I see some east san jose condos 95131, 95116 selling around 375k with $300 HOA. If they are 2 bed rooms, the rent may be around $2000 to $2200. Is it worth buying them? They typically have 1 alloted open garage space.
You have some example listings?
2BD are almost $2200 while 3BD is around $2800 to $3000
This last one, I like most as I can easily rent for around $3000.
This condo is in a nice and quiet place not far from downtown, SJSU. Easy access to bus stops, banks, shopping centers, groceries, restaurants, city park, schools, hospital, freeways ect. The house is in excellent condition after re-modeling for investment purposes. Great opportunity for investor. The seller sells the house AS IS. Please do not disturb tenants without owner.
I am not going to offer now, but thinking of this line in future. If I pay 449k full cash (for cap rate purpose), and rent $3000 with expenses 33% accounted, I earn $2k/month. The cap rate works out to 5% appx.
But, this is San Jose zip code 95116. I do not have any knowledge (Good, Bad or Ugly?) about this place.
Luz looks pretty rough, and no garage. .Will take some updating
Yes, I looked at Garage space issue. Then, I looked this condo.
This is nice 2005 built single level, but issues on main Traffic road, HOA $400, same 2 car ports (no garage) but may reduce CAP rate to 4.5% range. Easier to rent with this quality, newer building easier to sell at a later point. I can even manage ($250/month value) to increase my returns which may bring back to 5% cap rate.
If it is not for traffic road, I would have given an offer!
All these have positive cashflow even if you get a mortgage. My friend who lives in Berryessa told me avoid anything south of Mabury. And things get rough north of Tully. So I would avoid anything between Mabury and Tully. But that was couple years ago. Not sure how that part of town is looking nowadays.
I suspect there is a lot of potential between Story and Tully. A lot of Vietnamese live there. They recently open another giant Vietnamese shopping mall in that area.
Some HOAs have a limit on number (percent) of units rented out, so that could be an issue.
95116 is Buyinghouse’s neighborhood. If he was still posting he could tell you more about it. I used to deliver mail there in the 80’s. It is a crime ridden place and you should avoid it. If you want to buy there, try 88 n. Jackson or 2177 Alum Rock as they are newer units and in a little better neighborhoods.
247/259 Capitol may be the cheapest condos in San Jose but they are also on the small side and they border on 95116. 95131 is a good area.
95131 is Berryessa. It’s fast rising up because it’s close to the tech companies in North San Jose. BART station also coming very soon.
Yes, my turf, my home, whatever.
There’s your typical crime, unfortunately coming from “overseas”, meaning from other areas. Last week, on Tuesday, I was in my garage when I heard the familiar sound of a car hitting something. I went outside, me an my neighbor across the street walked towards the accident only to see a youngster, a white guy, walking away in a rush. Unfortunately, because I am an illegal, and for fear of any visit from ICE, I decided not to give the cops any information. I hope I don’t witness your demise next time, your family will be needing my help…
Now, seriously. We just got rid of the source of our problems here, but the house was just, yesterday, finished with all the remodeling. It’s sold, a pocket listing, or the famous crooked Realtor doing the best for his client (LOL).
I know a property for sale on Rancho Verde. If you come West on McKee, and turn right into Rancho Verde, about a block and a half, on your right, you will see a FSBO sign on the front yard.
Don’t thank me. Just send me a check.
Oh, I forgot! I helped some people to buy a condo on Jackson Ave. and I forget the name of the street across that building, that’s the second street of your left if you are coming from Alum Rock. $150K in 2011. Easily they doubled their investment.
There are plenty of shock at office on Milpitas shooting last weekend
That’s the problem. Criminals commit their crimes in a city, they are chased by the police, or they go to another city to dismantle the car, and then they get nervous seeing a police car and the pursuit ensues. The ones suffering are the unsuspected neighborhoods.
We in the hood have figured it out. When they killed this police officer in Senter road, by Costco, some neighbors told me that either the cars stolen over there end up over here in our hood, or the ones stolen here end up over there.
Last week incident was about a guy getting nervous, going over a bend, on top of the grass of this neighbor, then destroying the right front wheel. And no, it wasn’t a black, Latino or else, a white young guy. That’s why I call criminals, not whatever.
The brewing problem section 8 house tenants are gone. The house either sold or to be put in the market. Still left, a …guy, a trouble maker, deal with bikes. He needs to go, next in my list.
That condo still for sale.
And it still is!
You have to be careful buying anything with a HOA these days. One of the complexes in San Diego had homeless people they could not get rid of camping on their property. They finally got the city to clear them out but the mess they left was so bad it cost 70k to clean up. They tried to get volunteers to help with the cleanup but because of the hepatitis A outbreak among the homeless nobody volunteered.
Invest in condominiums is the best choice for upcoming days. Due to urbanisation and industrialisation the rates of condos will surge.