One-bedroom tear-down shack on the market in Benicia for $400,000

A 324-square-foot cabin is on the market for $399,000 in Benicia, a small East Bay town tucked away at a point where the Carquinez Strait bends like an elbow before extending toward Vallejo.

The humble one-bedroom cottage that looks more like a children’s playhouse or rustic vacation cabin than a proper home sits on a quarter-acre wooded lot, and Remax agent Heidi Wing, who’s helping sell the property, says what you’re buying here is a generous piece of land in a prime location.

Stockton baby…We sold one for $60k about the same size…Small houses are in…The status symbol of the millenia. …Just got offered over asking on a 1000sf remodel in Stockton…of course the appraisal will determine the price…I am giving up on Stockton. .lots of buyers willing to pay over asking but the appraisers are killing the party…All the low end buyers are FHA…it is the appraisal price or forget it…

I thought about buying in Vallejo and Benicia back in 2012 or so. Didn’t pull the trigger. Bad!

Shouldn’t the selling price includes cash over appraisal? In Singapore, many HDBs are sold by this method because appraisal is always lower than selling price. Cash over appraisal + downpayment gave to seller directly. Rest mortgage.

FHA buyers have no money…In Stockton if you want to play in the low end all the buyers are FHA buyers. .No cash for overbids…Hence I am leaving that market…Still can make money but are probably better returns in the higher end nonFHA market…So far three sold, three in escrow bought in March…

Just lend hard money to Stockton flippers at 12% interests and 2 points. Easiest way to make money.

This just went pending over my way before the open house.
Exurbs seem to be flaming hot again.