September 12, 2011

Instant Equity, Just Add the Water Someone’s Under

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.)

 

2085 ADDISON Ave, East Palo Alto, CA 94303
$280,000

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BEDS: 3
BATHS: 1
SQ. FT.: 1,540
$/SQ. FT.: $182
LOT SIZE: 7,800 Sq. Ft.
PROPERTY TYPE: Detached Single Family
STYLE: Ranch
STORIES: 1
YEAR BUILT: 1947
COMMUNITY: West of U.S. 101
COUNTY: San Mateo
MLS#: 81129142
SOURCE: MLSListings
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.

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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.

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Look at that convenient location!  You can walk to Menlo Park AND Palo Alto!  If you worked at Facebook you’d be sitting pretty!

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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! 

Comments (8) -- Posted by: madhaus @ 5:05 am

8 Responses to “Instant Equity, Just Add the Water Someone’s Under”

  1. SEA Says:

    Instant equity! Pending September 1, 2011, after being sold August 29, 2011.

    “Sep 01, 2011 Pending (Pending With Release) — — Inactive MLSListings #2
    Aug 29, 2011 Sold (MLS) (Sold) — — Inactive MLSListings #2″

  2. SEA Says:

    Another then another:

    100 Green St

    From $750k (2005) to $300k (2011), after $617k foreclosure (2011). Oh, it sold for $350k in 2000.

  3. tomatix Says:

    Pending after 1 day? I’m skeptical about the legitimacy of that sale.

  4. The Gilroy Alex Says:

    So, this house would cost $2800 a month, what would it rent for? Buying has to be cheaper than renting for it to work.

    You have to think in terms of fields of fire, etc. livin in da EPA. How are the neighbors? Are they people you can count on for mutual defense?

    As times get rougher, will sensible people just start offing the vermin in EPA and make it a more decent place to live? I like to think the coming times are going to be ones where criminals live in more fear than they do now. If this is the case, this house could almost make sense.

  5. nomadic Says:

    Gilroy Alex, yesterday I saw an article about research they’re doing on cats. When they introduced a gene mutation for the experiment, they also added a jellyfish gene as a marker. This makes the cats glow in the dark. I was thinking they should give convicted criminals the gene… just think how easy they’d be to target if they break in!

    Hmm, too un-PC?

  6. sfbubblebuyer Says:

    It wouldn’t take a month before some white-bread pali kids got themselves tagged with the glow gene to make themselves look street tough. It’s the new saggy pants!

  7. madhaus Says:

    This would definitely be a boon to spoiled rich kids. Here’s an article about nomadic‘s glow-in-the-dark cats.

    And here’s a cat glowing in the dark. Looks photoshopped to me. I can tell by the pixels.

    Glow cat

  8. The Gilroy Alex Says:

    Funny, I was reading about that too. Apparently there’s a kitty AIDS going around, this is not feline leukemia, this is actual kitty AIDS. And the glowing cats are some key to solving kitty AIDS. I think they showed they can insert a gene by inserting one that codes for a protein that’s fluorescent. So under UV light, the cat glows – pretty hard to deny that! And that gene insertion can be used to fight AIDS, about 1% of Caucasians are AIDS-proof so you just take that gene and put it in. Hope it doesn’t affect people’s ability to dance.


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