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8/05/2013

55 Via Abruzzi Aliso Viejo

Condo Fixer investment in Aliso Viejo, California, Orange County

55 Via Abruzzi Aliso Viejo, California
Condominium Complex Altisse
 
Total payment owner occupied with 10% down and FICO of 720  $ 1500
that includes HOA both fees, Mello Roos, tax and walls in insurance, 30 year fixed rate loan
Two bedroom two baths $370000. sales price.
I sat open house with my buddy Darlene Kelly of CFL Real Estate in this condo this past weekend.
 
Here is my skinny on this property:
Needs new carpeting cost to cure: $ 2200
Put new IKEA Adel kitchen cabinets, counters, back splash in for $2100.
Remove laminate on the stairs and replace with commercial grade carpet. $1200
Replace kitchen flooring with new laminate $ 1100
Repair door handle hole in downstairs - I  can do that for $6.00
Home owner Association is covering the leak behind water heater and drywall in garage - caused from neighbor's shower pan. no cost
Use bleach on all shower and tub enclosures with windows open
Then solution of 2 cups dawn 2 cups vinegar on showers tubs and sinks
 
May later require bath upgrades, bath fixtures, painted wooden frames on mirrors to update, new bath fixtures (second stage remodel to be done one bath at a time) Cost $ 8000.
 
Clean all windows, behind washer and dryer clean garage and after leak is fixed paint garage floor and walls ( do it self cost $55)
 
Paint the entire unit vanilla white and dove white trim - call me got a guy whose bid is $1000
The unit is now valued at $410000 with the upgrades  
Normally condos are not a great investment but this fixer upper could be worth more with some simple clean upgrades.
Condominium will now look brand new.
 

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