Today’s FFF is a home I identified as a potential flip last fall and now she’s been all flipped out. I know it’s completely illogical but I’m a little proud of myself for having identified a home as a potential flip that a professional flipped. Makes me think I may be able to do this after all! With that said, there were a few decisions 33rd made that I would not have made. Let’s get into this flip…
Details: 33rd St.
This little gem of a house in the West Oakland neighborhood, near the city of Emeryville, and only a few blocks away from the 580 freeway. I know this doesn’t mean much to many of you so let me break it down.
West Oakland is a neighborhood in Oakland, CA. In the 1980’s, it went into a steep, nose dive into despair. I think it’d be fair to say that the prosperity and riches that the Bay Area has experienced since the 2000’s has largely ignored this neighborhood. The perimeter of the neighborhood is a dying industrial area and the interior is a grid of smaller homes with the occasional housing development complex. Nonetheless, it’s one of the last affordable neighborhoods in Oakland and the closest neighborhood to San Francisco in all of Oakland. For these reasons I’ve been seeing more and more houses being flipped here.
Because this area still has a long way to go before it will consistently attract the deep pocket buyers that are swooping houses up all over the East Bay for $300+over asking, the potential on this home is limited. I predict 33rd will go over asking but not by more than a $150k. This means this house could go for under $700K, making this house a steal in these parts.
For all of the above reasons, the buyers will probably be of modest means, like teachers or blue-collar workers. And right now, those buyers have very low standards because the crazy hot market is edging them out with every passing day. With that said, I think 33rd cut too many corners on the finishes. For example, I don’t think they repainted some of the rooms and painted over things they should have just removed. The worst decision was to install wall-to-wall carpeting. I mean, no one, not even desperate buyers are going to find wall-to-wall carpeting in the main living areas appealing. Come on, 33rd, you could have done better than that!?
Are you ready for this house? Let’s do this thing…
Living and Dining Rooms: before
Living and Dining Rooms: after
Do you think 33rd made the right call keeping the cabinets?
33rd clearly added space to the bathroom since it looks like it doubled in size in the after but I have no idea where they stole that space from. When you see the added space, you’ll probably ask yourself the same question I did: why add the space if that’s what you’re going to do with it?
If you’ve read a few FFF, you know I often advocate painting over paneling. Here you’re going to see that in action.
But alas, this is not how I would paint paneling. For those who are skeptical that painted paneling can work, I beg you to keep an open mind. I promise you I will convince you one of these days. I acknowledge that today is not that day.
Office area: after
Well there you go. Another FFF.