Built in 1929, this Storybook-style duplex in Pasadena is in need of a fairy godmother (or father). Located at 1497 East Maple Street, the turreted residence contains two one-bedroom, one-bath units within its 1,532 square feet.
While the duplex’s kitchens and bathrooms have seen some unfortunate remuddling, there’s still plenty of vintage charm left. Character features include oak floors, barrel ceilings, decorative fireplaces, and wood-framed casement windows.
On a 5,998-square-foot lot with a detached two-car garage, the property is listed with Jackie Winter of Compass at an asking price of $749,000. Open house is scheduled for 2 to 5 p.m. Sunday.
The living room features include a barrel ceiling and decorative fireplace.
There’s also a spacious closet and numerous wood-frame windows.
Both units have original hardwood floors.
The kitchen and bathrooms have been subjected to some unfortunate updates.
The property comes with a detached, two-car garage.
Comments
Looks like it backs up to the fwy. Not good, but an ok price for an investment of two potential rentals
By mrjim1 on 07.25.19 4:14pm
Not quite ok. The asking price is based on "projected" rents – in other words, after they are remodeled and repaired at no doubt great expense. Add in this added expense to the purchase price and even the new projected rents won’t cover the total investment.
By kcp1 on 07.25.19 8:20pm
If it’s really that bad you could go in with a low offer to help defer the costs of fixing it up. All they can say is no
By mrjim1 on 07.26.19 6:27am
It fronts to the 210 and the ramp to Hill and there is an elementary school behind it.
By GetOffTheIvy on 07.28.19 7:38pm
$750k for that DUMP? Sickening how greedy these bastards are. Plumbing and roof are probably in shambles as well.
By CodyAmore on 07.25.19 5:00pm
This is unfortunate. A nice older building with character that needs a lot of work to make it work – note that the kitchen and baths clearly are gut jobs. The roof was a cheap one at the get go and now it’s at the end of its life. But – there’s an awful lot of loose investment money running around out there these days, so I suspect that someone will fall for this.
By kcp1 on 07.25.19 8:39pm
The view of the freeway is priceless.
By not banksy on 07.25.19 7:56pm
Sandwiched between the highway and an elementary school = Win!
By miraballedc on 07.25.19 11:55pm
needs about $80k in upgrades if you want it to shine. I think the upside on this is limited and you have a greater chance of turnover in a 1 bedroom unit.
By LAoneWay on 07.26.19 6:00am
Probably been in the family 60 years. These are the best people to buy a vintage home from because the house hasn’t had 10 previous owners and a couple of flippers with 6 decades of trying to "update" it.
By calzada on 07.26.19 10:34am
Maybe so, but it looks like the current owners have let it deteriorate to the point where they had to infuse a lot of extra $$$$ or sell. We know which they chose.
By kcp1 on 07.26.19 11:51am
Even putting 25% down you would be hard pressed to cover monthly expenses with rent, and that would be after you put a bunch of money into it to get those rents. It might make sense for someone who wanted to convert it to a SFR and live there, but would you want to spend $4000/month to live in front of the freeway?
By CaliSon on 07.26.19 11:27am
At 50% down and excellent credit (5.125% interest rate if you can get it), you’re looking at least 38K in fixed costs: mtg, prop taxes, insurance, gas/water/sewer, lawn service, but not property management, and does not include maintenance, vacancy, or the big upfront $$$$ to fix this up so that you could get 48K a year in rent to start with. You’re really cash neg from the get go on a cash investment of at least 400-430K. I’m with LAoneWay’s 80K fix-up budget.
By kcp1 on 07.26.19 12:01pm
The big closet in the LR most likely has a ghost of a murphy bed hard points in it floor. It was fairy common in 1bd bungalows; the kids got the bedroom and the parents used the LR.
But I wonder what the other unit looks like if this is what the REA choose to show.
Will banks still give SFR rates if it is owner occupied? That is how I bought my first multi family. Could work as a starter TIC…if both parties didn’t mind wearing a respirator while home.
By GetOffTheIvy on 07.28.19 7:39pm
sorry for all the typos
By GetOffTheIvy on 07.28.19 7:47pm
There is no way this was originally a duplex. This was a SFR that was converted to a duplex. What a shame.
By mrxman on 07.29.19 7:46pm
It looks like the second unit was added to the back at some point. If someone wanted to they could just live in the front unit and keep the back as an office/studio or granny-flat, but who would really want to spend that kind of money to live next to the freeway?
By mrjim1 on 07.30.19 6:07am