481 Martin Street, Banning, California 92220, Banning, 92220 - 2 bed, 1 bath
ACTIVE$349,900
481 Martin Street, Banning, California 92220
2Beds
1Bath
792Sqft
6,098Lot
Year Built
1934
Close
-
List price
$350K
Original List price
$350K
Price/Sqft
$442
HOA
-
Days on market
-
Sold On
-
MLS number
IV25050426
Home ConditionPoor
Features
View-
About this home
Possibly Over-Priced:The estimated price is 16% below the list price. We found 3 Cons,5 Pros. Rank: price - $349.9K(16th), sqft - 792(3th), beds - 2(40th), baths - 1(8th).
ATTENTION INVESTORS!!! CASH OFFERS!!! Located on a small Cul-de-sac street is this charming 2 bedroom home situated on a large lot with a Studio in back. Make this property your next project!
Price History
Date
Event
Price
03/06/25
$349,900
Condition Rating
Poor
Built in 1934, this property is explicitly marketed as a 'project' requiring 'CASH OFFERS!!!' and 'extensive renovation.' The description indicates a need for 'considerable investment in repairs, modernization of systems (plumbing, electrical), and cosmetic upgrades.' The exterior image shows an older home with weathered siding and a mix of window conditions, consistent with a property that has not seen significant updates in many years. While not explicitly 'unlivable,' it clearly requires substantial repairs and rehabilitation to bring it to a functional and comfortable standard, aligning with the 'poor' condition criteria.
Pros & Cons
Pros
Investor-Ready Project: Explicitly marketed towards investors as a 'project,' indicating clear potential for value addition through renovation and strategic upgrades.
Generous Lot Size: The 6,098 sqft lot offers ample space for potential expansion of the main residence, extensive landscaping, or the addition of an Accessory Dwelling Unit (ADU).
Income-Generating Studio: The presence of a separate studio in the back provides immediate potential for rental income, a dedicated home office, or a versatile guest space.
Cul-de-sac Location: Situated on a small cul-de-sac street, the property benefits from reduced traffic, enhanced privacy, and a quieter living environment.
Cash Offer Appeal: While limiting, the 'CASH OFFERS!!!' directive can be a strength for sellers seeking a swift, uncomplicated transaction, and for investors with readily available capital.
Cons
Significant Overpricing: The listing price of $349,900 is 22% above the estimated property value of $272,583.735, suggesting it may be overpriced given its current condition and requiring substantial justification.
Extensive Renovation Required: Built in 1934 and described as a 'project,' the property likely demands considerable investment in repairs, modernization of systems (plumbing, electrical), and cosmetic upgrades.
Limited Buyer Pool: The strict requirement for 'CASH OFFERS!!!' severely restricts the market to non-financed buyers, potentially extending market time and reducing the number of competitive offers.