Offered for sale, “as is”. Price is $165,000, net of all selling costs, except normal selling costs of about 3%. This is an estate sale offered by the Personal Representative of the estate. Fair Market Value: If updated and the deferred maintenance addressed, Realtors have estimated the value at about $265,000. One investor estimate was $285,000. Zillow estimate is $278,000. So, let’s say $270,000. Sewer: The property must be connected to the sewer. We have construction bids, and the Pierce County admin/permit costs, and the cost to connect is a little less than $20,000. Upgrades/Maintenance: Other than the sewer issue, the property is livable, as-is, so a purchaser, after installing the sewer, could occupy the property and make upgrades or maintenance on the purchaser’s own scope and schedule. The property could be upgraded and maintained for about $45,000, or less, if the purchaser could either do the work and/or effectively negotiated with contractors. “Sweat Equity”: If a purchaser connected to the sewer and did $45,000 worth of work, they would be in the property at $230,000! That creates sweat equity of $40,000! The Property: The main house appears to be approximately 1,500 sq.ft. not counting a room with a wood burning fireplace and an enclosed porch. There are two fireplaces, one wood-burning, the other propane fueled (master bedroom). The property is approximately 2.38 acres +/- and is encumbered by a Bonneville easement that renders the property not economically feasible for SFR development. The County records show it as a 2BR/1BA home, but it has been upgraded to a 3BR + Den-Office, with 3 (1 ¾ each) BA, and may have increased the primary building square footage for those specific improvements without a permit. There may be building code/permit issues with some of the improvements to the main house, as well as at least one of the outbuildings. The property fencing is in fair condition, and may not represent the actual property boundaries. The main house, some of the outbuildings and fencing, suffer from deferred maintenance and some water intrusion issues. One primary issue is the existing septic system that will not pass the RSS by the County. The existing septic tank must be decommissioned and the drain field abandoned, and the property must be connected to the sewer that is in the street adjoining the property. See discussion above about the cost to connect to the sewer. Purchaser is required to conduct their own due diligence, as the property will be sold as-is, with qualified (i.e., Seller does not have first-hand knowledge of the complete history of the property nor has the Seller had the property inspected) disclosures and no warranties regarding habitability, or suitability of intended use by a buyer. On the positive side, it would make a great family home, especially for those who value the “country” life. One can farm, garden, and raise poultry and livestock, with ample room for vehicles, tools, and “toys” as there are eight covered parking spaces! And, at $165,000 net, it represents an outstanding opportunity! A local lender has reviewed this offering and has indicated interest in structuring a financing package. Seller will entertain offers that are 100% net of all selling (except normal selling costs of about 3%), permit, and improvement costs (e.g. new sewer installation), etc. Broker cooperation is welcomed, but any commissions must be reflected in the price and/or paid by the purchaser. Please contact , Mike Fridgen (husband of the Estate Personal Representative) at 206-915-3530 or by email at coronadoblue@hotmail.com. Both the point of contact and the Personal Representative are licensed real estate brokers for the State of Washington, and both licenses are inactive at this time.
This property is off market, which means it's not currently listed for sale or rent on Zillow. This may be different from what's available on other websites or public sources.
