Property Description
This 2-unit fixer upper is an excellent investment!!
It has two rentable units. The first unit has 972 sq ft, 3 bedrooms, and 1 bath. The second unit has 851 sq ft, 3 bedrooms, and 1 bath.
Both units can be rented out. Or one unit can be owner-occupied and the other rented to assist with the mortgage payment.
Desirable neighborhood. Vacancy rate 0 percent for the last 10 years!! Current renters have been there for 5 years.
Close to freeways, Fruitvale BART, schools, and shopping. Excellent central Bay Area location!
This is an excellent investment property. With some work, the value of this property could skyrocket.
Call to get more information.
Or you can email Ross at e7337@hotmail.com
Description
The subject is located in Oakland near Tidal Channel of San Leandro Bay and next to Freeway 880. The area consisting predominantly of single-family homes mixed with compatible multi-family units and commercial development. Maintenance levels in the subject's market area are average, and rental demand appears to be strong. City facilities, schools, and shopping centers are conveniently located. Freeway access and public transportation are easily accessible providing linkage to major employment centers in the Bay Area.
Market Conditions
The growth rate in the subject area is stable, and property values for 2-4 unit properties are increasing. Supply and demand is in balance, and the average marketing time is typically 30 to 90 days (based on MLS data). Conventional financing is readily available at reasonable rates. Loan discounts and interest buydowns are uncommon. Listing prices are typically lower than the selling prices. The marketability of small residential income properties has improved within the past year. Many 2-4 unit properties are owner occupied.
Comments
The subject is an average quality standard wood frame building, built with average quality materials. The subject was in average overall condition with typical features. Units were old-updated, maintenance level were average, and in washer & dryer's hook-up area, the ceiling under the balcony wood frame was broken, minor repair was needed at the time of inspection. Both front yard and back yard were under average level due to lack of maintenance Unit #A, floor covered with vinyl thru out the unit, the tenant did not like heater, so they turned it off. It was a very old up-dated unit. Unit #B, floor covered with carpet, tile and vinyl, it was a nicer unit compare to downstairs Unit #A, this unit appears newer and comfortable. Both units do provide the washer & dryer hook-ups.
The subject's inferior Unit #A looks clean, but kitchen and bathroom area do not look clean, mainly due to very old up-dated, Unit #B was in average condition. The quality of construction was average. The subject has no functional, or external inadequacies noted except separate PG&E and water meter for both units, and exterior oaint may be needed soon. External wall surfaces are in average condition. Interior wall surfaces and floor covering appear in average condition. Remodeling work needed soon for tenants comfort, in order to displays typical market appeal as compared to the surrounding neighborhoods.. <<The subject was built prior to 1978, and the dwelling may contain lead-based paint.>>
Environmental
No apparent adverse environment conditions noted. The appraiser was not qualified to determine the presence of toxic or hazardous substances.
Rents
Estimated market rents are based on subject's location, size, rooms, and overall condition of the units. Estimate vacancy of 3 percent is typical for small income properties in this area. The current rent collected from tenants total income $1,850 (per month); Unit #A for $850 and Unit #B for $1,000. Rents were low to compare to the subjects market rent in the neighborhood, due to long years tenants and old up-dated units. Based on the current market rate of the subject area, the subject after remodeling should have total yearly income of $32,400 ($2,700x12).
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