You Want the Cash Flow Numbers…? I Got The Numbers – Check Them Out…!
First the Short Sale Duplex
I was out and about and came across the Duplex located at 7535 Saint Philomena Way, Citrus Heights.
This thing has been priced so low that it will draw several multiple offers and I’m sure it will go into escrow for at least $180,000. Now I wasn’t able to get into the units because they are occupied.. At least one is, because when I was there taking pictures a resident was leaving one side.
I”ve based the Cash Flow estimates at a price of $180,000. Click here for a PDF File for more information.
Click here for a Video that I took that will show the neighborhood better than the Street View link I posted above. The Street View was taken during Winter months and doesn’t show as well as the Video I took.
Now below is the information for the Bank Owned Duplex
It’s located a few doors away at 7543-45 Saint Philomena. The “street view” will start you on the way out to Fair Oaks Blvd., so when you get on it, go to the left and around the corner to see the property. By the way… 0ne side is occupied and the other is just about “rent ready”. For the Pro-forma Cash Flow Figures Click Here.
If you don’t like these…?
I”ve got others that might pique your interest. Go to “Ed’s Free List” page for more.
The Price is Right – Just Needs New Management & Some Repairs.
I was involved in a sale of a Duplex next door to this one. There have been 3 recent sales in the area with new investors fixing these up. This used to be an awful street of neglect.
That’s all changed in my opinion. Click Here for the “proforma cash flow analysis”
By the way, we know this area because we also manage the duplex on the left side of this one.
This has been on the market for a while… just waiting for someone to jump on it.
Take a drive by there yourself and see what you think. I think properties in the City of Rancho Cordova are a great investment.
Make it a great day…!
Ed Favinger, Broker CRS, GRI, SFR favinger at rwnetwork.com 916-203-1260
A Duplex with 3 Bedrooms 2 Full Baths and 2 car garages each side.
This is one of the neatest Duplexes I’ve seen in a while. They’ve priced this one right and it’s in a super neighborhood.
Click here for the “Street View“ from Google and see if you don’t agree with me.
This is a quiet street. I took this photo on Friday, April 23rd at about 6 PM. There little kids were out playing and riding bikes…
If you are an Investor click here for my “pro-forma cash flow analysis”. These are estimates only of course. I think this one is going to get a lot of attention and most likely, multiple offers.
Now if you are thinking about living in one side and then renting the other side, I think I can show you here why this would be a good move. I don’t know of any where in the area that you could buy a home and have payments less than $600 per month.
About the existing loan that has to approve of this Short Sale.
According to the Tax Assessor, the existing loan was just a bit over $500k. The folks that bought it back then, paid $630,000 for this property. The Assessor also shows that the loan is held now by Bank of America the successor to Countrywide. If you want to know some “inside” baseball, Bank of America is one of the slowest when it comes to processing a “short sale“.
However, the wait might be worth it, especially if you are thinking of living in one side and renting the other.
Make it a great day…!
Ed Favinger, Broker CRS, GRI, SFR favinger at rwnetwork.com 916-203-1260
I’m not seeing it. But there are some stats that say otherwise.
I got this blog post from Jim Wasserman, the Real Estate Reporter for the Sacramento Bee. If you have any questions regarding this report, you can contact him directly at: jwasswerman@sacbee.com
I think you’ll find this interesting. I’ve copied and pasted the article below it’s current link. The SacBee drops the links content off after a while.
Here’s his report below…
Average asking rents at 76,000 apartments in Sacramento, Placer, Yolo and El Dorado counties rose to $924 in the first quarter of 2010 – the first hike after five straight quarters of declines, a new report says. The new figure is up from $915 in the fourth quarter of 2009. That was the lowest since late 2004.
But even with the hike rents at the region’s largest apartment communities, rents remain at late 2005 levels now. Apartment brokers say the long period of declines have led to severe distress for owners who bought complexes at high housing boom prices. Some complexes are being unloaded to other investors through short-sales, in which banks accept less than their owed. Others have become bank-owned.
We’ll be checking with brokers today to see what is driving the slight increase in asking rents. But the report notes that occupancy is up a little – to 92.6 percent across the region. It was 92.1 percent in Q4 2009. Higher occupancy rates give a little more bargaining power to landlords.
Novato-based apartment industry tracker said it saw the same rise in rents across much of the United States. It attributed the improvements to modest gains in employment nationally.
It’s hard to imagine that’s the case regionally. Sacramento’s unemployment picture remains grim, with 13.1 percent joblessness. Analysts say apartment communities are feeling pressure of people having an abundance of vacant homes to rent - and also doubling up or moving back with their parents in a rough economy.
Here’s details straight from RealFacts:
First, a synopsis of the Sacramento-Arden-Arcade-Roseville MSA.
Second, a news release with regional and national overview.
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I had a conversation with Jim today and let him know that, anecdotally, we haven’t seen that in our business. I pointed out that on some of smaller Apartment complexes, we’ve not seen an increase in a while. We’re still having to offer specials.
Make it a great day…!
Ed Favinger, Broker CRS, GRI, SFR favinger at rwnetwork.com 916-203-1260
