(Unpimping) buying in Forest Lawn if the price is right?

[CoryHelm]

I was wondering what the opinion is on buying a R2, 50`-120`, with a small house in Forest Lawn. Putting $30,000 in to the property to make it habitable and still being well below $300K.
Live there for 3-5 years then building a duplex or Fourplex.
The house is small but the yard is perfect for storage of my trucks and equiptment for my business..
Has Forest Lawn already had it`s run or an I crazy to put $30,000 in to a property like this? Can this work?

Opinions and insight please
Cory

 

[UTCVenturesLtd]

QUOTE (CoryHelm @ Mar 28 2008, 01:21 AM)
I was wondering what the opinion is on buying a R2, 50'-120', small house in Forest Lawn. Putting $30,000 in to the property to make it habitable and still being well below $300K.

Live there for 3-5 years and build a duplex or Fourplex.

The house is small but the yard is perfect.

Has Forest Lawn already had it's run and I'm crazy, or can this work?



Opinions and insight please

Cory




From my understanding over the next decade or so, Forest Lawn and Dover will go up a LOT in value being so close to downtown so watch for lots of renovations to take place as time goes on. It still has a long ways to go from where things are at right now.

Dean

[email protected]

 

[RedlineBrett]

In my opinion Dover is much nicer than FL. I have done business in Dover and while it is close to FL the neighborhood definitely has a better feel. It`s a shade more expensive but I would much sooner go for that community than FL.

To build a new duplex or fourplex in FL would not make sense in my opinion. You are going to be paying the same construction costs as you would anywhere else in the city but would be doing it in the worst community in town.



QUOTE (UTCVenturesLtd @ Mar 28 2008, 02:14 AM) From my understanding over the next decade or so, Forest Lawn and Dover will go up a LOT in value being so close to downtown so watch for lots of renovations to take place as time goes on. It still has a long ways to go from where things are at right now.
Dean
[email protected]

 

[lanedry77]

QUOTE (CoryHelm @ Mar 28 2008, 12:21 AM) I was wondering what the opinion is on buying a R2, 50`-120`, with a small house in Forest Lawn. Putting $30,000 in to the property to make it habitable and still being well below $300K.
Live there for 3-5 years then building a duplex or Fourplex.
The house is small but the yard is perfect for storage of my trucks and equiptment for my business..
Has Forest Lawn already had it`s run or an I crazy to put $30,000 in to a property like this? Can this work?

Opinions and insight please
Cory
Hi Cory,

If you can buy a property on an R2 lot, and then put $30k into the property, and still come up under $300k, I would say that may be a good deal but it would really depend on the location and the property itself.

I`ve found that many of the R2 properties in Forest Lawn that are North of 17th Ave can be in pretty run-down condition. If this is the case, $30k of renos might be a very low estimate. If the property truly needs $30,000 just to be habitable I would quickly pass on the property.

There are far fewer R2`s South of 17th Ave, but they tend to be in better shape. Because of the blocks of R1 and R2 zoning, most of the redevelopment is happening North of 17th.

I also wonder if the property has a basement suite, as most R2 units in FL do. If you`ve found an R2 property that does not, it is certainly in the minority, and would account for the reduced price. It sounds like there`s no garage either - that would also count for the reduced price.

If you`re wanting to live their yourself, you may look at Forest Heights. The area tends to be in better shape, and the prices are still reasonable. I don`t have any experience in Dover, but based on Brett`s comments, the two areas sound similar.

I also completely agree with Dean and Brett`s comments about redevelopment. If you buy in that area, you should plan on holding for a long time before either redeveloping or selling to someone that will. The area has definately not hit it`s peak, but don`t count on Forest Lawn being the city`s next `must move to` hot spot in the next five to 10 years.


I`d be happy to help if I can, just let me know.


David.