Interesting architecture--1902 Chestnut St, Alameda, CA
A reader kindly provided photos of the new listing at 1902 Chestnut, which is an interesting hotchpotch indeed. Here are the specs:
The ranch house in back was built in 1967 and looks respectable, if not attractive:
The shingles look as though they could use a little help:
The property is said to need some work, and is sold "in its present condition" according to the OMM flyer. Other than the new roof and back stairs, it's not clear how much you'd have to spend for the unspecified "work" required by the property. The back stairs were permitted and completed about a year ago:
The property's last recorded sale happened over 20 years ago:
The flyer mentions an actual rental income of about $63,000 for 2008, and a projected $77,400 for 2009 (it's not clear how they justify a 23% income increase when one of the units is vacant, two are month-to-month, and one is Section 8). Trulia's handy mortgage calculator comes up with a monthly payment around $4,300 assuming 10% down, 6.25% interest rate (jumbos are still somewhat expensive), and $7,000 yearly property tax. Add another $500 a month for maintenance and a little extra padding for unexpected issues (or the shortfall from spending your down payment rather than investing it), and we're looking at about $5,000 in fixed monthly costs.
Assuming last year's $63,000 rental income, this a barely a break-even proposition, which is better than what passes for "investment properties" in Alameda these days, but hardly a screaming deal. Add in one or two big-ticket items like a new foundation, a plumbing or electrical redo, or window replacement, insulation or other "green" type of jobs to make the house appealing to the next buyer (or to attract the kind of well-paid tenants who care about those things), and you're set to be in the red for several years.
It'll be interesting to see what kind of action this property gets. Please do post any observations in the comments if you attend an open house. And please don't disturb the occupants.
2 houses on one lot: one large triplex + one ranch houseHere's what the structures look like (thanks for the photos!):
Triplex has 3 + 1 + 2 bedrooms, 1 + 1 + 1 1/4 bathrooms
Rancher has 3 bedrooms, 1 bathroom
3,121 total sqft per Zillow public records, 6,975-sqft lot, MLS(r) #40400263, $658,000
Unique [..] Victorian Triplex + a ranch style 3 bedroom house. [...] New roofs, back stairs 2008, # 2003 is fixed up & ready to rent! Interesting architecture & details. This property needs work [...]
The ranch house in back was built in 1967 and looks respectable, if not attractive:The shingles look as though they could use a little help:The property is said to need some work, and is sold "in its present condition" according to the OMM flyer. Other than the new roof and back stairs, it's not clear how much you'd have to spend for the unspecified "work" required by the property. The back stairs were permitted and completed about a year ago:Assuming the units referred to as "2001" and "2003" in the flyer are on Eagle Ave, there's also some permit history available for at least one of those:
Case / Application / Permit Number B08-0461 Type / Classification Building Building Permit Residential / Over the Counter Address 1902 CHESTNUT ST
ALAMEDA, CA 94501Parcel Number 071-0256-021-00 File Date 4/24/2008 Status B_OTC - Finaled Status Date 8/28/2008 8:38:22 AM Valuation $0.00 Fees $1,793.78 Payments $1,793.78 Balance $0.00 Description DEMO & REBUILD SECOND STORY DECK, STAIR & SIDING (LIKE FOR LIKE)
| Case / Application / Permit Number | B08-0966 | ||
| Type / Classification | Building | ||
| Building Permit | |||
| Residential / Over the Counter | |||
| Address |
2001 EAGLE AVE ALAMEDA, CA 94501 |
||
| Parcel Number | 071-0256-021-00 | ||
| File Date | 8/7/2008 | ||
| Status | B_OTC - Finaled | ||
| Status Date | 8/21/2008 8:14:33 AM | ||
| Valuation | $0.00 | ||
| Fees | $471.80 | ||
| Payments | $471.80 | ||
| Balance | $0.00 | ||
| Description | TEAR OFF AND RE-ROOF W/SHEATHING (CLASS 'A') INSTALL SPARK ARRESTER IF NEEDED; REPAIR 3 DRYROTTED CHIMNEY CHASES |
The property's last recorded sale happened over 20 years ago:
While $658,000 ($211 / sqft) for two respectably-sized houses might sound like a good deal, I wouldn't jump on it just yet--the location is hardly prime (although it's on a non-hideous stretch of Eagle Avenue, unlike some other homes), and the amount of work that might be needed makes me suspicious.Last sale and tax info
- Sold 12/10/1986: $97,000
- 2008 Property Tax: $7,857
The flyer mentions an actual rental income of about $63,000 for 2008, and a projected $77,400 for 2009 (it's not clear how they justify a 23% income increase when one of the units is vacant, two are month-to-month, and one is Section 8). Trulia's handy mortgage calculator comes up with a monthly payment around $4,300 assuming 10% down, 6.25% interest rate (jumbos are still somewhat expensive), and $7,000 yearly property tax. Add another $500 a month for maintenance and a little extra padding for unexpected issues (or the shortfall from spending your down payment rather than investing it), and we're looking at about $5,000 in fixed monthly costs.
Assuming last year's $63,000 rental income, this a barely a break-even proposition, which is better than what passes for "investment properties" in Alameda these days, but hardly a screaming deal. Add in one or two big-ticket items like a new foundation, a plumbing or electrical redo, or window replacement, insulation or other "green" type of jobs to make the house appealing to the next buyer (or to attract the kind of well-paid tenants who care about those things), and you're set to be in the red for several years.
It'll be interesting to see what kind of action this property gets. Please do post any observations in the comments if you attend an open house. And please don't disturb the occupants.
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