Great new Bank Owned  (JP Morgan Chase) opportunity for a lovely 1920’s craftsman home located in a great area of North Park just 4 blocks from Morely Field. It is also within close proximity to downtown North Park so you can walk to restaurants, cafes, bars and other entertainment.  At $357,000 this property is a steal!

Bank Owned North Park San Diego Home

This property just came on the market 3 days ago and has a ton of potential! It is situated on the corner of Utah and Dwight street with a 50′ by 100′ lot and three separate structures. The main structure is a duplex consisting of a renovated two bedroom, one bath residence with approximately 850 square feet. The second component of the main structure is a one bedroom, one bath residence that need some work, but is estimated at 700 square feet. Both of residences include a fireplace and traditional craftsman “built-in” cabinets. The duplex units also share an enclosed porch area that has shouts character and charm. We estimate that the larger residence would rent for approximately $1200 per month and the smaller one for around $800 per month.

The list price is $357,000 as priced by the bank

The next structure is a free standing studio that features approximately 130 square feet and has a kitchenette and small bathroom. The studio definitely needs some work, but could be a cozy place and would rent for around $650 based on the rental comps.  Located just in front of the studio on Dwight Street, there is a separate structure that has two separate one car garages.  All of the units are individually metered with regards to gas and electric so it is very convenient for the landlord.  The properties were built in 1920 and are in a historical section of North Park.

The lot features mature trees, a great yard space between the main duplex and the garage/studio and is completely level.  It is a very usable lot with good access from both Dwight Street and Utah Street.  I don’t think you could go wrong buying this property right now.  If you assume a full priced offer, but probably more, the numbers would pencil out like this:

If you take the projected rents above and add them up, you are looking at $2650 per month so you would be immediately be cash flowing the property.  I would say that you would be looking at a minimum of $28,600 in construction & remodel costs to bring everything to an average liveable standard, but you invest $100,000 of your own money and then see a return of $8220 per year.  I don’t think 8% is a bad return on an investment especially when the value on the investment will go up with time.  This property sold for $795,000 in October of 2005 and it will be worth that much again at some point.

For more information about this or other properties in North Park, give us a call at 619-309-8011