Every once in a while a great investment opportunity surfaces, and if you are looking at just the right time (or have a Realtor looking on your behalf), you might be able to grab one. A couple of days ago, I received a lead about someone wanting to see a condo in South East Fresno. I cringed a bit when I looked up the location, only because that part of town has a reputation for being a little rougher than most. The condo complex is fairly close to Fresno Pacific University, though, so I figured it might be a nice mix of owners, long-term renters, and students in temporary housing while attending college.
Upon researching the listing, I discovered that there were actually a handful of units for sale in the complex. In anticipation of my client wanting to see a variety of investment options, I pulled detail sheets on all of them. It never hurts to be over prepared! Since safety always comes first, I informed my husband and a couple of people in the office where I would be and headed out to meet my client.
I really did not have high expectations for this condo, given its price point. Much to my surprise, the nicely landscaped grounds and well-maintained common areas were a welcome sight. There were two large swimming pools with spa, tennis courts, and a large green park for children to play. The location of the condo was tucked away from the center on a private corner lot with the backyard along Lane Ave. The inside also did not disappoint. It had been recently renovated with new carpet, paint, appliances, and custom tile in the bathroom. It also featured a recently built rustic raw wood mantle framing the fireplace. As an added bonus, there was an indoor laundry room, which is a huge improvement over standard apartment units with centralized laundry.
“Lovely 2 BD. 1 BA. Ranchwood Condominium. Good investment whether to live in or to hold. This ground level home has been updated with fresh paint and newer appliances.Complex is gated at night and has many amenities to include 2 pools, club house, tennis, volleyball court, green area, covered parking and a lot of mature trees. 24 hour security. Central air & heat & washer and dryer. Walking distance to shopping, Fresno Pacific University, and public transportation. Why rent when you can own?”
Luckily for my client, the offer that had been made on the unit earlier in the day ended up falling through making it available to her, should she choose to make this her next investment property. I wish the tale ended there because she liked the condo a whole lot. So much so, that I got the impression we might submit an offer that night. Alas, the saga continued on to another unit in the complex. This is perfectly fine, of course, because it would be awful for a buyer to feel like she left something on the table. The other unit she wanted to see was occupied by a tenant and the listing indicated that a 24-hour notice was required before showing it. I figured it was worth a shot to see if we could see it that night since we were already there and all. Luckily again, we were able to get in!
The floor plans of each were very comparable. Both have a living room, kitchen, laundry room, and two bedrooms. The main difference between the two is the second bathroom in #2 and wood laminate flooring, which gave it a very modern and sleek look. Condo 2 was near the pool and very much central within the complex, making it less private. Overall, I was quite impressed by the complex and both units. I think either would make a good choice for income producing rental property. No decisions were made after the showings, but I have high hopes of putting one of these condos into escrow soon!