2244 Elm, Chico, California 95928, Chico, 95928 - 4 bed, 2 bath
Loading property details...
Chico, California 95928
This Multi-Unit Income Property represents a Strong Value Opportunity, listed at $450,000—positioned well below the $453,371 Fair Market Value by 0.74%. Featuring a Turnkey Main Residence and a tenant-occupied second unit, this asset offers immediate cash flow. With a Condition Rating of 3, the property includes a newer roof and HVAC. The expansive 12,196 sqft lot provides significant development potential, including pre-drawn plans for additional units. This is an ideal acquisition for Buy-and-Hold Investors or first-time buyers seeking to offset mortgage costs.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 2244 Elm Subject | $450,000* List Price | 4 | 2 | 1,906 | $238 | - |
A 1631 Salem St Sold | $575,000 | 3 | 4 | 2,037 | $282 | 0.7 mi |
B 225 W 12th Sold | $520,000 | 4 | 3 | 2,418 | $215 | 1.0 mi |
C 1617 Hemlock Street Sold | $435,000 | 4 | 3 | 2,018 | $216 | 0.6 mi |
D 2085 Mulberry Street Pending | $449,000 List Price | 3 | 3 | 1,530 | $293 | 0.3 mi |
* Subject property listed price vs sold prices of comps.
Property is move-in ready.
While originally built in 1947, the property is move-in ready and turnkey. It features significant recent updates including a newer roof, newer HVAC system, fresh interior paint, and updated laminate flooring, meeting the criteria for a well-maintained and functional home.
The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 12196, living area = 1906.
This unique property features two separate 2-bedroom homes on two lots, providing immediate rental income from the tenant-occupied unit and a move-in ready primary residence.
The large 12,196 sqft lot includes a vacant parcel with pre-drawn plans for additional units, offering significant upside for investors looking to maximize density and ROI.
Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =12196, other record lot size in square feet = 6098. Living area discrepancy between mls listing and other public or private record. mls listing living area = 1906, other record living area = 1593. Bedroom count discrepancy between mls listing and other public or private record. mls listing bedroom count = 4, other record bedroom count = 3.
Built in 1947, the property may require ongoing maintenance or future upgrades to aging plumbing and electrical systems typical of homes from this era.
The second unit is currently occupied, which may restrict immediate access for renovations or owner-occupancy depending on the terms of the existing lease agreement.
Investor opportunity with built-in income potential! Situated on two lots, this unique property offers endless possibilities for investors or first-time buyers looking to offset their mortgage with rental income. The main home is vacant, turnkey, and move-in ready, featuring 2 bedrooms, 1 bathroom, updated laminate flooring, fresh interior paint, a bonus office space, indoor laundry, and a cozy kitchen with a breakfast nook. There is a long driveway for off-street parking, a newer roof, and a newer HVAC system. Behind the main house is 2242 Elm, a second 2-bedroom, 1-bathroom home with a bonus room or office that is currently tenant-occupied, providing immediate rental income. The additional vacant lot offers even more potential — create a large garden, add RV parking, or explore the possibility of building additional homes to maximize investment income (plans have been drawn up for a 3/2 and 2/1). Conveniently located near downtown, freeway access, shopping, and everyday amenities, this versatile property is packed with opportunity!
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 4.0 | 3.0 | 76% |
| Baths | 2.0 | 2.0 | 50% |
| Square foot | 1,906 | 1,673 | 65% |
| Lot Size | 12,196.8 | 6,970 | 81% |
| Price | $450.0K | $474.6K | 43% |
| Price per sq ft | $236 | $301 | 11% |
| Built year | 1947 | 1991 | 24% |
| HOA | $0 | $0 | 50% |
| Days on market | 11 | 138 | 2% |
May 26, 2026
$450,000
Initial Listing
Jan 3, 2019
$294,000
Public Record
Jul 9, 2003
$195,000
Public Record
Oct 3, 2002
$77,500
Public Record