376 Fay Street, Banning, California 92220, Banning, 92220 - 2 bed, 2 bath
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Banning, California 92220
This dual-unit property presents a Strong Value Opportunity, listed at $359,000—positioned well below the $387,691 Fair Market Value by 7%. This valuation gap offers $28,691 in Instant Equity for the buyer. Featuring separate gas and electric meters and a 4/10 Condition Rating, the home requires modernization but offers immediate income potential. With scenic mountain views and a flexible layout, this is an ideal acquisition for Buy-and-Hold Investors or Owner-Occupants utilizing a house-hacking strategy to offset mortgage costs.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 376 Fay Street Subject | $359,000* List Price | 2 | 2 | 1,050 | $369 | - |
A 1291 N Almond Way Sold | $330,000 | 3 | 2 | 1,104 | $299 | 0.7 mi |
B 1308 N Phillips Sold | $336,000 | 3 | 1 | 924 | $364 | 0.8 mi |
C 666 Fashion Way Sold | $330,000 | 3 | 2 | 1,044 | $316 | 0.9 mi |
D 231 N Allen Sold | $367,000 | 3 | 1 | 1,040 | $353 | 0.7 mi |
E 1264 N Hargrave Sold | $275,000 | 2 | 1 | 853 | $322 | 0.6 mi |
F 1137 W Williams Sold | $405,000 | 3 | 1 | 1,003 | $404 | 0.9 mi |
G 485 Nicolet St Pending | $400,000 List Price | 2 | 1 | 976 | $410 | 0.5 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
Built in 1940, the property is over 80 years old and exceeds the 20-year threshold for dated condition. While the exterior appears maintained and functional for a rental setup, the lack of mentioned renovations suggests the kitchen, bathrooms, and systems are dated and likely require modernization and minor repairs.
The dual-unit configuration allows for a 'house hacking' strategy where an owner can live in one unit while renting out the other to offset mortgage costs.
Each unit features its own separate gas and electric meter, significantly simplifying property management and reducing owner overhead expenses.
The property boasts mountain views, providing a picturesque backdrop that enhances the overall living environment and aesthetic appeal.
Built in 1940, the property may require more frequent maintenance or updates to aging infrastructure compared to newer builds in the area.
With only 1,050 total square feet split between two units, the individual living spaces are quite compact, which may limit the pool of potential tenants.
This property is a great opportunity to live in one and rent the out the other. Each unit features 1 bedroom and 1 bathroom. The property has been set up this way, with each unit having its own separate gas and electric meter.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 2.0 | 3.0 |
| Baths | 2.0 | 2.0 |
| Square foot | 1,050 | 1,574 |
| Lot Size | 6,534 | 5,523 |
| Price | $359.0K | $437.6K |
| Price per sq ft | $342 | $260 |
| Built year | 1940 | 2001 |
| HOA | $0 | $220 |
| Days on market | 0 | 79 |
Jun 3, 2026
$359,000
Initial Listing
Nov 13, 2020
$234,000
Public Record
Jun 14, 2019
$220,000
Public Record
Jul 31, 2015
$99,000
Public Record
Sep 9, 2002
$75,000
Public Record
Oct 19, 1999
$35,000
Public Record