Keepin' it real--1836 8th Street, Alameda, CA
1836 8th Street came on the market a few days ago with an amusing description. The specs:
$525,000 ($412 / sqft) is way too high, given how awful 1947-vintage houses are in this town and its très subprime location. Each minuscule unit can't bring in much more than $800 a month, if that, and even with 20% down and a 5% fixed rate, the mortgage and property taxes amount to something like $2,700 a month. This is a great investment if you enjoy burning 14,000 dollar bills every year.
The only way this property makes sense is if you cut the price in half, which, incidentally, is roughly its previous sale price:
Duplex, 2 units with 1 br, 1 ba each, 1275 sqft (total), 4,290-sqft lot, built in 1947, MLS(r) #40406102, $525,000I'm not sure which park and beaches they're referring to--certainly not any I'd go willingly. But what's really important here is that this property is being sold by a real person.
Not A Short Sale, Not Bank Owned!! An Actual Person Selling a Home! Each Unit Has 1 Bedroom, 1 Bathroom, Apprx. 650 Square Feet, [...] Close to Marina Village Shopping, Parks & Beaches!!
$525,000 ($412 / sqft) is way too high, given how awful 1947-vintage houses are in this town and its très subprime location. Each minuscule unit can't bring in much more than $800 a month, if that, and even with 20% down and a 5% fixed rate, the mortgage and property taxes amount to something like $2,700 a month. This is a great investment if you enjoy burning 14,000 dollar bills every year.
The only way this property makes sense is if you cut the price in half, which, incidentally, is roughly its previous sale price:
Our actual person is in a bit of a pickle if s/he borrowed against their property--I honestly can't imagine what kind of an imbecile would pay more than $250,000 for this thing. But real estate mania is alive and well in our little town, so who knows?Last sale and tax info
- Sold 06/30/2000: $250,000
- 2008 Property Tax: $4,281
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