September 19, 2006 at 1:05 PM #7547
Got a full-color card stock flyer among the grocery circulars in today’s mail.
Property is in Rolando (92115), 6 bedroom, 4 bath, and it’s going into a “no reserve” auction next month. I checked Zillow and it’s “worth” $798K.
Looking at the sales history I see something really weird: in 4/01 it sold for $265K, in 2/02 it sold for $12K. Yes – twelve thousand dollars. What is up with that?
In bold type the flyer proclaims that “their loss is your gain.” Maybe, maybe not. It rents for $3K a month, probably to college students as it is close to SDSU. The breakeven price would probably be much below the sales price, even at auction.
You gotta wonder how someone who paid (or inherited) this property for $12K came up in arrears four years later.September 19, 2006 at 1:08 PM #35867
PS – The auction house is DumpingHomes.com. Gives a whole new meaning to going to the dump!September 19, 2006 at 1:09 PM #35868BugsParticipant
The rent almost certainly tags it as having occupancy other than a single family. It could either be a student rental or a group home of some sort.September 19, 2006 at 1:15 PM #35869sdcellarParticipant
The $12,000 is most likely a home equity loan. I see this from time to time on Zillow. The one thing you can be sure it was not is a sale for $12KSeptember 19, 2006 at 1:16 PM #35870
Another quote from the flyer:
“Live upstairs and rent four bedrooms downstairs to grad students…”
Undergrads need not apply! I can think of a few things worse than living with college kids under your feet, but not many.September 19, 2006 at 1:18 PM #35871BugsParticipant
I posted before I looked.
There is an expired listing that said this home has been remodeled and was formerly a student rental.September 19, 2006 at 2:59 PM #35878no_such_realityParticipant
It still looks like a rental. 🙂
Minor nit, it’s only permitted for 4 bedrooms. The other 2 bedrooms appear to be a den and storeroom.September 19, 2006 at 4:00 PM #35879
Storeroom sounds so sinister… what is the technical definition of a bedroom vs. an office or den? I understand a bedroom needs a closet. Is that it?
A bedroom needs two exits (example: one door, one window) – does a den have the same requirements?
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