Perfect investment--568 Central Avenue, Alameda, CA
This new listing on Central has an interesting phrasing (no MLS(r) ID yet):
I've done the basic math on a $750K fourplex before and come up with a zero likelihood of a cashflow-positive situation. It's easy enough to see that a duplex listed at $924,950 makes even less sense, even if it has more garages than residents (which the fourplex does not).
Maybe that asking price has to do with this:
Update 7/26/08: The sellers are "extremely motivated." But not motivated enough to drop the price, evidently.
What a fantastic investment, for real.
Update 8/15/08:Massive price drop a couple of weeks ago, from $924,950 to... $904,950.
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17 years old duplex.. Upper units is above 4 car garages and features: high ceilings, 3bdrms, 2baths, newer carpets and freshly painted, open kitchen!It's a perfect investment, but only for investors. If you're just a regular home buyer, you might want to look elsewhere.
Perfect investment for investors.... Walking distance to main shopping area in Alameda. Close to park and beach.
I've done the basic math on a $750K fourplex before and come up with a zero likelihood of a cashflow-positive situation. It's easy enough to see that a duplex listed at $924,950 makes even less sense, even if it has more garages than residents (which the fourplex does not). Maybe that asking price has to do with this:
If it's such a perfect investment, why dump it 18 months after you bought it? Maybe the current owner isn't an investor, so it's not a perfect investment for them.Last sale and tax info
- Sold 12/04/2006: $860,000
- 2007 Property Tax: $4,107
Update 7/26/08: The sellers are "extremely motivated." But not motivated enough to drop the price, evidently.
What a deal: you're looking at a whole $4,000 monthly cash flow! That's almost 87% of your mortgage payment before income tax on the rental + property tax + maintenance + interest shortfall on the $180,000 you put down to bring your mortgage payment down to $4600 (and qualify for the mortgage to begin with)!$924950 Great investment property by the water (alameda) (map)
Reply to: hous-770869354@craigslist.org
Date: 2008-07-26, 11:47AM PDT
Beautiful @ recently remodeled units , each 3bedromm 2 Bath with a total of 6 car garage under 1 of the units.each unit rents for $2,ooo.oo per month and the tenants want to stay, sellers extremely motivated. The units are walking distance from shopping and water. this property definetely has great rental potential.please donnot disturb tenants - all showings must be made in advance and the offer must be written subject to inspection. callagent with questions
What a fantastic investment, for real.
Update 8/15/08:
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