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Fresno Housing Authority Offering Rehabed Homes in Fresno -- but at what cost to tax payers ???
The reason I am wondering is I happen to be looking at a listing for a home: MLS#358901
The home is located at 3423 E Illinois Ave, Fresno, CA 93702.
This is a small 2 bedroom 1 bath home with 808 sq. ft.
According to the listing information given this home "was totally redone by Housing Authority. Sharp, clean, newer carpet and paint in and out."
Public records that we have access to through our MLS (and which I consider to be generally accurate) state it was purchased by the Housing Authority (it actually reads City of Fresno) on 3/23/2010 for $106,696.
Please note that this is the price they paid PRIOR to totally redoing the house. I dont know what the remodel cost were but given that it was GOVERNMENT WORK my guess is it wasnt cheap. So, add the purchase price and then - being conservative - I will add $10,000 for the remodel. That puts the total investment at $116,696.00. Add in the realtors commission for selling 6%, plus closing cost (I'll add 1% for closing) and we have an additional $6300.00 --- bringing the total cost to $122,996.00.
Now, lets assume that the home sells at ... more

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