Agent2Agent in Sonoma>Question Details

Richard Hoag, Real Estate Pro in Walnut Creek, CA

Sonoma Residential Income Property

Asked by Richard Hoag, Walnut Creek, CA Thu Jan 15, 2009

I have a client seeking a cash flow positive (including PITI assuming 25% down) residential income property within 2 miles of Sonoma this reasonable?

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Check out this duplex MLS #20902431. It's priced at $399k, and takes in $1,950/month currently and could probably rent for more, so would cash flow with 25% down. Short sale and think price negotiable. Charming property.
0 votes Thank Flag Link Mon Mar 9, 2009
I have a client with a duplex (not currently on MLS) that is about 4 or 5 blocks from the Plaza. The two homes are attached only at the garages, all on one level, and the level lot is about .25 acre.

One unit is 3 bedrooms, 2 full baths (including proper master suite), raised hearth woodburning fireplace, central heat and air and two car attached garage with automatic opener (plus, of course, all appliances including stove/oven, dishwasher, microwave and refrigerator. This unit rents for $1750.

The other unit is 2 bedrooms, 1 bath with attached one car garage with opener, and same appliances. This unit rents for $1500.

Both units have washer and dryer hookups in the garages and both have their own separate, private fenced yards at opposite ends of the property from each other. There are about six more off-street parking spaces in addition to the garages. Both units have excellent tenants and are leased.

My client would sell for $750K. That price is not negotiable.

Let me know if your client is interested. I can email you pictures too, if you like.
Web Reference:
0 votes Thank Flag Link Thu Jan 29, 2009
That might be a bit tough. Great duplex just came on the market priced at 449k. Rents are $2400/month and might be able to get $2600, but by my calculations, that would be break even. There have been a few properties that I've showed investors, looking for the same scenario; with 20-25% down, they work out to be break even. It's mostly about the location - rents good, but command higher price.
Web Reference:
0 votes Thank Flag Link Fri Jan 16, 2009
Could you give me an example (do the math for me) of what the price needs to be for a duplex that say brings in $2200 a month?
0 votes Thank Flag Link Thu Jan 15, 2009
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