patrick.net

Flipper fairy tale!

Zillow has this interesting price history:

Date Description Price
07/11/2006 Sold $750,000
11/17/2004 Sold $740,000
05/31/2000 Sold $254,000

http://www.zillow.com/homedetails/2081-167th-Ave-San-Leandro-CA-94578/24894194_zpid/

Bubblicious! Went up by half a million dollars in about 4 years, then back nearly to the 2000 price at auction.

I would not buy anything in this area, unless you enjoy dealing with Section 8, street crime, domestic crime, drug related incidents, the occaisional shooting/stabing, and a large immigrant population. I work in government, and this area utilizes ALL aspects of government service; meaning police, etc. Now, as in any blighted area, the majority of the occupants are just good, hardworking people; it is the small number of miscreants that degrade the greater community. This area is not for a hands off landlord relationship; it will take intense management. Good luck!

Why does it say 2000 for the "expense year"? I don't want to know what it made in 2000; I want to know what it makes now. If two of the three units are occupied, why didn't they give the rental price for those two units, as is normally done? Also, was the third unit always rented or was it owner-occupied?

Multi-Family Financials (Annual)

* Expense Year: 2000
* Taxes: $4,000
* Gross Fee Income: $30,000
* Gross Scheduled Income: $35,000
* $20,000
* Rent Income: $35,000
* Net Operating Income: $20,000
* Total Operating Expense: $1,000
* Insurance Expense: $1,500
* License Expense: $100
* Maintenance Expense: $1,000
* Utility Expense: $1,000
* Other Annual Expense: $1,000
* Financial Source: Estimated

Btw, tax record says it's a 3/4, listing says 4/3, so look out for unpermitted work.

How about that ! very close to 1999 plus inflation.

What cost $215,000 in 1999 would cost $278,621.80 in 2010.

Property History for 22147 PERALTA St
Date Event Price Appreciation Source
Jul 01, 2011 Sold (Public Records) $293,000 2.6%/yr Public Records
Jul 30, 1999 Sold (Public Records) $215,000 -- Public Records

Malkovich says

Looking at the property history it was sold just a few months ago for $272K at a foreclosure auction. Now asking price is $425K
Anyone know the story on this place? Is someone really trying to make a quick $150K? Or were there improvements made in two months with tenants in place?

$272K is about right. Back to the inflation line. At $425K.. someone is just greedy...