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1940 E Walnut Creek, West Covina, California 91791, West Covina, 91791 - 3 bed, 2 bath

1940 E Walnut Creek, West Covina, California 91791 home-pic-0
ACTIVE$998,800
1940 E Walnut Creek, West Covina, California 91791
3Beds
2Baths
1,115Sqft
9,925Lot
Year Built
1954
Close
-
List price
$999K
Original List price
$1.4M
Price/Sqft
$896
HOA
-
Days on market
-
Sold On
-
MLS number
CV25085042
Home ConditionPoor
Features
Patio
View-

About this home

Possibly Over-Priced:The estimated price is 41% below the list price. We found 3 Cons,6 Pros. Rank: price - $998.8K(63th), sqft - 1115(7th), beds - 3(50th), baths - 2(50th).

Home shows as Single Family Residence. However there is a full 3 bedroom 2.750 bath large house in the back with no permits so its 2 units being sold at SFR. This is a great opportunity as you are getting 2 full residences. Front house has 3 bedrooms, one full bath and one three quarter bath in the primary bedroom. Nice open kitchen with lots of cabinet space. Open living room with sliding doors to back yard. Newer flooring in two of the bedrooms and new air conditioning system 2 years ago. One car garage and extra parking for an additional car next to garage and one in front of garage. Washer and Dryer hookups are in the garage. ***New Photos will be posted soon of both houses and interiors***

Condition Rating
Poor
Built in 1954, this property is 70 years old. While the description mentions a new AC system (2 years old) and newer flooring in two bedrooms, the provided images reveal a property in need of substantial rehabilitation. The kitchen features very dated tile countertops, older white appliances, and basic cabinets, requiring a full renovation. The bathroom also shows dated fixtures, including a corner shower with frosted glass and older floor tiles. General interior photos show worn walls, dated light fixtures, and older tile flooring. The exterior has a cracked driveway, patchy lawn, and a cracked block wall, indicating deferred maintenance. The presence of an unpermitted second unit, while an opportunity, also adds to the complexity and potential costs of rehabilitation. Overall, the property requires significant updates and repairs to meet modern living standards.
Pros & Cons

Pros

High Available Lot Utilization: The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 9925, living area = 1115.
Dual Residence Potential: The property effectively offers two full residences, providing significant flexibility for multi-generational living, rental income, or house hacking.
Significant Price Reduction: A substantial price drop from an original list price of $1.399M to $998.8K indicates motivated sellers and potential for a favorable acquisition.
Recent AC System: The front house benefits from a new air conditioning system installed just two years ago, enhancing comfort and reducing immediate HVAC replacement concerns.
Generous Lot Size: With a lot size of 9925 sqft, there is ample outdoor space for various uses, privacy, or potential landscaping projects.
Newer Interior Flooring: The front house features newer flooring in two bedrooms, suggesting updated aesthetics and reduced immediate renovation needs in those areas.

Cons

Unpermitted Second Unit: The presence of a full 3-bedroom, 2.75-bath house in the back with no permits poses significant legal, financing, and insurance risks for a buyer.
Valuation Discrepancy: The listing price is substantially higher than the estimated property value, indicating potential overpricing or challenges in valuation due to the unpermitted structure.
Age of Property: Built in 1954, the property is 70 years old, which may imply potential for aging infrastructure and higher ongoing maintenance costs not explicitly addressed.

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