Pride of losership--1514 Minturn St, Alameda, CA
An adorable Victorian at 1514 Minturn showed up in my email box today courtesy of Trulia. It's a pretty "duplex", which really means "high-basement conversion" based on the square footage and the high-basement look of it (photo below) with the following specs:
Listed at $599,000 ($461 / sqft), it's probably going to sell reasonably quickly, although the current credit contraction + holiday season combo is not exactly playing in its favor. It's also not clear how it would be cash-flow-positive as an investment property, given that a 6.5%-interest mortgage assuming 20% down is at least $3,000 / month, not counting maintenance or property tax, and I have a hard time imagining either unit in this house renting for much more than$1,500 $750 a month (turns out each unit is about 650 sqft).
It certainly hasn't been a terribly cash-flow-positive investment for the current owners:
Update 11/3/08: Here's a bank that doesn't mess around. Priced at $420,000 today.
Update 11/20/08: A reader reported this property sold for $476,000, a 34% drop in value from its previous transaction just three years ago. Yay (and thanks for the tip)!
Update 11/25/08: Back/still on the market?
Update 1/2/09: Still on the market.
4 bedrooms, 2 bathrooms, 1,300 sqft, MLS(r) #, $599,000The location is great if you like peace and quiet--it's at the end of a cul-de-sac--but less so if you like large lots. I couldn't find the lot's square footage anywhere, but judging by the Google map's aerial view, it doesn't look too big. The property (or part thereof) appears to have been used as the headquarters for a painting business named Grand Finishes.
Victorian Duplex Pride of Ownership , 2 floors, harwood floors
Listed at $599,000 ($461 / sqft), it's probably going to sell reasonably quickly, although the current credit contraction + holiday season combo is not exactly playing in its favor. It's also not clear how it would be cash-flow-positive as an investment property, given that a 6.5%-interest mortgage assuming 20% down is at least $3,000 / month, not counting maintenance or property tax, and I have a hard time imagining either unit in this house renting for much more than
It certainly hasn't been a terribly cash-flow-positive investment for the current owners:
Who exactly thought this little house justified paying almost three quarters of a million?Last sale and tax info
- Sold 09/30/2005: $720,000
- 2007 Property Tax: $9,404
Update 11/3/08: Here's a bank that doesn't mess around. Priced at $420,000 today.
Update 11/20/08: A reader reported this property sold for $476,000, a 34% drop in value from its previous transaction just three years ago. Yay (and thanks for the tip)!
Update 11/25/08: Back/still on the market?
Update 1/2/09: Still on the market.
The current MLS listing states: Victorian duplex pride of ownership, 2 bedrooms 1 bath upstairs, wood floors all through the house. 2 bedrooms and 1 bath downstairs, laundy area outside. Nice backyard with a deck.
Does this mean they expect bidding on the $420,000 price? Also note that the lot size is 2900 sf, and the "two bedroom" units (up and down) are 650 sf each(!). This house must be tiny if the main floor is no bigger than this.