2049 Sierra Way, San Luis Obispo, California 93401, San Luis Obispo, 93401 - 3 bed, 1 bath
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2049 Sierra Way
San Luis Obispo, California 93401
ACTIVE UNDER CONTRACT
CONDITION: FAIR
3Beds
1Baths
1,406Sq Ft
6,534Lot Size
Property Price
LIST PRICE$949,000
EST. MARKET VALUE
$980,395
3% BelowMARKET VALUE
SUMMARY
This property presents a High-Potential Investment Opportunity with a List Price of $949,000—positioned well below the $980,396 Fair Market Value by 3%. This valuation gap offers $31,396 in Instant Equity. Featuring a Versatile Living Configuration with a detached unit and a Condition Rating of 4, the home requires modernization of core systems. Its prime location in the Banana Belt makes this an ideal acquisition for Buy-and-Hold Investors or Owner-Occupants seeking long-term value.
Estimated Market Value
$980,395+$31,395 Equity Potential
Based on Realkey algorithm analyzing recent comparable sales in San Luis Obispo.
Comparable Sales Map
Comparables within 1 miles sold in recently
Map unavailable.
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 2049 Sierra Way Subject 3 bd · 1 ba · 1,406 sqft · $697 | $949,000* List Price | 3 | 1 | 1,406 | $697 | - |
A 1326 Cecelia Court Sold 3 bd · 2 ba · 1,410 sqft · $745 · 0.2 mi | $1,050,000 | 3 | 2 | 1,410 | $745 | 0.2 mi |
B 2101 Johnson Avenue Sold 4 bd · 3 ba · 1,727 sqft · $666 · 0.1 mi | $1,150,000 | 4 | 3 | 1,727 | $666 | 0.1 mi |
C 1428 Morro Sold 2 bd · 2 ba · 986 sqft · $857 · 0.6 mi | $845,000 | 2 | 2 | 986 | $857 | 0.6 mi |
D 2035 Rachel Street Pending 3 bd · 2 ba · 1,565 sqft · $636 · 0.3 mi | $995,000 List Price | 3 | 2 | 1,565 | $636 | 0.3 mi |
* Subject property listed price vs sold prices of comps.
Condition Analysis
See Full ReportOVERALL CONDITION SCORE
Fair
TeardownExcellent
Property is moderate renovation needed.
The property is over 70 years old (built 1953) and has been under the same ownership for 50 years. While it has received a cosmetic 'refresh' with paint and refinished hardwoods, the kitchen and bathrooms remain dated, and the visible structural/system elements in the crawlspace/attic photos suggest original or aged infrastructure. It is functional and move-in ready but requires significant modernization of core systems and wet areas.
PROSSTRENGTHS & OPPORTUNITIES
- Prime Location
Situated in the highly desirable 'Banana Belt' area of San Luis Obispo, the property offers exceptional proximity to Cal Poly, downtown shopping, and local recreation.
- Versatile Living Configuration
The inclusion of a detached 400-square-foot unit with a private bathroom provides rare flexibility for rental income, a home office, or multi-generational living.
- Recent Cosmetic Refreshes
The main residence features beautifully refinished hardwood floors, fresh interior paint, and updated LED lighting, providing a clean and move-in-ready aesthetic.
CONSRISKS & DEFICIENCIES
- MLS Listing Discrepancy
Living area discrepancy between mls listing and other public or private record. mls listing living area = 1406, other record living area = 1006.
- Limited Bathroom Count
The main residence contains only one bathroom for three bedrooms, which may be a significant drawback for larger families or modern buyer preferences.
- Vintage Infrastructure
Built in 1953 and held by the same owner for over 50 years, the property may require future capital improvements to aging core systems despite recent cosmetic updates.
About 2049 Sierra Way
A rare San Luis Obispo opportunity in the highly desirable area locals know as the "Banana Belt," set on a generous 6,534 +/- square foot lot. This property has been held by the same ownership for more than 50 years and is now being offered for sale for the first time in decades. The property features a 3-bedroom, 1-bath main residence of approximately 1,006 square feet, plus a detached bedroom, 1-bath unit of approximately 400 square feet. The detached unit provides exceptional flexibility for extended family, guests, a home office, or potential rental use, subject to applicable requirements. The main residence has been refreshed with beautifully refinished hardwood floors, fresh interior paint, and updated LED ceiling light fixtures. The combination of the main home and the detached unit creates a versatile property configuration that is increasingly difficult to find in SLO. Located in the desirable Banana Belt, the property is conveniently situated near Cal Poly, downtown SLO, restaurants, shopping, parks, and outdoor recreation. San Luis Obispo offers the ideal combination of a vibrant university-town atmosphere and relaxed lifestyle of the Central Coast.
Property Details
Public Facts
- Property Type
- Single Family Residence
- Year Built
- 1953
- Lot Size
- 6,534 Sq. Ft.
Interior
- Total Bedrooms
- 3
- Total Bathrooms
- 1 (1 Full, 0 Half)
Exterior & Parking
No exterior & parking available.
Utilities & Misc
- HOA Fee
- $0 / Month
Neighborhood Insights
Sensitive Facilities
No sensitive facilities data found.
Neighborhood Comparison
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 3.0 | 3.1 |
| Baths | 1.0 | 3.0 |
| Square foot | 1,406 | 1,906.09 |
| Lot Size | 6,534 | 6,523.766 |
| Price | $949.0K | $1.28M |
| Price per sq ft | $675 | $683 |
| Built year | 1953 | 1986 |
| HOA | $0 | $86 |
| Days on market | 33 | 49 |
Pricing History
Listed for Sale
Sep 21, 2026
$949,000
Initial Listing