420 CEDAR St Redwood City, CA 94063 – A good deal?
420 CEDAR St Redwood City, CA 94063
Price: $425,000
| Beds: | 5 |
| Baths: | 2 |
| Sq. Ft.: | 1,800 |
| $/Sq. Ft.: | $236 |
| Lot Size: | 5,000 Sq. Ft. |
| Year Built: | 1950 |
| Stories: | 1 |
| Neighborhood: | Dumbarton |
Last sale: May 23, 2001 Sold $592,500 – Yup.. it’s down from 2001!!
Loss if sold for asking: $167500 or 28.3%
This property has been on the market for about 9 months now. It is a duplex and the smaller unit actually pulls in $1400 in rent. This could be a good deal for someone with the downpayment. Here are the calculations:
Downpayment: 20% = 85,000
Loan: $340,000
Terms: 5.25% fixed – This is a duplex so you could qualify for primary residence rates if you live in half of it.
Monthly mortgage: $1877.49
Income: $1400
Taxes: Approximately 1.1% so it’s about $400 a month.
Insurance: $50 a month or $600 a year as an estimate.
So if you live in half of it and collect the rent, then you would be spending around $1027.49 a month to own this. Additionally, you can deduct the mortgage interest on the portion you live in. This could be a good deal provided that the house isn’t super trashed. It is in the area near Redwood City downtown, and it can be a little sketchy at night I guess, but the neighborhood isn’t horrible. I’m convinced that there is something else wrong with this place. It is a short sale, and banks have been notoriously slow in responding to offers, and maybe that’s why it still hasn’t sold.
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