If I am not mistaken the new Alameda townhomes start in the mid 900s.
There are lots of SFH’s selling for around 850K in South Daly City. That’d add 5-10 min to your commute if you are driving, but otherwise not a big deal. Try to look around the Serramonte area.
If I guess right, you plan to use one bed room and sublet others. The best choice is already given by Manch (Daly city) or go for south san francisco around 280 side (not 101). Go for condo, reduce your commute, reduce your mortgage, sublet one or two bed room. Easy to get 2 Bed room or 3 bed room with what you have.
Are you looking for a 4BR or 2BR? I agree, not a lot in San Mateo, but a handful:
https://www.redfin.com/CA/San-Mateo/167-E-Hillsdale-Blvd-94403/home/739234
This one is on the tracks unfortunately:
https://www.redfin.com/CA/San-Mateo/128-N-Railroad-Ave-94401/home/2008631
Hillsdale blvd/San Mateo is high traffic, it will not work.
San Mateo, Belmont, Burlingame and Foster City are out of reach to him. I drove those cities and they are very competitive. West side of 101 is desirable, but he can get east side of 101. Even east side of San Mateo, 4BD is expensive.
He is limited to Daly City, South SanFrancisco, San Bruno.
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I am amazed how much the east side of 101 has risen up. Burlingame east of 101 now is asking for 1.5+. Slightly less for Millbrae. It’s pretty intense…
This house in Ingleside just dropped the price by 80K!
https://www.redfin.com/CA/San-Francisco/972-Plymouth-Ave-94112/home/819086
Doesn’t look hot, sure. But that area is not too bad I think?
Yes, there are many reasons Peninsula is so much more expensive than East Bay. I think the commute is a major one. Most people including your future quality tenants will rather trade home size, sunny weather to a nicer commute. After all, we spend most of our life working and playing at SF. It is still location, location and location…
Area is ok. Some of the streets above there are really hilly and narrow enough that two way traffic is not doable. Description indicates rooms may be illegally constructed though. And it looks like one would need to remodel the whole place anyway. If that is the case, I would be more inclined to buy then in San Bruno Hills or DC then, since you will get a bit more for your money and the places should be in better condition than this and you wouldn’t be sacrificing a lot on additional commute time into town. Some parts of Pacifica are nice!!!
You can consider Berkeley and Oakland. Good rent, reasonable price, easy commute to SF. I like Berkeley/Oakland more than DC.
Looking at the map, East Bay land area is much more limited than South Bay. East Bay cities, Berkeley/Oakland, have much longer history, which speaks volume about its desirability. The most desirable places are chosen to be developed first by the early generations. East Bay is fully developed, new supply will be more limited. Oakland can become a job center similar to SF.
Once gentrification runs its course, Berkeley/Oakland will be top destinations for newly minted tech millionaires.
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If your dad can get a HELOC from his house and give you cash, it’s easier.
Otherwise, co-sign is ok. You are 26 now, your income will increase quickly. Once your income is enough to afford the mortgage yourself, you can refinance and remove your dad from the liability.
Both Oakland and Berkeley have rent control. How tough is Berkeley’s rent control?
Berkeley’s rent control has changed over the years. Currently, I believe you can charge market rent whenever the unit is vacant.
“Since January 1, 1999, landlords have been allowed to set the initial rent at market unless the new tenancy follows a non-qualifying vacancy”
“Each January 1, rent ceilings are increased by the annual general
adjustment, which, since 2005, is 65 percent of the percentage increase
in the Consumer Price Index for the metropolitan area”
Speaking of Berkeley, how about this Triplex?
https://www.redfin.com/CA/Berkeley/1914-Stuart-St-94703/home/1526506
One unit is 3/1.5, and two are 2/1. One of the 2/1’s is rented for $1740. Asking for 875K. Looks to be a pretty good deal. It’s on the right side of MLK way, a bit far to the campus though.
Thoughts?
What about Oakland / Emeryville?
Yes. And Yes.
I have one in Oakland, and I am always interested in Emeryville.