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928 Walnut Ave
Santa Cruz, CA

928 Walnut Ave

$1,795,000
2 bd • 2 ba • 1,664 sf

This analysis was generated by artificial intelligence on 1/24/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

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AI Property Analysis

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List Price

$1,795,000

Price/Sq.Ft

$1079

Year Built

1928

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

This 1928 English Tudor style home on the Westside of Santa Cruz offers exceptional charm and character. At 1,664 sqft, it's 10.9% larger than the average Santa Cruz home (1,500 sqft). The price per square foot of $1,078.73 is competitive for the area, especially considering its vintage appeal and recent updates. The property boasts unique features like diamond-pane windows, arched doorways, high ceilings with beams, and a rare natural spring in the backyard. Recent upgrades include a tankless water heater ($1,000-$1,500 value), fresh interior paint ($3,000-$5,000 value), and refinished hardwood floors ($2,000-$3,000 value). The detached 2-car garage and long driveway provide ample parking, a significant advantage in Santa Cruz where parking can be scarce. The home's location on the Westside, known for its desirable neighborhoods, adds to its appeal. Proximity to top-rated schools (Santa Cruz High School rated 9/10, just 0.5 miles away) enhances its value for families.

The Bad

The property's age (built in 1928) may lead to higher maintenance costs and potential issues with outdated systems. While some upgrades have been made, major systems like plumbing and electrical may need attention soon. The 2 bedroom, 2 bathroom layout might be limiting for larger families, potentially narrowing the buyer pool. The flood risk score of 4/10 (moderate) and fire risk score of 4/10 (moderate) are slightly concerning and may impact insurance costs. The estimated insurance cost of $6,462/year is high, likely due to the property's age and risk factors. The severe air quality risk (7/10) with 13 bad air days per year could be a health concern for some buyers.

The Ugly

The property's appreciation rate, while positive, has slowed significantly. From 1995 to 2003, it appreciated 237.8% (about 16.5% annually), but from 2003 to 2025, the appreciation rate dropped to 136.2% (about 3.9% annually). This slower growth rate could be a concern for investors. The home's vintage features, while charming, may require specialized and costly maintenance or restoration. The natural spring in the backyard, while unique, could pose drainage issues or foundation problems if not properly managed. The air quality risk score of 7/10 is particularly concerning and could lead to health issues for residents, potentially impacting the property's long-term desirability.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

This property is ideal for buyers who appreciate historical charm and are willing to invest in maintaining a vintage home. It's well-suited for couples or small families who value character over modern amenities. With its proximity to top-rated schools, it's perfect for families with school-age children. The home would appeal to nature enthusiasts who would enjoy the unique backyard with its natural spring and fruit trees. It's also suitable for buyers who work from home and can utilize the extra space in the finished attic. Investors looking for a long-term rental property in a desirable area of Santa Cruz could benefit from the steady appreciation and potential rental income (estimated at $3,860/month for a 2-bedroom based on local averages).

Not For

This property is not suitable for large families needing more than 2 bedrooms or those requiring open, modern layouts. It's not ideal for buyers on a tight budget, given the high purchase price and potential for costly maintenance. Those with respiratory issues might want to reconsider due to the high air quality risk. First-time homeowners may find the maintenance requirements of a vintage home overwhelming. Investors looking for quick flips or maximum short-term returns might find the slower appreciation rate and potential for costly repairs unappealing.
Demographics
Area Median Income

$93,839

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Risk Assessment

Climate Risks

airSEVERE

13 bad air quality days per year

floodMODERATE

FEMA Zone: X_UNSHADED

Insurance: Recommended

fireMODERATE

Insurance: Recommended

heatMODERATE

7 extreme heat days per year

98th percentile: 81°F

windMINIMAL

Insurance: Optional

Risk Analysis

The moderate flood risk (4/10) and fire risk (4/10) could lead to higher insurance premiums and potential property damage. The severe air quality risk (7/10) may impact residents' health and the property's long-term desirability. The home's age (97 years) increases the likelihood of major system failures, including plumbing, electrical, and structural issues. The natural spring in the backyard, while charming, could lead to moisture-related problems if not properly managed. The slower appreciation rate in recent years (3.9% annually since 2003) compared to earlier periods (16.5% annually from 1995-2003) suggests a potential cooling of the local market. Potential zoning restrictions due to the home's historical nature could limit future renovation or expansion options.
Insurance
Annual Cost

$6,462

$539 per month

Financials

Monthly Costs

Price History

Property Taxes

$12,003
2024 Tax Assessment
1.2%from previous year
Assessed Value$1,070,107
Tax Rate1.12%

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Stats in the Area

Average Price

$1,487,000

-17.2% below list price

Median Price

$1,720,000

Based on 6 recent sales

Price per Sq.Ft

$933

Comparable Properties

231 Union Street, Santa Cruz, CA 95060
Price: $1,360,000
Sq.Ft: 1,613
Beds/Baths: 3/2
$/Sq.Ft:
$84321.8%
Sale Date: 11/16/2024
241 Walnut Avenue, Santa Cruz, CA 95060
Price: $1,950,000
Sq.Ft: 1,600
Beds/Baths: 2/2
$/Sq.Ft:
$1,21913.0%
Sale Date: 10/24/2024
1728 Escalona Drive, Santa Cruz, CA 95060
Price: $1,125,000
Sq.Ft: 1,684
Beds/Baths: 3/2
$/Sq.Ft:
$66838.1%
Sale Date: 10/10/2024
700 Escalona Drive, Santa Cruz, CA 95060
Price: $1,720,000
Sq.Ft: 1,590
Beds/Baths: 3/2
$/Sq.Ft:
$1,0820.3%
Sale Date: 10/4/2024
1610 King Street, Santa Cruz, CA 95060
Price: $1,825,000
Sq.Ft: 1,610
Beds/Baths: 3/2
$/Sq.Ft:
$1,1345.1%
Sale Date: 9/10/2024
2030 Pacific Avenue #113, Santa Cruz, CA 95060
Price: $942,000
Sq.Ft: 1,448
Beds/Baths: 3/2
$/Sq.Ft:
$65139.7%
Sale Date: 9/19/2024

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