911 9th Ave, San Mateo, CA 94402

 

911 9TH Ave San Mateo, CA 94402

Price: $575,000

Beds: 4
Baths: 2
Sq. Ft.: 3,125
$/Sq. Ft.: $184
Lot Size: 4,720 Sq. Ft.
Year Built: 1938

Last sale: 1/5/2006 for $999k

Loss if sold for asking: $424k or 42.4%

I first mentioned this home in the post about multifamily properties. Now it is down another $300k. This is another short sale. It is in a decent neighborhood near Central Park and you could rent out half of it so it might almost be worth it if you can secure financing.

Here is the math.  Suppose you put 20% down and finance 460k, which is still a conforming loan in San Mateo, then at 5% the mortgage is $2469 a month.  Then you need to add around $600 a month in property tax and another $70 to $100 in insurance.  If you have a tenant on one half of the property then you could collect rent of $1500.  Add in some tax deductions and this place is almost cheaper than renting.  Of course, there are utilities and maintenance costs, too.

February 20, 2009 | Filed Under City of San Mateo, Dollar loss: 400k to 500k, Foreclosure or Shortsale, Last Sale in 2006, Listing in 01/2009, Loss: > 40%, Price: 400000 to 600000, Sqft: Over 3000 

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