331 Fay Street, Banning, California 92220, Banning, 92220 - 2 bed, 1 bath
ACTIVE$309,900
331 Fay Street, Banning, California 92220
2Beds
1Bath
780Sqft
5,663Lot
Year Built
1945
Close
-
List price
$310K
Original List price
$310K
Price/Sqft
$397
HOA
-
Days on market
-
Sold On
-
MLS number
IV25050440
Home ConditionPoor
Features
View-
About this home
Fairly Priced:The estimated price is in line with the list price. We found 3 Cons,5 Pros. Rank: price - $309.9K(6th), sqft - 780(3th), beds - 2(40th), baths - 1(8th).
ATTENTION INVESTORS!!! CASH OFFERS!!! This charming 3 bedroom 1 bath home is located on a small cul-de-sac street and situated on a fenced lot with a detached garage. Make this home your next project!
Price History
Date
Event
Price
03/07/25
$309,900
Condition Rating
Poor
Built in 1945, this property is explicitly marketed as a 'project' requiring 'CASH OFFERS!!!' and 'Significant Renovation Required.' The exterior image shows clear signs of age and neglect, including faded paint, dated porch elements, and an unkempt yard. Without interior photos, it's safe to assume that a home of this age, described as a 'project,' would have severely outdated, potentially non-functional, or deteriorated kitchens and bathrooms, requiring complete overhaul. Major systems (electrical, plumbing, HVAC) are highly likely to be at the end of their lifespan or non-existent, necessitating substantial repairs and rehabilitation to meet modern safety and comfort standards. This aligns perfectly with the 'poor' condition criteria.
Pros & Cons
Pros
Investment Potential: Explicitly marketed towards investors as a 'project,' indicating potential for value appreciation through renovation.
Detached Garage: Offers versatile space for parking, storage, or potential for future conversion (e.g., ADU), adding value.
Fenced Lot: Provides enhanced privacy, security, and a safe outdoor space for occupants or pets.
Cul-de-sac Location: Situated on a small cul-de-sac street, typically offering reduced traffic, increased quiet, and a safer environment.
Generous Lot Size: A 5,663 sqft lot provides ample outdoor space and potential for expansion or landscaping for the 780 sqft home.
Cons
Significant Renovation Required: Described as a 'project,' implying the property is in poor condition and requires substantial investment in repairs and updates.
Limited Financing Options: The 'CASH OFFERS!!!' requirement severely restricts the buyer pool, indicating the property may not qualify for traditional financing due to its condition.
Overpriced Relative to Estimated Value: The listing price of $309,900 is 20% higher than the estimated property value of $247,554.68, suggesting it may be difficult to justify the asking price given its condition.