InvestuDownStarter POS in Mill Valley
Great starter home, investment property or down-sizer.Is it just me or does it strike you as a bit irresponsible to still be pimping houses as "investment properties"?
Anyway, this 3 br 1 ba, 1028 sq ft, built 1944, Mill Valley POS thinks it's worth $925,000. That walkway isn't what you think it is; it's not cracked concrete. No, it's Italian marble hewn by hand with a silver spoon and hand polished using Chinese silks, transported the "old way" all the way to America in a horse-drawn cart (don't ask me how). And that brown, excrement-colored stuff is really hand-picked, dried, ground wine grape skins all the way from France.
posted by Marinite at 7/28/2006 01:43:00 PM
6 Comments:
Yes, "Investment opportunity" for folks that can't add.
Let's say you had $125K down, and borrowed the $800,000 (at 6%)remaining to buy this gem. You would need to charge the new tenants $5,800 per month just to cover your mortgage and property taxes. who the HELL is going to pay that kind of rent for this POS?
Real Estate agents think we're idiots, you can blame them for this entire situation.
FYI-
You can now go online at Ziprealty and rate homes you've visited.
true. I'll just forget about Marin and set my sights on affordable Richmond, where somebody WILL be putting a gun to my head.
Haven't you heard? Richmond is going to be the new Sausalito. Get in now why you still can or else forever be priced out.
I agree. The "instant equity" and "investment opportunity" tags are beginning to seem criminal.
All this for only $8000 a month mortgage + property taxes!
Can you afford $100,000 a year in mortgage & taxes?
Can the sucker you're hoping to flip it to afford $120,000/year?
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