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817 E Palmyra Avenue, Orange, California 92866, Orange, 92866 - bed, bath

817 E Palmyra Avenue, Orange, California 92866 home-pic-0
ACTIVE$1,499,999
817 E Palmyra Avenue, Orange, California 92866
0Bed
0Bath
1,656Sqft
6,970Lot
Year Built
1923
Close
-
List price
$1.5M
Original List price
$1.5M
Price/Sqft
$906
HOA
-
Days on market
-
Sold On
-
MLS number
PW23006577
Home ConditionFair
Features
Patio
View-

About this home

We found 3 Cons,5 Pros. Rank: price - $1.50M(83th), sqft - 1656(33th), beds - undefined(50th), baths - undefined(50th).

Discover timeless charm and modern investment potential at 817 E Palmyra, a beautifully maintained Craftsman-style duplex with an additional third unit, offering versatility and income opportunities. The back unit, a converted garage, adds additional income potential, making this property an excellent opportunity for investors or those seeking a home with rental income. The classic Craftsman architecture enhances its welcoming curb appeal, while the interiors blend vintage character with everyday functionality. Each two bedroom unit is thoughtfully designed for comfortable living, and all are currently rented, ensuring immediate cash flow. Situated in the heart of Old Towne Orange, this property benefits from proximity to vibrant dining, boutique shopping, and community events, making it a sought-after rental location. Whether expanding your portfolio, beginning your investment journey, or exploring owner-occupancy options, 817 E Palmyra offers a rare mix of historic charm and financial opportunity. Step into a property that balances timeless appeal with modern returns.

Condition Rating
Fair
The property, built in 1923, presents a mixed condition. While the exterior is well-maintained and one of the units (likely the converted garage) features a recently updated, modern kitchen with white shaker cabinets, quartz countertops, and updated appliances, and a modern bathroom with wood-look tile, the main duplex units show significant signs of age. The kitchen in one of the main units has very dated blue cabinets, tile countertops, and older appliances, while its bathroom is functional but also dated with a basic pedestal sink and corner shower. The property description mentions 'vintage character' and 'everyday functionality,' and the analysis highlights 'Age-Related Capital Expenditures' as a weakness, indicating that major systems are likely older. Overall, the property is maintained and livable, but parts of it require minor updates to meet current aesthetic and functional standards, aligning with a 'Fair' condition.
Pros & Cons

Pros

Strong Income Potential: Multi-unit property (duplex + converted garage unit) with all units currently rented, ensuring immediate cash flow and investment return.
Prime Historic Location: Situated in the highly desirable Old Towne Orange, offering proximity to vibrant dining, boutique shopping, and community events, which enhances rental demand and property value.
Desirable Architectural Style: Features classic, beautifully maintained Craftsman architecture, providing strong curb appeal and historic charm.
Versatile Investment Opportunity: Appeals to a broad range of buyers, including investors seeking portfolio expansion, first-time investors, or owner-occupants looking for rental income.
Established Rental Market: The location in Old Towne Orange is explicitly described as a 'sought-after rental location,' indicating a stable and desirable tenant pool.

Cons

Age-Related Capital Expenditures: Built in 1923, the property may require significant future investment in updating older systems (e.g., plumbing, electrical, HVAC) or addressing potential deferred maintenance not detailed in the description.
Converted Garage Unit Status: The 'converted garage' as a third unit, while income-generating, may raise questions regarding its permitted status, structural integrity, or overall living quality compared to purpose-built units.
Compact Unit Sizes: With 1656 total square feet distributed across three units, individual living spaces are likely modest, potentially limiting tenant demographics or future rental rate increases.

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