San Francisco home in ritzy neighborhood selling for a steal – but there's a catch

A home in an upscale San Francisco neighborhood with properties typically valued at millions of dollars is on the market for under $500,000 – but it may be a while before the new buyer can move in.

The seller is asking $488,000 for the three-bedroom home located in the city’s Russian Hill neighborhood, and an "as-is sale," according to the listing with Park North Real Estate.

The property, which spans a total of about 3,200 square feet, has received attention in recent days for both its low asking price and how long the tenant may get to stay in the home.

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"Per tenant Estoppel, Tenant claims $416.67 current monthly rent and pay their own Garbage, monthly Water, & monthly PG+E," Park North Real Estate’s listing said. "Tenant's current lease appears to grant tenants strong long term rent rate amount restrictions, unconventional method of rental payment, and possible occupancy rights until 2053."

The status of the home was shown on Monday as "pending" on the website of the real estate company that holds its listing.

The median asking price for a home in San Francisco in May was $1.2 million, according to Realtor.com. The media sale price was $1.1 million.

Meanwhile, it cost a median $3,250 per month to rent a house in San Francisco in the same month, according to Zillow data.

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The listing called the Edwardian-style home an "excellent investment opportunity for just the right buyer" but said the seller "do[es] not guarantee access" to it.

FOX Business reached out to the listing agent for comment on the property and its status.

It comes replete with one full and one half bathroom plus a living room fireplace and a one-car garage. There is also a fenced-in yard at the back of the property.

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