947 W Hays Street, Banning, California 92220, Banning, 92220 - 3 bed, 1 bath
ACTIVE$339,900
947 W Hays Street, Banning, California 92220
3Beds
1Bath
793Sqft
9,583Lot
Year Built
1938
Close
-
List price
$340K
Original List price
$340K
Price/Sqft
$429
HOA
-
Days on market
-
Sold On
-
MLS number
IV25050420
Home ConditionPoor
Features
View-
About this home
Possibly Over-Priced:The estimated price is 17% below the list price. We found 3 Cons,6 Pros. Rank: price - $339.9K(11th), sqft - 793(3th), beds - 3(50th), baths - 1(8th).
ATTENTION INVESTORS!!! CASH OFFERS!!! Situated on a large fenced lot....Make this your next project!
Price History
Date
Event
Price
03/06/25
$339,900
Condition Rating
Poor
Built in 1938, this property is explicitly marketed as an 'investor's project' requiring 'cash offers' and 'extensive renovation.' This indicates a need for substantial repairs and rehabilitation, aligning with the 'Poor' condition criteria. The home is likely outdated with original systems and aesthetics, and its current state suggests it would be uncomfortable or potentially unsafe without significant investment, as further supported by the 'cash-only' requirement which often implies the property would not qualify for traditional financing due to its condition.
Pros & Cons
Pros
High Available Lot Utilization: The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 9583, living area = 793.
Investor-Focused Opportunity: Explicitly marketed as an investor's project, indicating significant potential for value appreciation and customization post-renovation.
Generous Lot Size: A substantial 9,583 sqft lot provides ample outdoor space, privacy, and potential for future expansion or an Accessory Dwelling Unit (ADU).
Fenced Property: The fully fenced lot offers enhanced privacy and security, a desirable feature for residents and property value.
Three-Bedroom Layout: The 3-bedroom configuration offers versatility, suitable for families or multiple occupants, enhancing its rental income potential.
Significant Renovation Potential: As a designated 'project,' the property allows for complete modernization and customization, enabling substantial equity growth upon completion.
Cons
Cash-Only Requirement & Extensive Renovation: The explicit call for 'CASH OFFERS!!!' and 'next project' indicates the property requires substantial capital investment and may not qualify for traditional financing due to its current condition.
Outdated & Small Structure: Built in 1938 with only 793 sqft and a single bathroom, the home is likely outdated, small for modern living standards, and will require comprehensive updates to systems and aesthetics.
Overpriced Relative to Market Estimate: The list price of $339,900 is considerably higher than the estimated property value of $280,370, suggesting a potential overvaluation given its 'project' status and required investment.