I don't know if we're in the best market for flipping, or if this property would even work as a fix and flip, but if you are looking for a terrific opportunity in Brentwood Park to live in yourself, this house is it. Located on Carmelina, equidistant between San Vicente and Sunset, this 2,012-square-foot Spanish-style house on a 6,795-square-foot lot is amazing. Something like this doesn't come on the market often. Other renovated properties in the area are selling, and have sold for, in the $2.8 to $3.6 million. While that all sounds fab, I must admit, that this is a big project. The house was built in 1929, and it looks like it. It's what people in the real estate business call: "original" condition (as in everything needs to be replaced and/or updated). You could just clean and up-date the existing 3 bedroom/2 bathroom house, but to add real value, you would want to expand. The front yard is lovely and large, the house could easily extend out into the yard, and another bed and bath could be added upstairs.
The upside to buying a fixer like this is three-fold... 1) You get to choose the finishes you want, and have the house designed exactly to your tastes. 2) You're buying a house at a "low" price, and your tax basis will be on a house worth $1,895,000 house (that's the current asking price), rather than a house worth $2 to 3 million plus (which is what you'll have when you're finished). And 3) you're creating added resale value.
If you're up to the challenge, I believe this is a terrific opportunity.
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