This 3-bed, 1-bath, 1,665 sqft Spanish-style home in North Central Pasadena sits on a big 10K+ sqft lot and is in original condition, which means there’s plenty of room for value-add through renovation or expansion. Local comps for similar size and bed/bath count are trading between $1.1M and $1.4M, with median price per sqft around $730—much higher than the current $465/sqft ask, suggesting upside. However, it’s tenant-occupied until late 2026 at $3,933/mo, so you can’t renovate or flip right away.
If you’re an investor with patience (or a homeowner thinking of selling), this place is worth considering for a long-term flip or value-add hold, especially since properties in this area are selling fast and mostly over asking. If you want to maximize value before selling, focus on updating the kitchen, bath, and curb appeal, but timing your sale for when the lease ends is key to unlocking full potential. Don’t expect a quick turnaround, but the numbers look solid for a future exit.