Oakland Lovers, High Cap rate 8%

I do not know anything about Oakland, but posting to see whether this is good deal or not by forum members.

I dont like multi-fam in Bay Area. But looks like @sfdragonboy could 1031 into this cash cow?

How bad is 70th Ave in east Oakand? Is it safe to go there to show homes and collect rent?

Eight detached, 3BR/2BA houses (six 1150sq ft 2-story homes and two 1250sq ft single-story homes), each w separate utilities.

All 8 tenants non-rent control.

1150 sq in 2 stories? Seems really skinny houses

Not yet, but soon will be.

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$80k gross rent
$799k purchase price

Offered as 5 legal units… but I drove by… it has 7 mailboxes… actual rent may be over $7k/mo … more than 80k/yr.

I think it is master metered… I bill the tenants in those cases… it is extra work but encourages conservation.

P.S.: I should have posted this in the other multi family thread… sorry!

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That’s fine. That thread may be getting too long and unwieldy. Are you bidding on this?

Thanks Manch, but I prefer something on this side of the Bay and probably a nice SFH that I can just park my gain for a few years.

I was considering it. Hard to beat the income.

I would not have posted the link, if I had an offer in.
I do not expect multiple offers though. It was listed higher late last summer.

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I saw that 4-plex when posted recently, but did not know the location. Above all, I decided not to offer through mortgage, but waiting until I save enough to pay full cash offer so that I can get better cash flow.

Oakland property quotes old taxes $11000…Must have owned a while…New tax rate wil be over $30000…Will knock down cap rate below 7