
San Luis Obispo, California 93405
This Versatile Value-Add Residence is a High-Potential Investment Opportunity listed at $1,225,000—positioned well below the $1,249,382 Fair Market Value by 2%. This valuation gap offers $24,382 in Instant Equity for buyers prepared to modernize this Condition Rating 4 property. Featuring Mountain Views and a Separate Exterior Entrance for potential ADU conversion, the layout maximizes rental upside near Cal Poly. Located in the San Luis Coastal Unified district, this is a premier acquisition for Buy-and-Hold Investors or Owner-Occupants.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 137 Broad St Subject | $1,189,000* List Price | 3 | 2 | 1,793 | $683 | - |
A 811 Mission Sold | $1,295,000 | 3 | 2 | 1,674 | $774 | 0.2 mi |
B 24 Verde Drive Sold | $1,230,000 | 3 | 2 | 1,633 | $753 | 0.3 mi |
C 550 Highland Sold | $1,352,500 | 4 | 2 | 1,891 | $715 | 0.6 mi |
D 884 Murray Sold | $860,000 | 3 | 3 | 1,550 | $555 | 0.3 mi |
E 504 Cuesta Drive Sold | $1,260,000 | 4 | 3 | 1,578 | $798 | 0.7 mi |
F 321 Jeffrey Drive Sold | $1,130,000 | 3 | 3 | 1,450 | $779 | 0.7 mi |
G 372 Cerro Romauldo Pending | $1,299,000 List Price | 3 | 2 | 1,630 | $797 | 0.5 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
Built in 1955, the property is in livable condition but significantly outdated. The kitchen features older tile countertops, floral backsplashes, and dated white appliances, while the living areas and bathrooms show 1970s-80s era finishes including wood paneling, acoustic ceiling tiles, and older carpeting. While well-maintained, the home requires comprehensive cosmetic and functional modernization.
Ideally situated in a bike-friendly neighborhood near Cal Poly and downtown San Luis Obispo, offering exceptional convenience and strong long-term investment potential.
The floor plan includes a separate multipurpose room with its own exterior entrance, providing excellent flexibility for a home office, guest quarters, or potential ADU conversion.
Set on the high side of the street, the property enjoys an elevated position that enhances privacy and provides pleasant views of the surrounding hills and neighborhood.
Built in 1955 and described as having 'future upside,' the home likely requires significant modernization and cosmetic updates to meet current luxury standards.
At a list price of $1.225M, the cost of acquisition combined with necessary renovation expenses may challenge buyers looking for a move-in-ready experience.
Well-located and full of potential, this 3-bedroom, 2-bath home offers a flexible layout in one of San Luis Obispo’s most convenient neighborhoods. Set on the high side of the street, the property enjoys an elevated feel with a pleasant outlook and added privacy. Inside, the home features a functional floor plan with generously sized rooms throughout, creating a sense of space that’s increasingly hard to find. The kitchen and living areas flow comfortably for everyday living, while a separate multipurpose room—complete with its own exterior entrance—adds versatility for a variety of uses. Located in a bike-friendly area with easy access to Cal Poly, downtown San Luis Obispo, and nearby amenities, the property is well-positioned for both day-to-day living and long-term value. Whether you’re looking for a home, an investment opportunity, or a property with future upside, this home checks multiple boxes in a high-demand area.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 3.0 | 4.0 | 48% |
| Baths | 2.0 | 3.0 | 46% |
| Square foot | 1,793 | 1,868.5 | 44% |
| Lot Size | 6,820 | 6,706.5 | 56% |
| Price | $1.19M | $1.26M | 44% |
| Price per sq ft | $663 | $690 | 44% |
| Built year | 1955 | 1971 | 31% |
| HOA | $0 | $0 | 50% |
| Days on market | 0 | 140 | 2% |
Apr 19, 2026
$1,189,000
$1,225,000
-3% Price Drop
Initial Listing
Apr 7, 2026
$1,225,000
Initial Listing