains and an ocean peek view. Old town San Juan has become charming and many historic houses have fabulous gardens and Spanish architecture. You can walk to trails, walk to Old Town or Main San Juan for dinner. This could be a charming single family home, with $27,500 it needs to make it comfortable, and $ 20000 in fountains and landscaping. OR hold it until the neighbors build the tracts with one to two million dollar houses next door. OR get a zoning variance to make it something commercial. I think it is a deal for someone with creativity. The bargain is in having $150000. cash for the 20% down plus the repairs needed.
 
Orange County California real estate deals as of 2/10/2013 this property is still for sale. Was in escrow and fell out.

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