SF: Single Family Homes Under 600K

Jenny P. has me thinking about bargains with her post promising Marin property for $200K and under.
Gas may be down a few cents but Trader Joe’s raised the price on my favorite bread and yogurt, so I don’t think we’re coming out ahead anytime soon. That’s why I have decided to look for homes– single family homes, that is– for less than $600,000.

After all, that’s plenty to spend. At $600K, if you are lucky enough to have 20% down ($120,000, people. Quite the chunk and a half to have handy), your mortage looks something like this:

** Assuming 30 year fixed at 6.5%, principal and interest would run you $3033.93 per month.

** Add in an estimated property tax based on 85% of your home’s worth (this is hard to nail down, but 85% seems a good median to me), or $7140 spread out over a year= $3628.93.

** Now add in insurance and utilities, home care/repair, and… well, good luck to you.

Most people I know don’t have $120K saved. After all, this is San Francisco, and a hard city in which to build wealth. For those who only have 10% down then, they will also have to get private mortgage insurance (PMI) for the other 10%, and the rates on that loan are often much higher than those for 30 year fixed. This could boost your monthly to $4305.17. (I crunched my numbers here, if you want to check).

Thus, in thinking of the first time buyer, those finally leaving the rent nest and flying for homes of their own, I’m dedicating these listings to you. I just can’t see the majority of people I know, though they are professionals of all kinds, buying a home for over $600K their first time ever buying at all.

I give you then, single-family homes in SF for under $600K!

NOTE: As the map alludes, most of these hail in the southerly districts, at least those listed on the MLS. Still, those areas may soon make a major rebound if Prop G delivers… so perhaps these make good investments?

727 Sweeney St.: Portola 3/1 with garage and yard for $599,900.

17 Precita Ave.: Bernal 2/1.5 Victorian with a Wedgewood stove to die for (yes, I am a kitchen dork!). No parking, and on the market quite awhile may give you bargaining power. $499,000.

2661 Harrison St.: Inner-Mission/SOMA-ish 3/2.5 that also offers rental income. Not sure if the rental part would add a bedroom or if it is included in the 3/2.5 designation. $599,000.

461 Chenery St.: 2/1 Victorian in Glen Park with nice garden. Sold for just over 600K in May of this year, and since it hit the market, it has been reduced twice, landing it at $599,900.

1214 48th Ave.: Outer Sunset tiny 2/1 with yard and garage, has been listed almost a year, so perhaps you can get it for less than $525K?