Peachy--1201 Peach Street, Alameda, CA
Smaller multi-family homes are always a risky bet: they're harder to sell than single-family residences, and any vacancy can mean a 50% drop in your monthly rental income. That's why it's really, really important for any such investment to be cashflow-positive from the get-go, especially in a market with negative appreciation.
Today's "exceptional duplex" is an interesting investment opportunity (postlet is here).
Check out theawful vintage paneling job cool tree house apartment:
But what is truly exceptional about this property is that it flaunts how cashflow-negative it is on the mother of all real estate sites, the big kahuna, Realtard dot com hisself (screenshot resized and mangled to protect the innocent):
Let's summarize:
Grand total, before insurance, utilities and income tax on the rent = $4,161 / month in the red.
There's no sale history on Zillow, and the property tax is listed at $1,697 / year, so one assumes this is a fully-owned, paid-off house that's a good 90% profit for the current owners. Maybe somebody should tell them that they're not going to get a million bucks for their treehouse because it DOES NOT MAKE ANY FINANCIAL SENSE.
Update 1/3/09: Still for sale (gee, I wonder why). Seller says:
Update 3/14/2010: Miraculously, a price drop!
Today's "exceptional duplex" is an interesting investment opportunity (postlet is here).
$999000 Exceptional Duplex on a Large Corner Double Lot (alameda) (map)
Reply to: hous-846571314@craigslist.org [?]
Date: 2008-09-18, 9:52PM PDT
1201 Peach Street, Corner of San Jose Avenue
3 bedroom - 2 bath: 1808sqft lower unit
1 bedroom - 1 bath: 1000sqft upper unit
Amenities: breath taking hardwood floors throughout, a very large one car attached garage, large two car detached garage, off street parking for three additional cars, new appliances, washer and dryer included in both units, large double corner lot, beautiful knotty pine "tree house" apartment, separate utilities and much much more.
Click on this link for more pictures and detailed information: http://www.postlets.com/res/1012455
Priced Reduced to $999,000 or best offer!
For more information or to schedule a private showing please call:
Mary - 510-915-1011
or
Dominic Carrion, Agent - 510-717-5076 Liberate Financial Corp.
Also can be seen on www.realtor.com http://www.realtor.com/realestate/alameda-ca-94501-1101448605/ for additional information.
MLS ID #40356443
Check out the
But what is truly exceptional about this property is that it flaunts how cashflow-negative it is on the mother of all real estate sites, the big kahuna, Realtard dot com hisself (screenshot resized and mangled to protect the innocent):
Let's summarize:Income = $3,600 / month
Mortgage = $5,322 / month
$200,000 sunk as down payment and not invested in a 3% CD = $500 / month (20% down is one of realtard's assumptions)
1% maintenance = $832 / month
Property tax = $957 / month
1 month of rent a year lost due to turnover = $150 / month
Mortgage = $5,322 / month
$200,000 sunk as down payment and not invested in a 3% CD = $500 / month (20% down is one of realtard's assumptions)
1% maintenance = $832 / month
Property tax = $957 / month
1 month of rent a year lost due to turnover = $150 / month
Grand total, before insurance, utilities and income tax on the rent = $4,161 / month in the red.
There's no sale history on Zillow, and the property tax is listed at $1,697 / year, so one assumes this is a fully-owned, paid-off house that's a good 90% profit for the current owners. Maybe somebody should tell them that they're not going to get a million bucks for their treehouse because it DOES NOT MAKE ANY FINANCIAL SENSE.
Update 1/3/09: Still for sale (gee, I wonder why). Seller says:
Mary P
ALL OFFERS CONSIDERED!!
Here's an offer: I will stop being snarky with your listing if you drop the price to a reasonable level. How about $499,000.
Office: 510-915-1011 Email: mslisaj@dslextreme.com
Update 3/14/2010: Miraculously, a price drop!
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