7521 Chestnut Street, Gilroy, California 95020, Gilroy, - bed, bath
ACTIVE$899,500
7521 Chestnut Street, Gilroy, California 95020
0Bed
0Bath
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
ML81997210
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 houses are rented and both tenants like to stay.
Price History
Date
Event
Price
08/11/25
Price Change
$899,500
03/10/25
Listing
$950,000
Condition Rating
Fair
The property, built in 1940, shows a mix of updates. The kitchen features modern laminate flooring, white shaker cabinets, and stainless steel appliances (excluding the older refrigerator), suggesting a renovation within the last 5-15 years. However, the bathroom has older vinyl flooring and dated brown shower tiles, indicating it was likely updated 15-30 years ago or not at all since a previous renovation. One bedroom also shows older carpet. While the exterior appears maintained with newer windows and roof, the overall condition is aged but functional, requiring minor updates in certain areas to achieve a consistent modern aesthetic. This aligns with the 'Fair' condition criteria.
Pros & Cons
Pros
Strong Investment Potential: Explicitly marketed as a 'Great investment with great income' due to being a duplex with existing, stable tenancy.
Dual Income Streams: The property features two separate homes on one parcel, providing diversified rental income and increased cash flow potential.
Established Tenancy: Both houses are currently rented with tenants who wish to stay, ensuring immediate and stable cash flow for a new owner.
Enhanced Usable Space: The presence of garage and carport conversions adds functional living areas, potentially increasing the property's rental value and utility.
Recent Price Adjustment: A notable price reduction from the original list price indicates a motivated seller and potential for a more favorable acquisition for the buyer.
Cons
Advanced Age of Property: Built in 1940, the property is over 80 years old, suggesting potential for outdated systems (plumbing, electrical) and significant future capital expenditures for maintenance and upgrades.
Unpermitted Conversions: The description notes garage and carport conversions are 'not included in the sq-ft,' strongly implying they may be unpermitted, which could lead to legal, insurance, or financing complications.
Potential for Deferred Maintenance: As an older income property, there is a high likelihood of deferred maintenance and outdated finishes, which may require substantial renovation costs to maximize rental income or appeal to future tenants.