At first blush, our St. Louis Park Deal of the Month may not seem like such a bargain. Walk through it with an open mind, however, and you may just see what we see.
What do we see? EQUITY!
First, let’s take a look at the basics. This is a 2 bedroom, 1 bathroom rancher in the South Oak Hill neighborhood, just west of the pond. The home sits on a 6,534 square-foot lot and it was built in the early 1950s.
When you walk in the door you’ll be met by the most horrid hot pink walls you’ll ever see. I mean, this is some super ugly paint. But, that’s just it – it’s only paint, so it’s easy and cheap to fix.
Look down and you’ll see wood floors. OK, so they’re scratched up. That, too, is a somewhat easy fix. It’s a DIY project, as a matter of fact.
The kitchen, on the other hand, should be eventually gutted. It’s serviceable as it is, but I’d put in new cabinetry, countertops, flooring and appliances. I’d next work on updating the bathroom.
The home sits on a lovely, tree-lined street with little traffic and most of the homes are well-maintained, at least on the exterior. The views from the back windows are quite scenic. Best of all, you’re a mere 15 minutes from downtown Minneapolis.
Now, here’s the bonus. The lower level can be finished to add more living space and another bathroom – which will instantly raise the home’s value tremendously.
Don’t forget – FHA offers the 203k program which allows the borrower to roll the cost of the rehab into the loan so there’s only one payment. It’s a great loan and this home is perfect for it.
I wouldn’t wait long if you’re interested. It’s listed at $104,900 so it won’t last long.