Good Deal or Overpriced? Evaluating a Riverside Home That Needs Updating

A house can definitely need updating and still be a good deal, but the price has to give you enough room to tackle those projects. Today I'm in Riverside, not far from the Tyler Mall off Van Buren, looking at a home that's been on the market for about 300 days. After walking through, I understand why some buyers might hesitate—but does that mean it's overpriced, or are they missing out on an opportunity?

The Home's Details

According to the listing, this home has four bedrooms, two baths, and is about 2,000 square feet. Built in the late 70s, it sits on a lot of about 7,000 square feet, with an asking price around $650,000. On paper, that means plenty of space. But as always, square footage is just one part of the story.

First Impressions and Condition

Walking inside, the first thing that hits you is how dated the place feels. There's still popcorn ceilings and older carpet. If you're looking for something move-in ready, you’ll probably start making a mental list of projects. That might be a turn-off for some, but others actually prefer to choose their own finishes and make improvements their way.

Still, even if you’re the hands-on type, the purchase price has to make sense once you add in those future expenses. There's also a bonus room with wood siding that really gives off that 80's vibe. It’s included in the square footage, but you always want to verify if rooms like this are actually permitted. More space is great—but how that space functions matters a lot, too.

Lot and Outdoor Space

One thing that stood out to me is the lot layout: the front yard is actually bigger than the backyard. That’s why I tell buyers to look beyond the lot size info. 7,000 square feet sounds impressive, but you’ve got to see how much usable space you really have. If your priority is a spacious backyard for entertaining, gardening, or just spreading out, this property feels a bit limited.

What Do Comparable Sales Say?

So how does this house compare to recent sales? There's a four-bedroom, two-bath with about the same square footage that sold for $650,000. Another four-bedroom, two-bath home with 1,500 square feet sold for $663,000 nearby. There’s even a much smaller three-bedroom, two-bath, 1,200 square foot house that went for $650,000. These aren't identical homes, so you have to account for factors like location, condition, improvements, and the overall quality of living space. But they do set some real expectations for what buyers will pay.

This house advertises more square footage than those other homes, and that’s worth considering. But at around $650,000, it’s right in the mix with other recent sales. It’s not automatically a bargain just because it’s bigger.

Does the Investment Make Sense?

Here’s the key question: once you add up the cost of updates you want to make, does your total investment still make sense compared to buying a home that’s already improved? If the price gives you enough room to handle the work, some inconvenience, and maybe a few surprises, then the current condition may already be factored in. If not, buyers will probably keep choosing other homes—and that could help explain why this property has been sitting on the market so long. Time alone doesn't mean it's overpriced, but it’s worth considering.

My Verdict

I see potential value here, but not at the current price. I’d want to know the renovation costs and have the square footage verified before calling this property a great deal.

At this asking price, would you take on the project for the extra space, or would you keep looking? I’m Paco the Realtor, helping you understand what you’re buying here in the Inland Empire.