A beautiful three-bedroom home in a sought-after San Francisco neighborhood has hit the market for $488,000, less than half its value.
But before potential buyers take out their wallets, there’s a problem.
Any new owner may not be able to live in the house until 2053 and won’t receive much rental income in the meantime.
The house is currently occupied by a protected tenant who pays just $416.67 in rent per month and has “possible occupancy rights until 2053.”
Despite the unusual layout, queues formed around the block to view the property and it has been on sale since Sunday.
A beautiful three-bedroom home in a coveted San Francisco neighborhood hit the market for $488,000, less than half its value.
The home is a completely detached Edwardian-style single-family home at 30 North View Court in San Francisco’s popular Russian Hill neighborhood.
Its low listing price immediately caught attention, as the property can generate an estimated rental of $3,360 per month, according to the Redfin listing.
But the new owners will not receive anything close to that sum, since there is an existing tenant with a fixed contract who only pays $416.67 a month.
They also have an “unconventional method of paying rent,” but the listing doesn’t specify what that is.
The house came up for sale after the last owner died on the property.
“The former owner, over 100 years old, died of natural causes in his home,” the Redfin listing says.
The home is a completely detached Edwardian-style single-family home at 30 North View Court in San Francisco’s popular Russian Hill neighborhood.
The house is currently occupied by a protected tenant who pays just $416.67 in rent per month and has “possible occupancy rights until 2053.”
Local news reported that the current tenant’s son is selling the house without against her will, but this has not been confirmed.
The house could be a good option for parents who want a secure investment for their young children and are happy to lose rental income on the future sale price.
Compass real estate agent Douglas Lee told The LA Times that the property could be used as a “land bank” by buyers who would not need to sell or use the property until the current occupant “dies, vacates or ends the lease.”
The median sales price of a home in Russian Hill in May was $1.5 million.
The neighborhood is very attractive with parks, Lombard Street and many bars.
The house was only on the market for 13 days before someone made an offer that is now pending.