951 Walnut, Chico, California 95928, Chico, 95928 - 2 bed, 1 bath
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951 Walnut
Chico, California 95928
ACTIVE
CONDITION: GOOD
2Beds
1Baths
1,089Sq Ft
13,504Lot Size
Property Price
LIST PRICE$365,000
EST. MARKET VALUE
$378,883
3% BelowMARKET VALUE
SUMMARY
This High-Potential Investment Opportunity is listed at $365,000—positioned well below the $378,884 Fair Market Value by 3%. This valuation gap offers $13,884 in Instant Equity. Featuring an R3-zoned lot with shovel-ready plans for six units and a Condition Rating of 3, the property provides immediate rental income potential. With its creek-side view and proximity to Chico State, this asset is perfectly suited for Buy-and-Hold Investors or Contractors seeking to maximize development upside.
Estimated Market Value
$378,883+$13,883 Equity Potential
Based on Realkey algorithm analyzing recent comparable sales in Chico.
Condition Analysis
See Full ReportOVERALL CONDITION SCORE
Good
TeardownExcellent
Property is move-in ready.
Although built in 1930, the property is well-maintained and move-in ready. It features a fully remodeled bathroom with a tiled shower, newer windows throughout, and hardwood floors in good condition, meeting the criteria for a functional, updated older home.
PROSSTRENGTHS & OPPORTUNITIES
- 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 = 13504, living area = 1089.
- Exceptional Development Potential
The R3-zoned lot includes shovel-ready plans for six additional units and a partnership opportunity with the contractor-owners, offering significant investment upside and streamlined construction.
- Prime Strategic Location
Situated near Downtown Chico and Chico State with scenic creek frontage, the property is perfectly positioned for high rental demand and long-term appreciation in a high-traffic area.
CONSRISKS & DEFICIENCIES
- MLS Listing Discrepancy
Bedroom count discrepancy between mls listing and other public or private record. mls listing bedroom count = 2, other record bedroom count = 3.
- Historic Infrastructure
Originally built in 1930, the property may require ongoing maintenance or future updates to aging systems typical of homes from this era despite recent cosmetic improvements.
- Limited Existing Living Space
With only two bedrooms and one bathroom in the main residence, the current footprint offers limited interior space for larger families or buyers not intending to develop the lot.
About 951 Walnut
Close to Downtown and Chico State, this R3-zoned property sits on a spacious .31-acre lot bordering Little Chico Creek. The charming red home with its inviting covered front porch welcomes you the moment you arrive. Inside, enjoy hardwood floors, newer windows throughout, a kitchen with a gas range, separate laundry room and a fully remodeled bathroom w/ tiled shower. A newer oversized back deck overlooks the expansive fenced yard w/ horse shoe pits, and large garage/shop, a rare advantage so close to town. The property also comes with shovel ready plans to build six 1-bed/1-bath units, offering exceptional future development potential. Even better, the owners are licensed contractors and would prefer to build the units for your client, streamlining the entire process. Earn income with the house while you prepare to build!
Property Details
Public Facts
- Property Type
- Single Family Residence
- Year Built
- 1930
- Lot Size
- 13,504 Sq. Ft.
Interior
- Total Bedrooms
- 2
- Total Bathrooms
- 1 (1 Full, 0 Half)
Exterior & Parking
No exterior & parking available.
Utilities & Misc
- HOA Fee
- $0 / Month
Neighborhood Insights
Sensitive Facilities
No sensitive facilities data found.
Neighborhood Comparison
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 2.0 | 3.0 |
| Baths | 1.0 | 2.0 |
| Square foot | 1,089 | 1,720.576 |
| Lot Size | 13,504 | 7,994.042 |
| Price | $365.0K | $487.0K |
| Price per sq ft | $335 | $303 |
| Built year | 1930 | 1992 |
| HOA | $0 | $154 |
| Days on market | 18 | 56 |
Pricing History
Listed for Sale
Oct 6, 2026
$365,000
Initial Listing
Sold
Dec 7, 2020
$310,000
Public Record
Sold
Oct 15, 2018
$255,000
Public Record
Sold
Jun 27, 2012
$175,000
Public Record
Sold
May 27, 2005
$263,000
Public Record
Sold
Sep 27, 2002
$44,000
Public Record