If you're looking to purchase as an investor, there are some regulations in regards to renting that are unique only to Berkley. I would suggest that you contact the Rent Stabilization Board prior to purchasing a property to ensure that your goals for renting can be met.
If you'd like specific information on the active listings in this area, feel free to contact me.
Best of luck!
Alain Pinel Realtors
Berkeley is one of those cities that even in this market, many homes are getting into multiple bid offers and selling for up to 100k over asking. I know it sounds hard to believe but its true! I work for Keller Williams Realty in Berkeley. We have many experienced agents in our office that are well versed in all the complicated city ordinances that are involved in buying, selling and renting property in Berkeley.
It is key that you make an informed decision in any real estate purchase. Do your homework, meet with a few agents and ask lots of questions!! Best of luck to you.
Keller Williams Golden Gate
Finding a local Realtor in the Berkeley area will definitely help you in your search. They know more about the hard facts that go behind the what the current rent is going for, how many units are available to students, if there is currently still a surplus, etc. They will also be able to help you find properties where there may be fewer leases, which would still be under rent control, so that you can charge current rental rates rather than what the "friend" may have been paying in 1992. On the bright side, whether or not the housing market right now is a fantastic investment near Berkeley, I personally think it will eventually become that again, it may just take a little extra time. Good luck with your search Gwen!
This seems to be perfect location for Berkeley student since it is only 5 minutes walk to campus as you can click to see http://maps.google.com/maps?f=d&hl=en&geocode=145420
On the other hand, if there are other similar condos, he will also be interested in too ...