I’m curious, how much would a complete gut job run? Including redoing the kitchen and baths?
Can live with the old crap but $150-$250k could get something like Redwood Circle
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Big price reduction on this one too…
https://www.redfin.com/CA/Palo-Alto/4147-Park-Blvd-94306/home/1641501
Again, next to the train track. These homes will stick around for a loooong time, I bet. 
Someone bought with 2M and put it on the market for 4200 / month rent. Just property tax alone is 50% of the rent. And it says “Owner pays for trash, utilities and gardening”, such a good deal.
https://www.zillow.com/homes/for_rent/Palo-Alto-CA/house,mobile,land,townhouse_type/19503725_zpid/
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Are you thinking about renting in PA? It makes a lot of sense finance-wise. Use the money to buy rentals in Fremont or Daly City instead.
Yes, we are very much likely to do that this summer. Even if we want to buy, it probably is a good idea to stay in the area for a year or two so that it won’t be costly if we don’t like it. And who knows our work would be at that time.
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Any idea why these folks are purchasing >$2M homes and then renting them for ~$4k a month? I don’t see how that makes financial sense. Another example that sold for $2.6M and is now up for rent at $3950:
https://www.zillow.com/homedetails/324-Cherry-Ave-Los-Altos-CA-94022/19523525_zpid/?fullpage=true
Have been like that since the rise of tech. The historical house appreciation is 6-9% per year, since 2009, is double digits. So long the appreciation remains high, negative cash flow doesn’t matter. These landlord-investors are betting that future is much the same as present 
Oh it could be that the buyer can’t move in right away so might as well not let it sit empty. Or buyer wants to rebuild but needs 4-6 months to design and get approval.
Return of money vs return on money kind of thing?
Could be a 1031. Let’s say they have another rental property with $1M of appreciation. 1031 into a new primary, rent it out for 1–2 years to pay no tax and satisfy the 1031 requirements then move in.
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Listing out the possibilities 
Most common is?
I can’t imagine seller of this home might have to go through. I want 2.99M and above, but market reality set in at 2.16M.
https://www.redfin.com/CA/Palo-Alto/4157-Interdale-Way-94306/home/1601000
In Palo Alto value is in the land. This one only has 3240 sq ft lot in an 8-house development with HOA so it’s more like a TH than SFH. $3M is too greedy.
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How is the Barron Park area of Palo Alto? Prices seems a bit “cheaper” there but it is a good location for my needs.
Barron Park is a bit different than other parts of PA coz most of the roads doesn’t have side walks which gives more rural feeling - some ppl like it some ppl don’t - like you have to push the stroller on the road and such. Some of the lots can be bigger than other part of PA. Barron Park has one elementary which is lowest rating than other part of PA, as well as, big mobile home park and a few apartment buildings. Other than that, I personally think it’s a nice neighborhood with good access to trails.
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Sounds good to me!