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bdrasin
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2009 Sep 1, 1:41pm
http://www.2910king.com/ is across the street. It is 3x 1/1 units and 1 3/2 unit. According to the disclosures, the 3/2 is renting for 1750, two of the downstairs ones rented for 825 and 1100 respectively. If we assume 1k/month for the vacant unit that leaves a total income of 4675/month or 56k/yr. The asking price of 645000 means a 8.6% rent/asking price ratio, close to the 'safe' ratio on patrick.net front page.
It really looks to me like at least for multi-family homes in this particular neighborhood prices are falling to the levels dictated by rental income potential. A good sign.
It’s my dad's property that he owned with too many family members. He is ill and needs 24 hr care so the property is being sold with the assisance of the court system. The homes were respectably built with care. At one time the back unit housed UCB students so its excellent rental property. Go by and see it and plz bid high :)! As you know, healthcare costs are skyrocketing
Patrick
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2009 Oct 13, 1:28am
I'm sorry your dad is ill. Such things will happen to all of us, and that gives a lot of needed perspective.
I'm really glad that there's at least a glimmer of dialogue between potential buyers and sellers here though. It's great that there's no realtor in the way, filtering your remarks.
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This seems like a really low price for what it is:http://www.redfin.com/CA/Berkeley/2909-King-St-94703/home/657545A duplex with 2 3/1 units and an extra 2/1 on the same property for $525k. Â 2 bedroom units in this neighborhood rent for 2k no problem (2 blocks from Ashby Bart). Â Even assuming only 60k rental income thats well over 10% of the purchase price. Â I ride by the house on my bike often and there is nothing obviously wrong with it...I wonder why so cheap? Â It sound like a can't lose proposition at the price.