2 houses for sale, rent out for $2500 a month in Cupertino
This week, we celebrate the 5 Bay Area cities featured in Forbes’ “Top 25 Towns To Live Well (and have good access to Venture Capital)”. Coming in at #5:
21851 ALMADEN Ave, Cupertino, CA 95014 | MLS# 80844724
21851 ALMADEN Ave Cupertino, CA 95014
Price: $1,260,000
Beds: 4
Baths: 2
Sq. Ft.: 1,109
$/Sq. Ft.: $1,136
Lot Size: 9,935 Sq. Ft.
Property Type: Detached Single Family
Style: Cabin
Stories: 1
View: Mountains
Year Built: 1942
Community: Cupertino
County: Santa Clara
MLS#: 80844724
Source: MLSListings
Status: Active
On Redfin: 191 days
Seller will carry 85% first loan at market rate with 15% down payment. Property is currently used as a duplex with 2 bedroom, 1 bath main house and 2 bedroom, 1 bath cottage, divided by covered breezeway/ laundry area. Substantial deferred maintenance and unpermitted conversions and improvements, but both houses are livable and currently rented for a combined $2,500 per month. Great land value.
Wow… talk about an amazing deal. You’re actually getting two houses for just $1.26M, and they currently rent out for $2,500 a month. So rent them out, and then add an additional $4094 per month for mortgage, property tax, and live somewhere else. Boom! 30 years later you’ve got an amazing set of Cupertino houses free and clear. By then, this property will be worth at least… $1 trillion dollars! So you’ll easily make the money back.
Hey, when I deferred maintenance, I see $$$. That’s code words for “great deal”.
Cupertino has easy access to VC money, that’s why it’s #5 to live in – so get some VC money, and invest in this amazing venture today!
May 28th, 2009 at 7:10 am
More than 6 months on the market, not a single price reduction…
May 28th, 2009 at 8:31 am
Zillow has estimated value of this property at $460k back in 2000.
What complete idiot would buy this property for anything close to $1M?
May 28th, 2009 at 9:23 am
I’m guessing the guys who own this (brothers?) inherited it from mom & dad and are only motivated to sell for their wish price. And their realtor isn’t putting money into selling the listing.
May 28th, 2009 at 11:40 am
Ah right near Blackberry Farm – used to go to a lot of school and company picnics there, of course that was back in the 70′s and 80′s when it was a REAL farm. I don’t recall it being so built up.
And yup, too much dough. My guess is that if it was inherited, the property was a lot more acreage at one point and the previous owners/parents subdivided and kept this house on a long narrow lot…um excuse me, the “cabin” (which doesn’t appear to be on Street View).
May 28th, 2009 at 8:56 pm
I just noticed the listing’s last picture. Beautiful!
May 28th, 2009 at 9:01 pm
herve, I think that one was the folks smoking dope who think the price is fair.
May 28th, 2009 at 9:01 pm
…was FOR the folks…
May 28th, 2009 at 9:04 pm
Quite an uninspiring feature today… Tomorrow’s will definitely be more exciting since Mountain View is home to some of the best townhouses in the whole wide word. Of course I am talking about Gables End.
May 28th, 2009 at 9:25 pm
> [...] the folks smoking dope who think the price is fair.
Indeed, $1,260,000 to get $2,500 a month… That does not sound like the best investment to me. Even with $252,000 (the 20% downpayment) I think I can do better than that
May 29th, 2009 at 6:10 pm
Is this a seller financed deal? “Seller will carry 85% first loan at market rate with 15% down payment.”
Look, you pay the guy 220k (the value of the home) and collect $2500 a month! Oh I forget your actual rental rate is $5000 a month plus maintenance.
June 4th, 2009 at 2:28 pm
checking for my gavatar image
July 3rd, 2009 at 1:29 am
> Ah right near Blackberry Farm
It’s open again!