646 Perkins Lane, San Luis Obispo, California 93401, San Luis Obispo, 93401 - 4 bed, 4 bath
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San Luis Obispo, California 93401
This updated duplex represents a Strong Value Opportunity, listed at $1,049,000—positioned well below the $1,168,163 Fair Market Value by 10%. This valuation gap provides $119,163 in Instant Equity. Featuring a Good Condition Rating with modern vinyl plank flooring and updated kitchens, this Residential Income asset offers immediate rental stability. With its prime location near Cal Poly and downtown, this property is an ideal acquisition for Buy-and-Hold Investors or Owner-Occupants seeking a versatile house-hack in a high-demand market.
Property is move-in ready.
The property was renovated approximately 7 years ago, placing it within the 5-15 year renovation window for a Good rating. It features modern updates including vinyl plank flooring, dual-pane windows, and updated kitchens with stainless steel appliances and newer cabinetry, making it well-maintained and move-in ready.
This duplex offers excellent potential for house-hacking, multi-generational living, or a turnkey investment with both units already generating consistent rental income in a high-demand area.
Renovated approximately seven years ago, the units feature contemporary upgrades including vinyl plank flooring, stainless steel appliances, and dual-pane windows, reducing the need for immediate capital improvements.
Ideally situated near downtown San Luis Obispo and Cal Poly, the property benefits from a prime location that ensures strong long-term appreciation and proximity to local amenities and hiking trails.
The property utilizes a single water meter for both units, which can complicate the equitable distribution of utility costs among tenants compared to the separately metered gas and electric.
With one tenant not scheduled to vacate until June 2026, immediate owner-occupancy or the ability to adjust that unit's rent to current market rates is restricted for a significant duration.
Attractive investment, house-hack or multi-generational living opportunity conveniently located in San Luis Obispo. This updated duplex offers (2) 2Bed, 1.5Bath units a short distance to restaurants, coffee shops, hiking trails and recreational activities. Renovated ~7 years ago, each unit features a desirable floorplan with living room, dining, kitchen and half bath on the ground level, with two large bedrooms plus a full bath upstairs. Both units have their own fenced backyard to relax or entertain. Recent upgrades include vinyl plank flooring throughout, dual pane windows, washer/dryer combo in each unit, plus under stair storage. The kitchens feature newer cabinets and counters, stainless steel appliances and a pass-through to the dining area offering clean light lines. Great location near downtown SLO, Cal Poly, and Central Coast wineries and beaches! Property is separately metered for electrical and gas with 1 water meter and 4 parking spaces. Currently leased for $2,550/mo and $2,824/mo with one tenant vacating end of June 2026.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 4.0 | 3.0 |
| Baths | 4.0 | 3.0 |
| Square foot | 2,312 | 1,930 |
| Lot Size | 5,227 | 4,750 |
| Price | $1.05M | $1.42M |
| Price per sq ft | $454 | $775 |
| Built year | 1977 | 1918 |
| HOA | $0 | $170 |
| Days on market | 42 | 35 |
Jun 10, 2026
$1,049,000
Initial Listing
Jan 30, 2018
$630,000
Public Record
Sep 8, 1999
$220,000
Public Record
Jul 16, 1998
$176,000
Public Record