Dave duCille: Upcoming investment project: Mid Century Modern to New Century Modern

I'm back at it again! While we are putting the wraps on Jon and Kindra's reality home (final finished product to be shown here soon!) we decided to pick up another investment property. This is an old mid century modern design in a B- neighborhood that is just crying out to made amazing again. The home was inherited by a couple in their late 70's and they have no use for the home. They don't want to live in it, they don't have any family that wants to live in it, they don't want to be landlords and rent it out themselves, they just want to be free of the property. They have been paying insurance, yard maintenance, and taxes on it for the past year and had listed it with an agent who was less than stellar and overpriced the home. I met them while finishing up our Forest Hills investment property and things took off quickly. What went from me auditioning to simply list the property for them turned into me making a cash offer to take it off their hands in short order. We will be closing in a couple of weeks.

Some facts about the home. Main house is a 3bd 2ba 1100 sq ft with a carport. 2 permitted additions were done that add another 675 sq ft in the back. The possibilities are endless as the back unit could easily be turned into an attached 1/1 inlaw suite or integrated into the main house to make a large 4/2 or 4/3 1775 sq ft house. The house was immacutlately maintained but never updated so it's like taking a trip to "Grandma's House". We have a lot of decisions to make regarding the renovation but I want to preserve as much of the original mid century style while simply modernizing with latest and greatest appliances and amenities.

As for the neighborhood, I call it a B- neighborhood because its an area of smaller homes that didn't have too many updates and you can tell it was hit hard by the foreclosure crisis of 07-10. It's a perfectly safe neighborhood it just has homes that are in need of updating and it's finally starting to happen as the rest of the surrounding areas have already been improved or never really went downhill. The best part is that in spite of the immediate area being a little more rundown than desireable, it's still in an area that is zoned for very good schools so this will surely attract plenty of prospective renters or buyers should we choose to sell.