This deal is too good to let go. This might work for anyone looking for a property in phoenix that may have a lot of value add potential. They are selling for $595,000 and completed turnkey home are going for upper $800,000 in this area. The home has already been gutted and structural items and new roof have been completed already. Still needs plumbing and electric schematics drawn up. 3 Bed 2 Bath, 2746 sq feet, 14,646 lot sq feet. 1715 W LAWRENCE LN Phoenix AZ 85021. 19th Ave and Dunlap are the major cross streets.
Here is a description from the previous MLS listing:
This 1958 Mid Century Dream Home Estate has plenty of history. Owned By a Lovely Lady of 91 years young. Many wonderful memories have been enjoyed by this show biz talented family. Majestic Palm Trees and the flavor of Cesar's Palace with The Era of Days Gone By. This home could be a real show stopper once again. Excellent location, easy access to I-17 & The Valley Metro. Situated in The Royal Palms. Neighborhood that is in great demand. Corner oversize lot features three bedrooms, two baths. Living room, Az room, two fireplaces. Split floor plan.
I'm looking to partner with someone on this deal or if anyone out of state needs boots on the ground, I would love to assist in anyway needed. I am not in a position to purchase this and rehab it myself at this time, but for someone who loves this area and knows the possibilities of a home like this, I just wanted to share.
It's an interesting property but one thing to note is that 15th Ave appears to be a "defining line." The areas to the immediate east and west of 15th Ave appear to be different. Properties to the east are selling for $800k but not to the west.
The closer you get to 7th Ave, the more desirable and expensive the properties tend to be.
I could be wrong, but what do you think?
When i lived in Phoenix during the 70's-80's, anything west of Central was to be avoided, guess that's changed!
Things have changed since you were here.
There are very desirable and sought after neighborhoods all the way from Central to 15th Ave.
Typically, the closer you get to 19th Ave, the more different the real estate values are.
@Lisa Caracciolo Lisa do you own the property now? What is your goal for this property?
@Brett Tvenge at a 595k purchase price the margins are paper thin in this neighborhood. Best of luck!
Yes Paul, I would agree that the closer you get to 19th Ave, the values do drop. This small area between 17th and 15 Ave appears to have been keeping its value, but you may be right, the upper $800,000 might be a stretch. Just for fun, you should look at the previous MLS listing before they gutted the property (indoor fire pit, corner bar made with red leather, etc....it was a beaut :) ).
@Brett Tvenge thank you for your response/input, I really appreciate it. I don't own the property, I received it from a wholesaler. I was thinking fix and flip, but I think it's not the right decision for now. I'll have to let this one go lol.
@Christopher Winkler, thanks really interesting to hear! I grew up on 7th Ave and Northern and would give anything to have a property in that area now!
Listed as last sold on 1/29/21 for $465,000 so $130,000 cleanout and new roof. It looks like it could be a wonderful home did the rehabber just run out of money?
@Colleen F. , yeah, I saw that. I'm actually not 100% sure, it appears that way though. I agree, I think it could be a great property!
Based on my research of who the flipper is, I think the flipper has sufficient cash to finish the remodel, but the thinking is ... that if he can sell now for a ~$130k profit without having to finish it, then why not.
If it doesn't sell, then I think he will just finish the rehab and try to sell for a boatload more.
@Paul Welden could be doing as you say or could have just run out of time or crews to do the work too. Curious how it works out.
Anything is possible.
Based on the other properties the flipper owns, I’m fairly certain he has a lot of money.