Won't last long--2061 Pacific Avenue, Alameda, CA
Another day, another short sale. This Victorian-era duplex on Pacific just came up on the MLS(r) under #40368754. The specs:
4 bedrooms, 2 1/2 baths, 2,704 sqft, 3,750-sqft lot, $599,999It doesn't look like much.
Short Sale, this is as good Opportunity to have ownership on this Duplex, [...] 2 bed 1 bath each unit in very good condition, plus Studio on the attic [...] rented for $800.00 won't last long call me today
Annoying capitalization aside, the listing puts forward part of the amazing income this property generates. Assuming the two 2+1 units bring in $1,400 each, we're talking $3,600 a month in income, against roughly $3,200 a month in mortgage + $500 in property tax and $500 set aside for maintenance, or a net $7,200 loss every year. No wonder the morons owners are losing the house to a short sale.
Another piece of good news for the market.Last sale and tax info
- Sold 04/10/2006: $797,000
- 2007 Property Tax: $9,811
Miscellaneous