7521 Chestnut Street, Gilroy, California 95020, Gilroy, 95020 - bed, bath
ACTIVE$859,500
7521 Chestnut Street, Gilroy, California 95020
0Bed
0Bath
1,546Sqft
7,100Lot
Year Built
1940
Close
-
List price
$860K
Original List price
$900K
Price/Sqft
$556
HOA
-
Days on market
-
Sold On
-
MLS number
ML82025060
Home ConditionFair
Features
View-
About this home
We found 3 Cons,5 Pros.
Great investment with great income, two home on one parcel, front house with 3 bedroom 1 bath including garage conversion with 820 sq-ft not counting garage conversion. back house with 3/1/ including carport conversion with 730 sq-ft, carport conversion is not included in the sq-ft. Both homes have large backyard and laundry room. Individual PG&E and water meter for both homes. Both houses are rented and both tenants like to stay.
Price History
Date
Event
Price
11/15/25
Price Change
$859,500-4.4%
10/16/25
Listing
$899,500
Condition Rating
Fair
The property, built in 1940, shows signs of regular maintenance and some updates, but also significant age. One kitchen features modern white shaker cabinets, stainless steel appliances, and updated laminate flooring, suggesting a renovation within the last 10-15 years. However, the second kitchen (as seen in image 6) has older yellow linoleum flooring and less updated cabinetry, indicating inconsistent renovations across the two units. General flooring in living areas appears to be updated laminate. While functional and livable, the property's age and the disparity in updates mean major systems are likely older and some areas require minor updates or repairs to meet current standards, aligning with the 'fair' condition criteria.
Pros & Cons
Pros
Strong Investment Potential: Explicitly marketed as a 'Great investment with great income' and classified as 'Residential Income,' indicating a clear value proposition for investors.
Dual Income Streams: The property features two independent homes on one parcel, providing diversified rental income and enhanced cash flow potential.
Immediate Occupancy & Income: Both units are currently rented with tenants expressing a desire to stay, ensuring immediate cash flow and minimizing vacancy costs for a new owner.
Independent Utility Metering: Individual PG&E and water meters for each home simplify tenant billing, reduce landlord overhead, and promote tenant accountability for utility usage.
Desirable Tenant Amenities: Each home offers a functional 3-bedroom, 1-bathroom layout, a large backyard, and a dedicated laundry room, enhancing its appeal to renters.
Cons
Unpermitted/Unaccounted Conversions: Garage and carport conversions are noted as 'not counting' in the official square footage, potentially indicating unpermitted work or non-conforming additions that could lead to legal, insurance, or appraisal challenges.
Property Age: Built in 1940, the property is 84 years old, which may suggest a need for significant updates to major systems (e.g., plumbing, electrical, HVAC) and general deferred maintenance.
Recent Price Reduction: The property has undergone a price reduction from its original listing, which could signal initial overpricing or underlying market resistance that warrants further due diligence.