Just because the end of year sales are over doesn’t mean you can’t find a bargain in the housing market. Here’s one all ready for you to celebrate moving in! Thanks to Burbed reader SEA for finding this festive property.
37003 Arden St, Newark, CA 94560
SQ. FT.: 816
$/SQ. FT.: $244
LOT SIZE: 5,000 Sq. Ft.
PROPERTY TYPE: Detached Single Family
YEAR BUILT: 1922
COMMUNITY: Alameda County
ON REDFIN: 125 days
TLC Needed, but a good value.
Here’s what SEA had to say about the house:
If you really want some instant equity in that area, take a look at [this place].
Sold May 2006 for $581k.
Listed today for $199k.
That’s 2/3 off!
Of course all these homes at 50%+ off peak pricing, they cannot impact the RBA pricing. In fact, the ratio of RBA pricing to non-RBA BA pricing keeps going ever higher.
With all that positive cash flow from day one, it’s difficult for me to understand why these places are for sale, foreclosed.
And that’s not even considering all the income tax advantage that the landlord keeps. What person lets a cash cow go to foreclosure?
And let’s not even get started on the difference in cash flow if I were to buy this place today versus the landlord who owns another unit in the area purchased for ~$600k in 2006. I’m sure he’ll have no problem passing his extra expenses on to the tenant, or so the theory goes.
We can talk cash cow if you want, but we’d be a lot further afield from Google if we did. Supposedly the Price to Rent ratio in Fresno is (are you ready?)… 8. So let’s stick with Newark for now, as it has more sushi shacks than silos.
Plus this house is ready to party down with your bad self. So if you’re one of those people who need a big hank of the hair of the dog that bit you, head on over to the bank today. Tell them you heard it’s a short time to homeownership.