7521 Chestnut Street, Gilroy, California 95020, Gilroy, - bed, bath
ACTIVE$899,500
7521 Chestnut Street, Gilroy, California 95020
4Beds
2Baths
1,546Sqft
7,100Lot
Year Built
1940
Close
-
List price
$900K
Original List price
$950K
Price/Sqft
-
HOA
-
Days on market
-
Sold On
-
MLS number
ML81997191
Home ConditionFair
Features
View-
About this home
Great investment with great income, two home on one parcel, front house with 3 bedroom 1 bath including garage conversion with 820 sq-ft not counting garage conversion. back house with 3/1/ including carport conversion with 730 sq-ft, carport conversion is not included in the sq-ft. Both homes have large backyard and laundry room. Individual PG&E and water meter for both homes. Both houses are rented and both tenants like to stay.
Price History
Date
Event
Price
08/11/25
Price Change
$899,500
03/13/25
Listing
$950,000
Neighborhood Comparison
| Subject | Average Home | Neighbourhood Ranking (123 Listings) | |
|---|---|---|---|
| Beds | 4 | 4 | 50% |
| Baths | 2 | 3 | 27% |
| Square foot | 1,546 | 2,460 | 16% |
| Lot Size | 7,100 | 7,020 | 51% |
| Price | $900K | $1.21M | 17% |
| Price per square foot | $582 | $517.5 | 65% |
| Built year | 1940 | 9990999 | 6% |
| HOA | |||
| Days on market | 237 | 152 | 86% |
Condition Rating
Fair
Built in 1940, this property is aged but appears to be maintained and functional, as evidenced by current tenants. While some areas like the hardwood and laminate flooring look good, the kitchens feature older linoleum/vinyl flooring despite some updated cabinets and appliances. Bathrooms appear dated, and the laundry area shows significant wear. The property requires minor updates and repairs to bring it to modern standards, aligning with the 'Fair' condition criteria where major components are functional but show signs of being outdated.
Pros & Cons
Pros
Income-Generating Property: This property features two independent homes on one parcel, explicitly marketed as a 'great investment with great income,' providing immediate rental revenue potential for investors or owner-occupants.
Separate Utilities: Both homes benefit from individual PG&E and water meters, simplifying utility billing and management for tenants and the landlord, a significant advantage for multi-unit properties.
Existing Tenant Stability: Both houses are currently rented, and the tenants have expressed a desire to stay, ensuring immediate cash flow and minimizing vacancy costs and the effort of finding new occupants.
Desirable Tenant Amenities: Each home includes a large backyard and a dedicated laundry room, which are highly desirable features for tenants, enhancing livability and potentially contributing to tenant retention.
Recent Price Adjustment: The property has seen a recent price reduction from $950,000 to $899,500, which could indicate a motivated seller and a more attractive entry point for potential buyers.
Cons
Unverified/Unpermitted Square Footage: The description explicitly states that garage and carport conversions with significant square footage are 'not included in the sq-ft,' suggesting potential unpermitted additions or discrepancies that could lead to appraisal issues, financing challenges, or legal compliance concerns.
Age of Property: Built in 1940, the property is over 80 years old, indicating a higher likelihood of outdated systems (electrical, plumbing, HVAC) and potential for deferred maintenance or the need for significant capital expenditures for upgrades.
Potential for Deferred Maintenance: As an income-focused property of its age, there's a higher probability that maintenance has been prioritized for functionality rather than modern aesthetic or system upgrades, potentially requiring substantial investment to bring it to current market standards or owner-occupant expectations.