Almost cheaper than rent – N BAYSHORE Blvd #121 San Mateo, CA 94401
N BAYSHORE Blvd #121 San Mateo, CA 94401
Price: $289,900
| Beds: | 2 |
| Baths: | 2 |
| Sq. Ft.: | 1,020 |
| $/Sq. Ft.: | $284 |
| Lot Size: | - |
| Property Type: | Condominium |
| Year Built: | 1982 |
| Stories: | 1-3 (Low Rise) |
| View: | Neighborhood |
| Neighborhood: | North Shoreview/ |
I’ve visited this condo complex before when my husband and I were looking for a place to rent. It is located right next to the 101, but if you are in a rear unit it’s not very noisy. The rooms have good sizes, but it’s a bit old. There also isn’t that much amenities in the complex. The asking rent was $1600 a month, and we thought it was decent, but we didn’t choose it because of the location. Anyway, at this price, if you put 20% down and qualify for the best 30 year fixed loan right now with a 5.25% interest rate, you could possibly be paying less than rent if you itemize your taxes. Here are the calculations:
Loan: 231920 30 year fixed at 5.25%
Monthly mortgage payment: 1280.67
Monthly association fee: 340 includes landscaping and common area insurance
Taxes: Currently $482 a month according to county records, but it’s possible to get it reduced after you purchase it for the new price.
Additional insurance: 50 a month
Total: $2152.67
If you itemize your taxes and deduct mortgage interest and tax then you could get a few hundred dollars back a month in taxes depending on your tax bracket and around $270 a month is equity in the first year. If you negotiate the price down another $30k or so you’d be definitely paying less than rent. This is a bank owned property that has been on the market for a very long time so it is possible you can get a bigger discount. Even though this isn’t really the most desirable part of San Mateo, it’s nice to see that buy and rent is almost in sync.
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