houseman_har…, Home Buyer in San Francisco County,...

What would the rents be on a place like this? I am a vet being transferred to the bay are and will need some of the rent to qualify and owner occupy

Asked by houseman_harry, San Francisco County, CA Sun May 19, 2013

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This question was asked from this property: http://=www.trulia.com/property/3118639734-2311-Ward-St-Berkeley-CA… target="_blank" rel="nofollow">http://www.trulia.com/property/3118639734-2311-Ward-St-Berke…

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4
Pacita Dimacali’s answer
The owner stays in the largest unit with 4 BR/3 BA
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?
0 votes Thank Flag Link Sun May 19, 2013
This is a Wonderful property in a great location. ..it's going to be very competitive, and is going to sell for above the asking price...likely by a significant amount. And that area is not technically South Berkeley, IMHO. The owners unit is unusually large and very special, and the two downstairs units are very rentable, but if you are coming in from out of area, you will have a steep learning curve about the Berkeley rental market. I have owned Berkeley rentals in the past ( and will again). It's very important that you understand rent control and the specific property. I personally think this one is very good candidate, if the numbers work for the buyer, as the units are very desirable for CAL students...who are a good rental base for the unitiated Berkeley landlord.

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!
Web Reference: http://www.tomithomas.com
0 votes Thank Flag Link Mon May 20, 2013
Please contact me at (510) 704-8477 or e-mail besmittie@gmail.com
Bonnie Smith
Flag Wed May 29, 2013
This property seams to be for sale at $850,000.
A nice 2BR,1BA in in South Berkeley will be in a range of $1200-2000
http://www.KirkAnsariGroup.com
0 votes Thank Flag Link Mon May 20, 2013
The one bedroom is 1200. The 2 bedroom is 1500. Usually you are allowed 70% to be used . Hope this helps . You can also try rentometer.com for an idea about market rents in a neighborhood,,
0 votes Thank Flag Link Sun May 19, 2013
Mr. Fletcher,
Are you the agent for the property at 2921 Acton Street? I have someone interested in renting the property. I no the home is not for sale, but for rental. Thank you for the information, please contact me at 510 704 8477 or e-mail besmittie@gmail.com.
Bonnie Smith
Flag Wed May 29, 2013
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