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7051 Eigleberry Street, Gilroy, California 95020, Gilroy, 95020 - 3 bed, 2 bath

7051 Eigleberry Street, Gilroy, California 95020 home-pic-0
ACTIVE$1,049,000
7051 Eigleberry Street, Gilroy, California 95020
3Beds
2Baths
1,609Sqft
7,450Lot

Price Vs. Estimate

The estimated value ($1,009,401.97) is $39,598.03 (3%) lower than the list price ($1,049,000). This property may be overpriced.

Key pros and cons

Top Pros:
Extensive Recent Renovations: The property underwent comprehensive renovations in 2022, including roof, plumbing, electrical, HVAC, kitchen, bathrooms, windows, doors, flooring, and paint, offering a virtually new living experience.
Top Cons:
Unverified Permit Status for Units: The property is currently configured as two units, but the permit status for this configuration is unknown, which could pose legal or financial risks if not properly permitted.

Compared to the nearby listings

Price:$1.05M vs avg $1.15M ($-101,000)32%
Size:1,609 sqft vs avg 2,459.5 sqft19%
Price/sqft:$652 vs avg $51983%

More Insights

Built in 1950 (75 years old).
Condition: Despite being built in 1950, the property underwent an extensive renovation in 2022, with all major components including the roof, plumbing, electrical, HVAC, kitchen, bathrooms, windows, doors, flooring, and paint being new. The images confirm modern kitchens with gray shaker cabinets, quartz countertops, subway tile backsplashes, and stainless steel appliances, along with updated bathrooms featuring contemporary vanities and tiling. This meets the criteria for an 'Excellent' condition score, as it has been extensively renovated within the last 5 years with virtually new components.
Year Built
1950
Close
-
List price
$1.05M
Original List price
$1.05M
Price/Sqft
$652
HOA
-
Days on market
-
Sold On
-
MLS number
ML82025950
Home ConditionExcellent
Features
View-

About this home

Everything's new from 2022: roof, plumbing, electrical, HVAC, kitchen, bathrooms, windows, doors, flooring, paint. Total 5 bedrooms, 2 bathrooms. No surprises, no weekend projects, just monthly income from turnkey units. Large backyard with potential for additional units under R3 zoning, which in Gilroy typically allows multi-family development and higher density- verify with permitting dept. Finally, a way into the Bay Area market that makes sense for first time home buyers & investors. This property in Gilroy offers what first-time home buyers and investors need in today's market- rent that can help cover your mortgage while you build equity. Front house (2bed/1bath, previously $2,800/mo) and rear unit (3bed/1bath, currently $2,900/mo) bring in $5,700 monthly. A portion of your housing payment practically handles itself. . Property currently configured as two units- permit status unknown. Close to Silicon Valley jobs without crazy commute or prices, near outlets, in a community that feels like home. Whether you're trying to own your first place or want solid cash flow, this is your shot. Stop watching from the sidelines, homes like this don't come around often in or near Silicon Valley!

Condition Rating
Excellent
Despite being built in 1950, the property underwent an extensive renovation in 2022, with all major components including the roof, plumbing, electrical, HVAC, kitchen, bathrooms, windows, doors, flooring, and paint being new. The images confirm modern kitchens with gray shaker cabinets, quartz countertops, subway tile backsplashes, and stainless steel appliances, along with updated bathrooms featuring contemporary vanities and tiling. This meets the criteria for an 'Excellent' condition score, as it has been extensively renovated within the last 5 years with virtually new components.
Pros & Cons

Pros

Extensive Recent Renovations: The property underwent comprehensive renovations in 2022, including roof, plumbing, electrical, HVAC, kitchen, bathrooms, windows, doors, flooring, and paint, offering a virtually new living experience.
Strong Income-Generating Potential: Configured as two units (2-bed/1-bath front, 3-bed/1-bath rear), the property generates a substantial $5,700 monthly income, significantly offsetting mortgage costs for owners or providing solid cash flow for investors.
Turnkey Investment/First-Time Buyer Opportunity: With all major systems updated and existing rental income, it presents a 'no surprises, no weekend projects' solution, ideal for first-time home buyers seeking mortgage assistance or investors looking for immediate cash flow in the Bay Area market.
Development Potential (R3 Zoning): The large backyard and R3 zoning designation offer potential for additional unit development, allowing for increased density and future value appreciation, subject to local permitting.
Strategic Location: Located in Gilroy, the property offers access to Silicon Valley jobs without the extreme prices or commutes of core Bay Area cities, while being close to outlets and within a community-oriented environment.

Cons

Unverified Permit Status for Units: The property is currently configured as two units, but the permit status for this configuration is unknown, which could pose legal or financial risks if not properly permitted.
Original Construction Age: Despite extensive 2022 renovations, the property's original build year of 1950 means the underlying structure is older, which may raise questions about foundation or other elements not covered by recent updates.
R3 Zoning Verification Required: While R3 zoning suggests potential for additional units, this opportunity requires independent verification with the local permitting department, and development is not guaranteed.

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