With only 67 active listings in Downtown San Jose it makes sense to see properties moving quickly and with multiple offers. 66 offers is surely not a record however for this Younger Avenue property there are more than just the obvious reasons.
A duplex listed for 346,500 would grab anyones attention. Rents in the bay area are equal to or more than the cost of a monthly mortgage and this property would give you the chance to live in your own home and rent out the second unit, leaving you with little or no mortgage payment.
It is also a great choice for the investor because of the low price point and the income potential. Yes there is work to be done, fresh paint and new floors would be a minimum considering there is a heavy smoke smell in both units. But hey, with some minimal fixes you are looking at bringing in $2000 a month per side. And that is a conservative estimation.
Other upsides: Walking distance to light rail and Japantown. Single family neighborhood so you are surrounded by home owners and not other high density apartment buildings. With more upgrades you could easily increase the rent.
Bottom line, even at 100k over the list price there is plenty of room for profit and it is no wonder it has so many offers. Stay tuned for the closing price, this will be an interesting one to track.