Here’s a find courtesy of Burbed reader SEA, from ages ago in comments. Too bad it’s pending; opportunities like this one aren’t going to wait! (Don’t worry, the bank will.)
SQ. FT.: 1,540
$/SQ. FT.: $182
LOT SIZE: 7,800 Sq. Ft.
PROPERTY TYPE: Detached Single Family
YEAR BUILT: 1947
COMMUNITY: West of U.S. 101
COUNTY: San Mateo
STATUS: Pending With Release
ON REDFIN: 58 days
Nice home in East Palo Alto, Close to Freeway 101 and near Appt. buildings. This home features Living room, kitchen, 1 fireplace, 3 bedrooms, 1 bathroom, natural sunlight, open space, & needs TLC.
Here’s what SEA had to say about this nice home:
Sure it’s in the wrong zip code (94303), but we’re talking instant equity, cash flow positive from day one.
That’s right, $506k in instant equity. Alternatively, the instant equity is 180% of the listing price (Or 90% based on the 2004 sale). How could one go wrong with such a deal?
Besides, don’t we have the Facebook Effect to save the world? Or does the Facebook Effect only apply to the RBA?
And if you think 2007 was insane bubblicious pricing, there’s still the $250K of instant equity from 2004! I’m with SEA, there is absolutely nothing that could go wrong with this deal.
Look at that convenient location! You can walk to Menlo Park AND Palo Alto! If you worked at Facebook you’d be sitting pretty!
And you can probably fit about ten bazillion vehicles on that driveway, so you can make extra money operating a parking lot and shuttling people over to Stanford games or their jobs downtown! Plus that garage would make a spectacular (not to mention profitable) rental unit!
The house has been pending since early July, so call up the bank, offer a little more money (or a cut of your parking concession), then grab this house and just relax while the income rolls in!