FOR SALE: Fixer-Upper Mega-Duplex Short Sale

I just listed this property for sale in Ogden.

This property is located at 3429 Fowler Ave. and clocks in at an enormous 4400 SQFT.  The property has 10 bedrooms and 6 baths split evenly between each unit of the building.  Interestingly, this property was sold as a fourplex back in 2007.  Unfortunately, the property is not zoned for that and it does not have legal non-conforming use on record at Ogden City.  So, that means the building can only be used as a duplex moving forward.

Obviously, this means the the property has declined in value and economic utility significantly since the owner purchased it.  In this case, the decrease in value means that the owner now owes more than the property is worth in today's market.  Thus, we are moving forward with a short sale to clear the property in the market and to sell it at a price that makes sense for the next purchaser.

On top of the loss of density problem, the property also suffers from some significant deferred maintenance.  Substantive capital improvements are needed to bring the property back into line with market rents.  I estimate that repairs would cost between $25,000 and $30,000 to renovate the whole building.

After repairs are completed, rents on each unit would be around $900-$950 per month.  That kind of rent roll would place the building at a value of approximately $180,000 in today's market.  So, we have started our list price off low to attract a buyer willing to make the repairs.

Here is a video walk through tour of the south unit:

***WARNING*** 

This video contains images that are not suitable for all audiences.  If you are someone who likes looking at pictures of pretty houses, viewer discretion is advised.  

  

Obviously, this property isn't for everyone.  Nor is it for most people.  However, for those with the vision to make the proper repairs, this property could be a fantastic investment and/or owner occupied duplex.  The mid-century floorplan is workable.  The hardwood floors are able to be salvaged.  But most of all, the property is located just blocks from Weber State University.  This property could be a profitable investment for anyone savvy enough to correct the property's problems.

If you are interested in learning more about the current low list price and details on short sale status, CONTACT ME.  I have placed a contractor key box on the property for access to the vacant unit for your convenience.