Bay Area 4-plex analysis

[Anthony Barbato]

Hello Oakland Investors,

I am interested in buying a fourplex as my first investment property here in the Bay Area. When analyzing deals that have recently sold in the area, the property at 719 35th St in Oakland stood out because it had an extremely high cash on cash return, even with debt service for an FHA 3.5% down loan, as well as conservative expense estimates. It seems like it was an unbelievable deal, and yet the sellers still took an offer that was $50k under the original asking price.

 I want to ask the investor community in town what they think about the deal, if it looks possible, or if there is anything that I haven't considered when looking at the numbers.

Here is a link to the sold MLS listing for the property:

https://maxebrdi.paragonrels.com/publink/default.aspx?GUID=65979a7a-9a34-4bd8-a56e-a0ab6f50746e&Report=Yes

Here is my Bigger Pockets spreadsheet plugging in the rent amounts from the current tenants, and taking for granted that I will be occupying the 4th unit: