Needs everything--855 Cedar St, Alameda, CA
Just as I was looking forward to writing a post lauding a seller for their realistic pricing, reality hit under the guise of a a truthful MLS(r) description. Rats.
Today's "major fixer" is a huge Dutch colonial house near the lagoon at 855 Cedar, with the following appetizing specs:
I was excited about this listing, because at $935,000 for 3 units in a 4,810-sqft building ($194 / sqft), it almost actually makes sense financially as an income-generating property, unlike other properties covered on this blog: you could probably rent the two smaller units for a combined $2,700 a month or so, leaving you with a manageable payment for the big 4-bedroom owner's unit.
Little did I know this house was a...
Today's "major fixer" is a huge Dutch colonial house near the lagoon at 855 Cedar, with the following appetizing specs:
8 bedrooms (3 units: 4BA, 3BA, 1BA), 2 bathrooms, 4,810 sqft (!!!!), MLS(r) #40395456, $935,000
I was excited about this listing, because at $935,000 for 3 units in a 4,810-sqft building ($194 / sqft), it almost actually makes sense financially as an income-generating property, unlike other properties covered on this blog: you could probably rent the two smaller units for a combined $2,700 a month or so, leaving you with a manageable payment for the big 4-bedroom owner's unit. Little did I know this house was a...
MAJOR fixer from top to bottom but this Historic Victorian Triplex has huge potential! [...] Great for owner to live in 1 unit and rent out 2nd & 3rd unit. Prime Location, near Park St dining, transportation, Alameda Towne Center shopping, schools & Hospital. [...] property is on the Historic list. Needs everything it has been vacant for many yearsI wouldn't be surprised if you had to put in $75-$100 / sqft to make the place livable, which of course blows the reasonable price concept to smithereens.
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