Can $75,000 buy you happiness in Sacramento? Yes, says Time magazine. A study by economists, one of whom won a Nobel Prize, shows that people who earn $75,000 or more are happier than people in lower-income categories. I don't know why $75,000 was used as a benchmark, but it's a good number. Good enough that you can buy a home in Sacramento for that amount.
Granted, the home needs a little work. For example, many of the stucco walls are covered in sheets of paneling, which means you'll probably have to pull off the paneling and fix the walls underneath. Or, as an alternative, some homeowners just Sheetrock over paneling, but I'd kinda want to know what's under it, if it were me.
All the flooring needs to be replaced because the carpeting is stained, ratted and old. The vinyl is peeling and worn in the kitchen and baths. One of the bathrooms is probably non-permitted. But, hey, this 1932 home has a raised foundation and a newer roof was put on 2006, the same year the HVAC was replaced. There is also a newer sewer line that replaced the outdated orangeburg.
You'll probably have to update the plumbing, but you'd do that anyway when you do the kitchen remodel. You might even move around some walls to change the interior layout because it's easy to see that's been done already over the years. This home has been in the same family since 1932, when it was built. In fact, for 20 years it was surrounded by fields. Then, according to the sellers, in 1952, construction of other homes began.
If you buy this home in Sacramento, you'll end up with 3 bedrooms and 2 baths and almost 1200 square feet for $75,000. But you'll also get an oversized 2-car garage. True, you'll have to locate the driveway, which is buried under overgrown vegetation, and you might have to tear down the garage and rebuild it. But it's easy to build a garage. I've done it myself with my own two hands. Inexpensive, too.
The trade-off is you'll hear the sound of trains going by as you nod off to sleep, but maybe not after you install dual pane windows. I know after I put dual pane in my home I could no longer hear the sprinklers in the morning.
This home will not qualify for a loan, but you can pay $75,000 in cash and buy it.
4425 77th Street, Sacramento, CA 95820, is offered exclusively by Lyon Real Estate at $75,000. Call your Sacramento real estate agent, Elizabeth Weintraub, at 916 233 6759 for more information.
Photos: Elizabeth Weintraub
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Certified HAFA Specialist
My Sacramento Real Estate Listings
Elizabeth Weintraub is an author, home buying columnist for The New York Times-owned About.com, a Land Park resident, and a Land Park real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout the four-county Sacramento area. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. DRE License # 00697006.
The Short Sale Savior, by Elizabeth Weintraub, available at Amazon.com.
Lyon Real Estate is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.
Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.
The views expressed herein are Weintraub's personal views and do not reflect the views of Lyon Real Estate.
Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice. It could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.
Elizabeth,
I had no idea you had 75K homes in Sacramento. Looks like a great investment for the right buyer.
Steve
Sprinklers vs. Train... LOL
One can always expect the real deal when you're telling us about a property though Elizabeth and this looks like a good investment opportunity.
So, hypothetically speaking, what is the TRUE cost of a $75,000 home in Sacramento once someone does all the renovations to bring into this millenium?