Dear Diva…

Hi Diva,
How you holden’ down?
We met through a friend of ours.
I am curious about a listing in the North Oakland area of town. Do you think it will go for $199k or much higher?
Why are they selling it in an auction, so quickly?

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Nice to hear from you CD.
Whether it goes for more or less will depend on the buyers.
Its in a decent location. Has 4 units. Each at close to 1,000 sq ft.
New roof and foundation in ’05.
3 of the units have tenants in place which is good
Are you looking for straight cash flow or are you looking to do an owner-occupied? I ask because that will depend on whether or not location matters and if you are hedging your bets on appreciation as well.
I looked at the financials on the MLS and it seems to be a bit slim on details (ie they show no annual vacancy, no maintenance fees or management fees.) but not a big deal.
Definitely worth looking into. Make sure to get in touch with your broker/banker so you have a current pre-approval letter in place.. Good properties at good prices in decent locations can go quickly and unexpectedly.
Regarding why the property is going quickly and at auction? Banks have a lot of inventory on their hands and more foreclosures are imminent. Banks are in the business to make money not become landlords.’
BPD