Buying a $1.2M late 80s built home (about 2700 sqft) in a gated community of a decent neighborhood (SFV) requiring upgrade to kitchen and bathrooms. Good value?

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Depends where in SFV but if it’s a gated community and decent, then yes, that’s a good deal even if you spend 100k on upgrades. if it needs a remodel (I.e, walls coming down) and you need to spend $200k then don’t know. Ask your realtor, they should know the market, that’s their job.

Up near the hills

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