323 E Colton, Redlands, California 92374, Redlands, 92374 - bed, bath
ACTIVE$650,000
323 E Colton, Redlands, California 92374
0Bed
0Bath
1,536Sqft
5,652Lot
Price Vs. Estimate
Estimation data not available
Key pros and cons
Top Pros:
Turnkey Investment: The property is a fully leased duplex, offering immediate rental income and a 'turnkey' investment opportunity for a new owner.
Top Cons:
Historic Property Age: Built in 1891, the property's age may imply potential for outdated systems (plumbing, electrical) and higher ongoing maintenance or renovation costs.
Compared to the nearby listings
Price:$650.0K vs avg $730.0K ($-80,000)33%
Size:1,536 sqft vs avg 2,400 sqft33%
Price/sqft:$423 vs avg $37367%
More Insights
Built in 1891 (134 years old).
Condition: Built in 1891, this duplex is aged but appears to be well-maintained and functional, as indicated by its 'turnkey' status and fully leased units. The roof was replaced in 2016, which is a positive. However, the kitchens feature dated white cabinetry, older white appliances, and laminate countertops, suggesting they are functional but not modern. The property relies on wall-mounted AC units and wall heaters, indicating a lack of central HVAC. While flooring (laminate/LVP and carpet) and paint appear updated, the overall style and major systems show signs of being outdated and would require significant updates to meet current quality standards. No clear images of bathrooms were provided, but based on the kitchens, they are likely also dated.
Year Built
1891
Close
-
List price
$650K
Original List price
$675K
Price/Sqft
$423
HOA
-
Days on market
-
Sold On
-
MLS number
IV25244652
Home ConditionFair
Features
Good View: Mountain(s)
ViewMountain(s)
About this home
Fantastic opportunity to purchase a turnkey duplex close to University of Redlands and downtown. This rare investment opportunity offers a fully leased 2 units with a spacious 2 bedroom, 1 bath downstairs and a 1 bedroom, 1 bath upstairs. Also includes a single car garage and a storage room, along with a separate shared laundry room including 2 washers and 2 dryers. The roof was replaced in 2016. Separate meters for electricity. The units are in great condition and the lot is fully landscaped. Fantastic long term tenants that would love to stay. This is an easy breezy investment.
Condition Rating
Fair
Built in 1891, this duplex is aged but appears to be well-maintained and functional, as indicated by its 'turnkey' status and fully leased units. The roof was replaced in 2016, which is a positive. However, the kitchens feature dated white cabinetry, older white appliances, and laminate countertops, suggesting they are functional but not modern. The property relies on wall-mounted AC units and wall heaters, indicating a lack of central HVAC. While flooring (laminate/LVP and carpet) and paint appear updated, the overall style and major systems show signs of being outdated and would require significant updates to meet current quality standards. No clear images of bathrooms were provided, but based on the kitchens, they are likely also dated.
Pros & Cons
Pros
Turnkey Investment: The property is a fully leased duplex, offering immediate rental income and a 'turnkey' investment opportunity for a new owner.
Prime Location: Strategically located close to the University of Redlands and downtown, ensuring high rental demand and potential for appreciation.
Income Diversification: Comprises two distinct units (2-bed/1-bath and 1-bed/1-bath) with separate electricity meters, providing diversified income streams and simplified utility management.
Recent Major Upgrade: The roof was replaced in 2016, addressing a significant capital expenditure and reducing immediate maintenance concerns for the buyer.
Tenant Stability: Features fantastic long-term tenants who are willing to stay, indicating stable occupancy and reducing turnover costs and vacancy risk.
Cons
Historic Property Age: Built in 1891, the property's age may imply potential for outdated systems (plumbing, electrical) and higher ongoing maintenance or renovation costs.
Limited Parking: Only includes a single-car garage for a duplex, which may be insufficient for two households and could lead to parking challenges for tenants.
Shared Laundry Facility: While provided, a shared laundry room is generally less desirable for tenants compared to in-unit laundry, potentially impacting tenant satisfaction or rent premium.