321 W 120th Street, Los Angeles, California 90061, Los Angeles, 90061 - 2 bed, 1 bath
ACTIVE$500,000
321 W 120th Street, Los Angeles, California 90061
2Beds
1Bath
1,200Sqft
5,303Lot
Year Built
1921
Close
-
List price
$500K
Original List price
$500K
Price/Sqft
$417
HOA
-
Days on market
-
Sold On
-
MLS number
23260245
Home ConditionPoor
Features
View-
About this home
Possibly Over-Priced:The estimated price is 23% below the list price. We found 3 Cons,5 Pros. Rank: price - $500.0K(26th), sqft - 1200(61th), beds - 2(50th), baths - 1(48th).
PROBATE MAJOR FIXER. Great Investor Opportunity. * NO COURT CONFIRMATION REQUIRED*. Property sits on an LAR3 lot and and is to be sold "AS IS". NO SELLER REPAIRS. Property WILL NOT be delivered vacant.
Condition Rating
Poor
Built in 1921, this property is explicitly described as a 'MAJOR FIXER' and is being sold 'AS IS' with 'NO SELLER REPAIRS.' The exterior image shows an aged home with visible wear and tear, an older roof, and an unkempt yard, consistent with a property requiring substantial rehabilitation. The lack of interior photos, combined with the 'MAJOR FIXER' designation, strongly suggests that the kitchen, bathrooms, and other internal systems are severely outdated, potentially non-functional, and require extensive renovation. The property also 'WILL NOT be delivered vacant,' adding to the challenges for a buyer. This aligns with the 'Poor' condition criteria, indicating significant defects and a need for substantial repairs to make it safe and comfortable.
Pros & Cons
Pros
Development Potential: The property sits on an LAR3 zoned lot, offering significant potential for multi-family development (up to 3 units) in a desirable Los Angeles market.
Streamlined Probate Process: As a probate sale with 'NO COURT CONFIRMATION REQUIRED,' the transaction process is significantly faster and less complex than typical probate listings.
Investor-Focused Opportunity: Explicitly marketed as a 'Great Investor Opportunity' and 'MAJOR FIXER,' it targets buyers seeking value-add projects.
Prime Los Angeles Location: Situated in Los Angeles, 90061 (MLS Area C37 - Metropolitan South), a highly sought-after and appreciating real estate market.
Substantial Lot Size: The generous 5303 sqft lot provides ample space for potential expansion, landscaping, or redevelopment in conjunction with the LAR3 zoning.
Cons
Extensive Renovation Required: Described as a 'MAJOR FIXER' and sold 'AS IS' with 'NO SELLER REPAIRS,' indicating substantial renovation costs and effort will be required.
Occupancy Issues: The property 'WILL NOT be delivered vacant,' posing a significant challenge and potential legal/financial burden for the buyer to gain possession.
Potential Overpricing: The current list price of $500,000 is considerably higher than the estimated property value of $384,592, suggesting it may be overpriced even for a fixer-upper.