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3770 Locust Street, Riverside, California 92501, Riverside, 92501 - 2 bed, 1 bath

3770 Locust Street, Riverside, California 92501 home-pic-0
ACTIVE$527,000
3770 Locust Street, Riverside, California 92501
2Beds
1Bath
841Sqft
4,356Lot
Year Built
1905
Close
-
List price
$527K
Original List price
$525K
Price/Sqft
$627
HOA
-
Days on market
-
Sold On
-
MLS number
IV25015745
Home ConditionExcellent
Features
Patio
View-

About this home

Possibly Over-Priced:The estimated price is 43% below the list price. We found 3 Cons,5 Pros. Rank: price - $527.0K(17th), sqft - 841(7th), beds - 2(16th), baths - 1(16th).

BACK ON THE MARKET!!! Buyer could not perform. Property has a current FHA appraisal validating the listing price adjustment. Nestled in the heart of Downtown Riverside’s historic Evergreen District, this beautifully renovated Craftsman-style home offers a perfect blend of classic charm and modern amenities. This 2-bedroom, 1-bathroom gem features a brand new roof, quartz countertops, and a mini-split HVAC system for year-round comfort. Enjoy the low-maintenance front yard with newly installed turf, and take advantage of the rare private driveway, a coveted feature in downtown Riverside. The home is currently owner-occupied and operates as a dual Airbnb, offering flexibility and income potential. With R3 zoning, the ADU upside of this property make it a cashflow dream. Just 1/2 mile from the Historic Mission Inn & downtown, this property combines historic character with contemporary convenience, making it an ideal home or investment opportunity.

Condition Rating
Excellent
Despite being built in 1905, this property has undergone a beautiful and extensive renovation, bringing it to current quality standards. The listing explicitly mentions a brand new roof, new quartz countertops, and a modern mini-split HVAC system. Images confirm a recently updated kitchen with white shaker cabinets, new stainless steel appliances, and modern flooring. The overall interior, including hardwood floors and light fixtures, appears fresh and well-maintained, indicating minimal physical depreciation and no deferred maintenance. The bathroom, though only partially visible, is implied to be part of the renovation. This property is virtually new in its key components and aesthetics.
Pros & Cons

Pros

Historic Charm with Modern Updates: The property is a beautifully renovated Craftsman-style home, blending classic architectural details with significant modern upgrades like a new roof, quartz countertops, and a mini-split HVAC system.
Strong Income & ADU Potential: Currently operating as a dual Airbnb with R3 zoning, the property offers immediate income generation and significant upside for an Accessory Dwelling Unit (ADU) development.
Prime Downtown Location: Situated in Riverside's historic Evergreen District, just half a mile from the Mission Inn and downtown amenities, offering excellent walkability and desirability.
Key System Upgrades: Recent installation of a brand new roof and a mini-split HVAC system provides year-round comfort and reduces immediate maintenance concerns for a new owner.
Coveted Private Driveway: The inclusion of a rare private driveway in a downtown location adds significant convenience and value, complemented by a low-maintenance turf front yard.

Cons

Previous Failed Escrow: The property is back on the market due to a buyer's inability to perform, which can raise concerns and questions for prospective buyers regarding underlying issues.
Significant Overpricing Relative to Market Estimate: The listing price is substantially higher than the property's estimated value, potentially hindering buyer interest and financing approval despite an FHA appraisal.
Limited Size & Bathroom Count: With only 841 square feet and one bathroom, the property may be considered small for some buyer segments, potentially limiting its market appeal compared to larger homes.

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