This one went quick-total of 14 offers with the winning offer being all cash and “significantly” higher than the list price according to the listing agent.
I couldn’t get an exact number out of him. but if this buyer closes it, I will know in 35-40 days or so. All of this happened on the 23rd of December, which is supposed to be when the market is at it’s slowest, right!?
This is two on one (duplex) property that has been totally rehabbed by the lender owner. Both units are three bedroom, one bath units just over 900 sq ft. I estimate about $700 per room, so you’re looking at about $4,200 gross rents. The asking price is $542,000, just went on the market today. I see on the tax record the city took it back for $309,200. Tough to say what they spent on the rehab, as it includes new windows, bathrooms, kitchens, walls, ceilings carpet, side walks, fencing, everything except landscaping.
Quite a difference in prices though; $243,800. They certainly didn’t spend that much on the remodel. At $271,000 per unit I feel it’s overpriced. A good deal for a two on one is in the $150,000-$200,000 range per unit, depending. Just my two cents, maybe I’m missing something. It does back right up to Balboa Park, which is awesome and does stand for a lot.
