Harriett, let’s go halfsies. You can get a property on the street after your namesake. You can have the top unit and I can be on the bottom.
That sounded like a date request
Only 3 times. Even considering margin is 15 times. Nothing when compare to bitcoin during the same time frame. You better wish you were FOMO for bitcoin in 2012. In both cases, they are purely equity bubble, people buying only because of limited supply. In this case, even $1 rent is infinite more than bitcoin in utility value. You are measuring the wrong metrics to start with.
Exactly. South Bay is not nice to investors, investors should go to SF.
Major flaw of this building is no garage
Ever heard of ?
Not my thing…I don’t even take Uber/Lyft. I take #11 (my legs) or drive.
I bought a 1/1 in SF close to same time, for 400K. It’s now worth about the same as this condo. Less appreciation I guess bc higher starting price. However, it would have rented for at least 2400+ back then. For past 4 years it has been rented at 3200-3400/month. How much is that 700/month extra rent worth vs appreciation?
It’s also a good reminder of how lots of people in reasonably good jobs could have bought “something” back in 2012. The downpayment on this would have been 50-something K!
How much is your HOA?
HOA is 475ish
Depending on how long you hold. If you hold for 30 years and get $8000 extra rent per year, total extra rental income is 240k. Considering compounding, maybe 350k. So MTV condo needs to appreciate 350k more in 30 years.
It’s hard to say which is better in 30 years since MTV could change dramatically. But I tend to think the appreciation might be similar.
I think the major difference is that you can afford to buy 2 condos in SF with high rent but only afford 1 in MTV with low rent. So I vote for SF
Interesting comparison of South Bay vs SF rents…I bought a similar condo in MV around that time frame for a little bit less…it’s now worth a little bit more, getting close to 4x return. It’s basically paid off and we’re starting to consider selling, or rather rather trading, with a 1031 since it only rents for ~3k. Have been looking at multifamily further north on the peninsula but a nice condo or SFH in SF sounds like an intriguing option. I have no experience living or owning there…rent control and regulation have always scared me off.
aren’t multifamilies in bay area are risky?
Are SF condos strict on rent limits? That would be my concern. HOA limiting to 20% rentals or something.
My experience is that townhouses are much more landlord friendly than condos. Maybe because neighbors aren’t as tightly packed so people are more relaxed about renters? So I’d go for a SF TH.
Rent difference between SFH and TH in SF is really small. Many so-called SFH in SF are zero lot line anyway so your SFH touches neighbors’.
I don’t think so. Just have to choose a good location. I’m on the hunt for a MF.
No fear of rent control?
You just have to be prepared with some strategies.
Interesting you mention that because my condo building’s HOA did start limiting rentals recently to a % of total units, but everyone already renting their unit was “grandfathered in” and can continue renting. The logic the board gave was that it would be hard for buyers to get a mortgage or owners to refinance if more than half of units became rentals. I do wonder how legally enforceable an HOA rule like that is.