323 E Colton, Redlands, California 92374, Redlands, 92374 - 3 bed, 2 bath
ACTIVE$650,000
323 E Colton, Redlands, California 92374
3Beds
2Baths
1,536Sqft
5,652Lot
Price Vs. Estimate
The estimated value ($592,185.87) is $57,814.13 (8%) lower than the list price ($650,000). This property may be overpriced.
Key pros and cons
Top Pros:
Income-Generating ADU: Features a completely separate 1-bedroom, 1-bath ADU upstairs with separate electricity meters, offering significant rental income potential or multi-generational living options, further enhanced by existing long-term tenants.
Top Cons:
Historic Property Age: Built in 1891, the property's age may imply older infrastructure (plumbing, electrical, HVAC) that could require significant upgrades or increased maintenance costs in the future.
Compared to the nearby listings
Price:$650.0K vs avg $602.5K (+$47,500)61%
Size:1,536 sqft vs avg 1,648 sqft44%
Price/sqft:$423 vs avg $35973%
More Insights
Built in 1891 (134 years old).
Condition: The property, built in 1891, has undergone renovations and is described as 'turnkey' with units in 'great condition,' and the roof was replaced in 2016. However, the interior, especially the kitchens, features dated white cabinets, older basic appliances, and simple light fixtures. The presence of window AC units and wall heaters indicates a lack of modern central HVAC. While functional and maintained, the overall style and major systems show signs of being outdated, likely from renovations 15-30 years ago, fitting the 'fair' condition criteria.
Year Built
1891
Close
-
List price
$650K
Original List price
$675K
Price/Sqft
$423
HOA
-
Days on market
-
Sold On
-
MLS number
IV25247912
Home ConditionFair
Features
Good View: Mountain(s)
ViewMountain(s)
About this home
Fantastic opportunity to purchase a turnkey home plus attached ADU, close to the University of Redlands and downtown. This rare opportunity offers a spacious 2 bedroom, 1 bath downstairs and a completely separate 1 bedroom, 1 bath ADU upstairs. Also includes a single car garage and a storage room, along with a 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 if possible. This is an excellent investment opportunity!
Condition Rating
Fair
The property, built in 1891, has undergone renovations and is described as 'turnkey' with units in 'great condition,' and the roof was replaced in 2016. However, the interior, especially the kitchens, features dated white cabinets, older basic appliances, and simple light fixtures. The presence of window AC units and wall heaters indicates a lack of modern central HVAC. While functional and maintained, the overall style and major systems show signs of being outdated, likely from renovations 15-30 years ago, fitting the 'fair' condition criteria.
Pros & Cons
Pros
Income-Generating ADU: Features a completely separate 1-bedroom, 1-bath ADU upstairs with separate electricity meters, offering significant rental income potential or multi-generational living options, further enhanced by existing long-term tenants.
Prime Location: Strategically located close to the University of Redlands and downtown, ensuring high rental demand and convenient access to amenities.
Turnkey Condition: Described as a 'turnkey home' with units in 'great condition,' suggesting minimal immediate renovation or repair costs for a new owner.
Recent Major Upgrade: The roof was replaced in 2016, providing peace of mind and reducing the likelihood of immediate major capital expenditures for this critical component.
Mountain Views: Offers desirable mountain views, adding aesthetic appeal and potentially enhancing property value and tenant desirability.
Cons
Historic Property Age: Built in 1891, the property's age may imply older infrastructure (plumbing, electrical, HVAC) that could require significant upgrades or increased maintenance costs in the future.
Overpriced Relative to Market Estimation: The current listing price of $650,000 is notably higher than the estimated property value of $602,386, suggesting it may be overvalued in the current market.
Recent Price Reduction: The property has already undergone a price reduction from $675,000 to $650,000, which could indicate challenges in attracting buyers at its initial price point.