3934 HOMER STREET, LOS ANGELES, CA 90031

This property is a little bit of a mess but comes with tremendous potential! The house is registered as a duplex but there has also been an un-permitted addition for a third structure that was built right in the middle of the front and back house so that there are now three houses that basically all run together on the lot. According to the seller, they started with plans for the 3rd unit but were asked to get a geology report and then their architect dipped out so they just went ahead with the plans anyway with their contractor uncle.

On record, the house is permitted as a duplex with 5 bedrooms / 3 bathrooms / 1,638 sq ft

But in actuality the house is

3 Units – 10 bedrooms / 5 bathrooms / Approx. 3,000 sq ft / 4,782 sq ft LOT

  • Front House – 4 bedrooms / 2 bathroom (4th room was a permitted add more than 15 years ago)
  • Middle House – 3 bedrooms / 1 bathroom (Entire structure is un-permitted, but completed by a local contractor – resident’s uncle)
  • Back House – 3 bedrooms / 2 bathroom  (3rd room was un permitted add)

Asking: $648k / OBO

Estimate repairs: $175k

ARV: $1.1-1.25M

if you get the structure permitted, the property can easily be worth $1.1-1.25M

Pictures:

Comps:

1) $1,045,000 – 8/4 – 2,976 sq ft. 
https://www.zillow.com/homedetails/2904-Lincoln-Park-Ave-Los-Angeles-CA-90031/20637685_zpid
2) $1,145,000 – 5/3 – 2,660 sq ft. 
https://www.zillow.com/homedetails/4417-Berenice-Ave-Los-Angeles-CA-90031/20688862_zpid/?
3) $1,050,000 – 5/4 – 2,304 sq ft. 
https://www.zillow.com/homedetails/109-E-Avenue-45-Los-Angeles-CA-90031/20761491_zpid/
4) $828,000 – 9/5 – 3,150 sq ft. 
https://www.zillow.com/homedetails/2823-Lincoln-Park-Ave-Los-Angeles-CA-90031/20637692_zpid/?
5) $983,375 – 5/3 – 2,323 sq ft.
https://www.zillow.com/homedetails/334-Mount-Washington-Dr-Los-Angeles-CA-90065/20755534_zpid/
6) $1,228,000 – 5/4 – 2,176 sq ft. 
https://www.zillow.com/homedetails/465-Isabel-St-Los-Angeles-CA-90065/20755770_zpid/

Contingencies: 

  • Buyer to pay all closing costs.
  • Tenants will vacate 30 days after closing with a $20k net proceeds to seller.
  • Close by June 8th.
  • Showing needs to be extremely limited. Ideally, I would only like to have one buyer in here, please do as much due diligence beforehand.

Please feel free to reach out to me if you have any questions! Have a blessed day.

Cristina Ortega

310-658-8252