173 Cedar Ln, Santa Barbara, CA 93108

FOR SALE (Assignable Contract)

Re-listed on April 20th, 2024

DEAL DETAILS

PRICE:  $1,925,000

ARV:  $2,950,000

Potential NET Profit:  $445k+

Potential Rent:  $10k+ per month

EMD:  $57,750 (3%)

Escrow/Title Company: Chicago Title

Closing on or before May 20, 2024

Occupancy: VACANT - Easy to Show

SUMMARY

Amazing 4 bed, 2.5 bath view home perched on a hill overlooking the harbor, ocean and islands. Located at the end of a private driveway in a wonderful neighborhood, this charming Eucalyptus Hill home has so much to offer - four spacious bedrooms, open dining and living areas with views, two fireplaces, an open kitchen and breakfast nook and an enclosed patio area. There is plenty of outdoor space and also a detached garage. New floors have been installed and the bathrooms and kitchens have been updated.

The owner claims the living space is 2,606 sqft. with the unpermitted enclosed porch.  The enclosed We did NOT use 2,606 to run our numbers, we used the public records living space of 2,014 sqft.  Our ARV is based off the comps for the appropriate 2,014 sqft.

REMARKS

Estimated Repairs: $150,000 to $190,000

Estimates are based on various scopes of work and we make no claim as to how much it will cost to remodel the property.

Some updates have been done 

No air conditioning 

Not sure about age of heater or roof not sure about foundation issues. There is a covered porch that was done without permits.

COMPS

1.  142 Coronada Circle SOLD for $4.30m on 3/27/23

2.  8 Cedar Lane SOLD for $2.28m on 8/2/23

3.  1630 Overlook Lan SOLD for $2.50m on 2/9/23

EMD: Earnest Money Deposit is due the same day or next business day of executed assignment agreement.  Earnest money deposits are nonrefundable and the contract becomes noncontigent upon fully executed contract and when EMD is received.  Proof of Funds are required at time of deposit.

Due Diligence Disclaimer: At Mum City Homes, we employ multiple methods to determine the After Repair Value, ensuring that you, as the investor, receive the most realistic valuation when the property is remodeled and ready for the market. However, we strongly recommend that every investor conducts their own due diligence and evaluates various factors, such as the quality and costs of the remodel, desired return on investment, and other pertinent considerations, to arrive at their own valuation. Remember, the key is to assess whether the numbers align with your investment goals. If they do, the deal could be a great fit. If not, it’s always better to explore other opportunities.

WHOLESALERS & REALTORS: Okay to market to your buyers list. NOT okay to market online! Mum City Homes will NOT JV any deal so add your fee. No Daisy Chains allowed. Violating our rules will get you blacklisted.