For financing, the lender is going to use the largest unit as the owners unit, and the appraiser will assign the value of each of the units for the purposes of qualifying. You will need to be able to qualify on the lion's share of final price on this one, but both units will rent for very healthy amounts. $1200 is a very low estimate for even the smallest unit.
I'd love to fill you in by phone, and could provide you with a good starting point for exploring the property further.. Please feel free to call me for an no-obligation discussion. I won't assume a phone call means we are going to work together...there are simply too many details to try to educate you here.
And welcome to the East Bay - you'll love it!
One tenant for 1 BR/ 1 BA pays $1283.40/mo
Another with 2 BR/1 BA pays $1500/mo
Public records show 4 units, actual usage is 3 units.
Remember that Berkeley has rent control.
How may I help?