It’s always surreal when you run into an old friend and find they’ve changed so completely that you don’t even recognize them.
Take, for example, 2055 20th Avenue, a now four-bed, four-and-a-half bath, Depression-era Sunset home that sold for over $1.7 million in September. You would never believe that, just seven months earlier, it was a complete and total heap, with fire damage that left gaping holes in the floors and ceiling.
Even so, it sold for over $950,000 with 27 competing offers. That was almost double the asking. Yes, even the opportunity to rehab an utter disaster in San Francisco was worth nearly a million dollars to more than two dozen people. It was the most San Francisco of all San Francisco real estate stories in 2016.
Or so it seemed at the time. The presto-chango transformation from fire pit into $1.7 million home is pretty impressive on its own, but even that’s not the top of the mountain. Curbed SF Facebook fan Coco Cee recently spotted a rental listing for the place, now commanding a princely $7,200/month.
That’s a pretty tight squeeze for the Sunset, but the landlords here might not have much choice: At that price, it will take over 240 months to make up the $1.7 million investment, even without overhead.