Any takers of Sunnyvale Condo? Cash offers only deal

[Jil]

@druid

I saw condos here for approx 300k in 2011 and passed. That area near Evelyn has become way more dense now - lots more new condo and townhome developments. All schools are bad. Not trying to rain on your decision - so if you had the money you would buy this for 800k cash and then spend 50k or 100k to fix the water damage?
Why don’t you buy something like this in 95128? Schools may not be good but you will get a full SFH near to freeways and work for tenants.
I pass by that house often and can see work happening to redo the outside, roof ,etc.

This is $700k buy+100k fix, with 3BD, 2BH and Fremont High School, I will freeze this as rental at $2800 for one or two years before I sell. This has Cap rate of 2%, will be making tax loss, but will recover everything when I sell. Immediate sell may get me appx 100k, but this location will nicely appreciate 5%-7% range. Cal train station is near by and people can easily go until SFO. Always rentable area with kifer and el camino real near by.

This home has become redfin hot home and no one will get it at $700k now, goes to premium price.

I passed many properties in similar Fremont high school location during 2008 when my friends bought 2BD, 1BH for $340k range. That was my mistake too.

This Sunnyvale location is far better than 2540-Moorpark-Ave. First Moorpark is 35 miles high speed road, always cars fly, can not cross the road by walk at any time day or night. Next to Moorpark hwy 280 & Hwy 17 will have endless sound pollution. We can not flip the home for profit. Redfin estimate is wrong and this side of 95128 is always not-preferable areas, city college and additional crimes like theft, car break and drugs etc.

[druid]

35 mph limit on Moorpark - valid, sound pollution - valid, crime - cant answer, can not flip for profit - not sure about this houses in decent shape are already at 1M+ in this area.
The other factor is the Sunnyvale condo has 400$ HOA fee per month. This fee will keep increasing every year. So yearly property tax - 7500 plus 5000 (HOA) = outlay of 12500$. I guess you did the math on this already.

[Jil]

I took average rent in that area around $2800. The only benefit is this is 3BD, 2BH which is really a selling point. I have not visited the home, otherwise I can provide more details.