FLASH! Brick & Timber 1/1 Condo at 310 Townsend, #408, Foreclosed, $429,000
A SoMa steal of a deal as a home or investment property.
List price: $429,000 for this 1 bed, 1 bath, 690ish sq ft brick & timber, converted, wood-floored space. No real telling where it will sell at given the City’s market today. Recent sales of other units nearby have all sold at or below asking with number 407 (a short sale), its neighbor, selling for $435,000. Most 1 bedroom units average in the high $300s to low $400,000s. This unit is vacant.
The listing agent doesn’t know who the lender is nor are there any disclosures and will be sold as is Unlike a detached home, condos can fair better because of the HOA maintaining it. Unit doesn’t come with parking, but there is leased parking nearby – probably $250-$300/month. That said, it’s still a tremendous value for being right next to the CalTrain station. Remember foreclosed places are a bit easier than a short sale in my experience. According to the listing agent there are no owed back HOAs dues.
Here’s the rub: OFFERS ARE DUE THIS WEDNESDAY at NOON.
Let me know if you want to see it (it’s on lockbox) and my colleagues and I estimate the rent it could fetch would be in the $3000 – $3500 range. And if you financed it you’d still end up ahead: For example: Purchase price of $429,000 with $45,000 down for example at a 30-year fixed rate, then the monthly PITI (principal, interes, taxes and insurance) is around $2200 netting you some cash!
Give me a call at 415.875.7408 if you have any questions or want to make a move on this opportunity!