I noticed this ad on Craiglist:
$1850 ***HOME***2 Bed / 1 Bath + Bonus Room w/Full Bath***HOME****
Great home on a beautiful 4000 square foot lot. Exceptional details of this home include:
2 Bedrooms, 1 Bath, recent remodeled kitchen, large secured back and front yard. Attached garage converted to studio (unwarranted) perfect for additional bedroom or home office. Large yard has water well available. Plenty of storage and large tool 15 x 12 tool shed. New Paint, and Carpeting. Kitchen appliances, window coverings and washer and dryer included.
·Two bedrooms and one bath.
·Additional unwarranted bathroom in garage, great for office or additional living quarters.
·Spacious kitchen plenty of newer cabinets, and counter tops.
·Large level back yard landscaped with garden area.
·This property includes a one car attached.
·Large and secured front and back yard.
·Recent work done to the home includes interior paint and carpeting.
·Conveniently located within walking distance to shopping center and freeway access.
·Extra storage throughout the home including large 15 X 12 tool shed
·All appliances included.
If you click the link, you’ll see that the house is none other than the one featured in early April on this blog:
What’s the 5th most affordable home in Redwood City like?
This is how I described it then:
Unfortunately, I was never able to enter the home. Why? Because I couldn’t find a parking spot!
Yep – on the day I was there, every inch of the street had been taken up by either a pickup truck, an industrial truck with landscaping equipment, a trailer, or an commercial van. Heck, I could barely find the house with all those tall vehicles on the street.
This is just a hunch, but I suspect that it hasn’t improved dramatically as of late.
But for fun, let’s do the math… according to this calculator, a 30 year mortgage w/10% down would run you $3442 a month. Or, if you got an Interest Only loan, it would be $2195 a month.
Hm… this calculator says that you will not break even after 30 years!
There’s just one mistake though: they forgot that Redwood City is special, that the equipment to detect illegal gun fire is working, and they’re not making any more Redwood City.
I bet you’ll break even after just 2 years. What do you think?