Buying a duplex in West Oakland
Hi BP! I'm new to BP and just started my first deal. Had an offer accepted for a duplex in West Oakland, CA. Home was listed for $850k and I went in above asking at $875k. (A lot I know, but it's Bay Area pricing) Each unit rents for $3200 a month & 6 blocks away from the Bart station.
So here's my plan, my husband and I will house hack this property but I have a few concerns.
1)The second unit has not been legalized, is this a big deal? I've started researching the process and it looks like it could cost a couple thousands to permit the space. Has anymore legalized a unit in Oakland, CA?
2) I've been living in Oakland for 3 years now, and have familiarized myself with the Lake Merritt area BUT don't know much about west Oakland ... any insight? It's very industrial and I see a lot of development, what's the culture like? Demographics? Any future projections for the area?
3) I will inherit tenants in one unit (seller says they're great), and will move in the vacant unit. Right now the home has one meter for electric/gas, any experience on splitting utilities? I want to have separate meters for each unit but I'm willing to wait until their up for a lease renewal in Feb 2018.
I have about 10 other concerns but I'll keep my first post short. 🙂
Thanks for the feedback!
Jocelyn