Home improvement projects have a tendency to linger. A simple summer upgrade might not be completed by fall.

For those who don't mind a long wait and who want to dig into a deep do-it-yourself, studs-out remodel, a Gresham fixer-upper on 1.33 acres might seem tempting.

The flat-roof house built in 1940 has missing ceilings, a pink bathroom and “loads of potential” for an investor to finish and flip it to make a profit or a buyer to live in it at a bargain price, says listing agent Chris Merz of Keller Williams Realty Portland Premiere.

"We envision the buyer to be someone with the eyesight to bring the property back to its midcentury modern form," Merz says of the property at 7920 S.E. Orient Dr. "I do not see it as a tear down. "

Keller Williams Realty Portland Premiere

The three-level home is being sold as-is – studs exposed and all – for $350,000, which is below the median list price of $395,000 (or $201 a median square foot) in the 97080 zip code, according to the real estate database Redfin.

This property, based on the current size of the house – 3,512 square feet – is for sale at $100 a square foot.

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Keller Williams Realty Portland Premiere

The sales history has been active in the last two years: The property was listed on May 23, 2018 at $300,000 and the price dropped to $280,000 on June 18, 2018, then $260,000 on June 25, 2018.

It sold for $245,000 on July 10, 2018, according to public records.

The deed traded hands again on Oct. 24, 2018 for $270,000 and a year later, on Oct. 3, 2019, it was on the market again at $350,000, where it has remained for 95 days.

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Keller Williams Realty Portland Premiere

The home has vinyl siding, a new electrical system and main line to the water supply plus views of Mount Hood, says Merz.

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Keller Williams Realty Portland Premiere

The ceiling above the entry area and into the kitchen is missing. A kitchen cupboard is gone above the turquoise-colored laminate counter, walls are stained and the flooring has been removed.

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Keller Williams Realty Portland Premiere

There are no kitchen appliances except for a white dishwasher.

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One of the three wood-burning fireplaces is in the living room, which has expansive windows on two walls and original hardwood floors.

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Keller Williams Realty Portland Premiere

Most of the six bedrooms have parts of the ceiling exposed, and flooring, baseboards and closet doors were removed.

The master suite has 221 square feet of space.

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Keller Williams Realty Portland Premiere

The two full bathrooms and powder room are missing walls and flooring, and have their original cabinets, sinks and counters.

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The saltwater pool has a new pump and saltwater chlorinator, but the concrete deck is cracked.

The property has plenty of parking, says Merz.

“Great land value with land going east in Metro Rural Reserve,” says Merz. “Make this unique home your own with some sweat equity,” which means putting your time and effort into the project and hiring professionals to only do the work you can’t to reduce remodeling cost.

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Keller Williams Realty Portland Premiere

The terms require a buyer to pay with cash or a renovation loan (“rehab loan”), in which the borrower receives the funds to buy the property and fix it up, and is required to work with the lender’s approved general contractor, who will oversee the quality of the work.

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Keller Williams Realty Portland Premiere

If a conventional, 30-year-fixed loan were involved, the estimated cost to buy 7920 S.E. Orient Dr. in Gresham at the asking price of $350,000 after a $70,000 down payment, including principal, mortgage interest, property taxes (now at $5,272 a year) and homeowners' insurance is $1,777 per month.

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Keller Williams Realty Portland Premiere

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The basement is unfinished and the bonus room has a bar area with a counter for bar stools. Across the large room is another brick fireplace.

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Keller Williams Realty Portland Premiere

[The bonus room with a counter bar.]

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[The bonus room has one of three fireplaces.]

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Keller Williams Realty Portland Premiere

--Janet Eastman | 503-294-4072

jeastman@oregonian.com | @janeteastman

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