1010 E Nicolet Street, Banning, California 92220, Banning, 92220 - 3 bed, 2 bath
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Banning, California 92220
This Value-Add Investment Asset is an Approved Short Sale listed at $385,000, relative to a $314,579 Fair Market Value. While the current list price sits above the automated valuation, the approved short sale status provides a strategic opening for investors to negotiate a high-yield acquisition. Carrying a Condition Rating of 5, the 1924-built residence requires a comprehensive interior rehabilitation and major system upgrades. However, the expansive 8,712 Sqft Lot and scenic Mountain Range Views offer a rare canvas for forced appreciation within the Banning Unified district. This is a strategic project for Fix-and-Flip Investors or first-time buyers.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 1010 E Nicolet Street Subject | $385,000* List Price | 3 | 2 | 1,042 | $309 | - |
A 1291 N Almond Way Sold | $330,000 | 3 | 2 | 1,104 | $299 | 0.6 mi |
B 1280 N Murray St Sold | $400,000 | 3 | 2 | 906 | $442 | 0.8 mi |
C 231 N Allen Sold | $367,000 | 3 | 1 | 1,040 | $353 | 0.2 mi |
D 1308 N Phillips Sold | $336,000 | 3 | 1 | 924 | $364 | 0.6 mi |
E 103 E Barbour Sold | $349,999 | 3 | 1 | 1,200 | $292 | 0.8 mi |
F 485 Nicolet St Active | $400,000 List Price | 2 | 1 | 976 | $410 | 0.9 mi |
* Subject property listed price vs sold prices of comps.
Property is extensive renovation needed.
Built in 1924, this property is nearly a century old. The images reveal a very dated kitchen with old appliances (likely 30+ years old), and the presence of window AC units indicates a lack of central cooling, suggesting outdated HVAC systems. While the home appears functional, it requires substantial repairs and rehabilitation, including major system upgrades and a complete kitchen and bathroom renovation, to meet modern living standards. The overall condition points to significant deferred maintenance and a need for considerable investment.
The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 8712, living area = 1042.
The property is an approved short sale, presenting a significant opportunity for investors and first-time home buyers to acquire a property potentially below market value.
Explicitly marketed to 'investors and first-time home buyers,' indicating a strategic price point and potential for either rental income or an affordable entry into homeownership.
Built in 1924, the home is nearly a century old, suggesting a high likelihood of requiring significant updates to its infrastructure, systems, and overall aesthetics.
While offering a potential financial advantage, short sales are typically more complex and time-consuming transactions, often involving extended negotiation periods and potential delays.
At 1,042 sqft for 3 bedrooms, the interior living space is relatively compact, which may be a limiting factor for buyers seeking more expansive living areas.
Calling all investors and first-time home buyers!!! Approved short sale! The home offers 3 bedroom and 1.75 bath.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 3.0 | 3.0 |
| Baths | 2.0 | 2.0 |
| Square foot | 1,042 | 1,574 |
| Lot Size | 8,712 | 5,523 |
| Price | $385.0K | $437.6K |
| Price per sq ft | $369 | $260 |
| Built year | 1924 | 2001 |
| HOA | $0 | $220 |
| Days on market | 532 | 79 |
Feb 5, 2025
$385,000
Initial Listing