From the MLS listing for 131 Randolph when priced at $490,000 back in 2005:
Priced for a quick sale, 2/1 up, and 2/1 down, separate unit, unwarranted by seller. This one is a deal! Just check the comps!
The property ended up selling for $710,000 that May by way of two loans totaling $710,000 (a first for $568,000 and a second for $142,000). And at that point, the sale became a comp of its own for others to check (and so on, and so forth).
In default by 2009, the property was taken back by the bank this past January with no bidders at $410,000 on the courthouse steps. Yesterday, 131 Randolph was listed anew for $364,900 with a tenant in one of the units and the building in need of “repairs.”
∙ Listing: 131 Randolph (2/1) – $364,900 [MLS]
FYI.
Zillow has a few pics for the editor to grab…
http://www.zillow.com/homedetails/131-Randolph-St-San-Francisco-CA-94132/15194942_zpid/#{scid=hdp-site-map-bubble-address}
It looks like the kitchen got the granite treatment common to the mid-00s.
Also, what’s the deal with the apparent garage door to downstairs? Is this the entrance to the lower unit? Funky…
Zoning has it as RH-2. A contractor with lower costs could make this work on the cheap.
Unwarranted units, tenants, and needed repairs? Ouch. I’ve heard that its relatively easy to kick tenants out of an unwarranted unit in NYC. Don’t know whether the unwarranted nature of the unit helps in SF.
Cons:
“M” goes by the front door (noise)
N/S orientation means limited sunlight
tenant-occupied
minimal (if any) neighborhood retail
fixer-upper (probably significant)
minimal curb appeal
Pros:
zoned RH2, for legal rental unit
reasonably safe neighborhood
back yard
Jose Ortega is decent elem school with Mandarin immersion
park at top of hill is clean
You see where this is going? This could be ideal for a new, working-class family setting up in the City, and expecting to raise kids here for a decade or so. Assuming good credit and stable jobs, with Office of Housing incentives for first-time buyers and a FHA loan:
$365,000 purchase
$18,000 down
$60,000 deferred second (Ofc of Housing)
30yr fixed @ 4.75 = $1500/mth
And a rental unit? Very do-able for a family making just median household income (which I believe is now about $73,000).
^ exactly.
Or for an investor: legalize 2nd unit, rent out both at market rate. Equity upside and cash-flow. Certainly an interesting deal for investors at $365k. Wish me had me some cash!
Is that Public Housing at the corner of Randolph and Head?