Oakland MF -- how much over asking?

[Sandy Metivier]

I assume multi-families in Oakland are going over asking, but how much over asking is expected in the current market?

Looking at a property in Oakland area near Piedmont, and it's listed as a side-by-side duplex.

Thanks,

Sandy

[Calvin Kwan]

Much to unpack here.  The property has been on the market for 48 days, and there's probably a reason.  There's an existing tenant and that will probably drag down the price (depending on his existing rent).  It is also listed as a duplex, but there's also a studio in the basement - I'm guessing it's un-permitted, otherwise it'd be listed as a triplex.  Not sure what your investment strategy is, but there's not much opportunity to add value here as an investment.  If you plan to OMI and maximize return, you may still not get much cash flow, if any, given the asking price.  

As to your original question about asking price, if this were me and I wanted this house for whatever reason, I wouldn't offer asking price.  I'd offer somewhere 10-15% below given the info that I have.   If someone offered asking already, I'm guessing they would've taken it.