Couple wants fixer in Sausalito with big view and upside on a limited budget.
Extensive search of the MLS turns up many fixers, and many properties with views in Sausalito, but few with significant upside within the budget. Legacy Builders finds a foreclosure (not on the MLS) with a view coming up for auction in Sausalito.
Pre-auction research is conducted by visiting the planning department and previewing the house. At the auction, a run down 2 bedroom, 2 bath house with a panoramic view is purchased for $325,000. Legacy Builders designs and completes a cosmetic remodel including expanding the windows to increase the view, removing dingy carpets to refurbish hardwood below, and finishing the space under the garage to add square footage for $65,000. After two years Legacy Builders sells it for $825,000.
House cost $325,000 / remodel cost $65,000 / sold $825,000