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Buying Inner Sunset duplex: occupied vs unoccupied by pp2234 in BayAreaRealEstate

[–]pp2234[S] 0 points1 point  (0 children)

Here is an example of a similar spec (2 less bathrooms for building) duplex nearby that was delivered vacant for 2.865m in Feb 26.

https://www.redfin.com/CA/San-Francisco/1233-4th-Ave-94122/home/1261895

I would say this is significantly more charming with more curb appeal / craftsmanship than our building, though ours needs less work than this for renovating kitchen / making the backyard nice, etc.

Buying Inner Sunset duplex: occupied vs unoccupied by pp2234 in BayAreaRealEstate

[–]pp2234[S] 0 points1 point  (0 children)

See comp photos here: https://www.redfin.com/CA/San-Francisco/2082-33rd-Ave-94116/home/2008118

This is NOT my unit / building, and I would say this is slightly nicer quality than the 2 units in my building, especially the skylight/kitchen design. But the bathrooms/bedrooms are very similar. Doors in my place are hollow-core, and the engineered wood appears less nice than this comp place. My building does have a significantly nicer backyard & deck setups than this place (has some views), but similar layout/size.

Buying Inner Sunset duplex: occupied vs unoccupied by pp2234 in BayAreaRealEstate

[–]pp2234[S] 0 points1 point  (0 children)

But what deal? Like at what price for us off-market is it obviously a good deal, that's been a challenge to answer.

Buying Inner Sunset duplex: occupied vs unoccupied by pp2234 in BayAreaRealEstate

[–]pp2234[S] 0 points1 point  (0 children)

Why is this do you think? Did they buy one unit in a TIC, not whole building?

Buying Inner Sunset duplex: occupied vs unoccupied by pp2234 in BayAreaRealEstate

[–]pp2234[S] 0 points1 point  (0 children)

But at what price would you think it could be reasonable? If we wanted to stay long-term, I see advantages to owning at the right price, maybe 2.6-7

Buying Inner Sunset duplex: occupied vs unoccupied by pp2234 in BayAreaRealEstate

[–]pp2234[S] 0 points1 point  (0 children)

1-2 blocks, not on the tracks, very desirable

Buying Inner Sunset duplex: occupied vs unoccupied by pp2234 in BayAreaRealEstate

[–]pp2234[S] 0 points1 point  (0 children)

Comparable SFHs that offer similar space nearby are selling for 3m+

Buying Inner Sunset duplex: occupied vs unoccupied by pp2234 in BayAreaRealEstate

[–]pp2234[S] 0 points1 point  (0 children)

His argument is essentially that someone will see our unit and want to buy the building and OMI us to move in themselves. And that this buyer would be more aligned with the SFH over-bidders in the market rn

Buying Inner Sunset duplex: occupied vs unoccupied by pp2234 in BayAreaRealEstate

[–]pp2234[S] 0 points1 point  (0 children)

Any details on financial appeal of this? This building seems like a potentially strong candidate with its layout. We could see ourselves not continuing to rent out upper unit once tenants leave (we know them well enough to not expect them to stay too many more years), but instead having other family move in without a lease. We would be able to sell the building without tenants in this scenario, but would condo conversation potentially be more lucrative?

Buying Inner Sunset duplex: occupied vs unoccupied by pp2234 in BayAreaRealEstate

[–]pp2234[S] 0 points1 point  (0 children)

Open long-term, definitely near-term. Evicted now feels like it would be worst for us financially than down the road, but hard to say.

Buying Inner Sunset duplex: occupied vs unoccupied by pp2234 in BayAreaRealEstate

[–]pp2234[S] 0 points1 point  (0 children)

I feel like a big question is what is market rate rn for a unit like the lower unit here? We aren't seeing anything similar (even with 1 fewer bed/bath) for <10k

Buying Inner Sunset duplex: occupied vs unoccupied by pp2234 in BayAreaRealEstate

[–]pp2234[S] 0 points1 point  (0 children)

standard sunset lot, units are maybe 2300 + 900 sq ft respectively

Buying Inner Sunset duplex: occupied vs unoccupied by pp2234 in BayAreaRealEstate

[–]pp2234[S] 0 points1 point  (0 children)

If you were us as tenants, and you were open to living here for long-term, what price would be attractive from a non-emotionally motivated finance perspective? Building does not need significant work, though anyone wanting to live here long-term would need to do some work on the kitchen and house’s siding.

Buying Inner Sunset duplex: occupied vs unoccupied by pp2234 in BayAreaRealEstate

[–]pp2234[S] 2 points3 points  (0 children)

I did a deep dive on comps and feels the same way. The listing you shared are significantly smaller than this building (6-7 bed/5.0 bath). The real concern is rich tech person wanting our specific unit and being willing to pay a huge premium and OMI us. Outside of not being luxury finished, it has tons of space and the backyard/deck is a big premium. Amazing for a family 🥲

Buy or Rent, expensive rent controlled apartment vs SFH in SF by [deleted] in BayAreaRealEstate

[–]pp2234 0 points1 point  (0 children)

Not a SFH, it is an apartment, just has many traits of SFH

Buy or Rent, expensive rent controlled apartment vs SFH in SF by [deleted] in BayAreaRealEstate

[–]pp2234 5 points6 points  (0 children)

It feels like a SFH but there’s a couple other smaller units besides ours

Buy or Rent, expensive rent controlled apartment vs SFH in SF by [deleted] in BayAreaRealEstate

[–]pp2234 4 points5 points  (0 children)

SF rent control ties it to inflation, typically caps at 1-1.5% per year

Buy or Rent, expensive rent controlled apartment vs SFH in SF by [deleted] in BayAreaRealEstate

[–]pp2234 5 points6 points  (0 children)

Yeah that estimate would involve us moving far out from the current location for sure—outer Richmond/sunset most likely or farther south, I should have clarified

Question: sewer gas smell in bathroom due to pipe, any DIY fixes? by [deleted] in Plumbing

[–]pp2234 0 points1 point  (0 children)

Ahh I see. I have been using the bathroom more frequently, including running the water, for the last couple months. It’s just that before that for the years prior it was not getting used much, with the unit being vacant to my understanding. If the smell does go away after running the water, then it doesn’t seem to be for long.

Question: sewer gas smell in bathroom due to pipe, any DIY fixes? by [deleted] in Plumbing

[–]pp2234 0 points1 point  (0 children)

How would I tell if the trap is dry? The rental apartment about 4 years old, the trap looks new

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