3193 Calzar Dr

1. Potential for Major Repairs: Given the age of the home (70 years), there's a high likelihood of needing significant updates or replacements for major systems like plumbing, electrical, or roofing in the near future. These could easily cost $30,000-$50,000 or more. 2. High Total Cost of Ownership: - Mortgage (assuming 20% down, 30-year fixed at 6.5% interest): ~$5,500/month - Property Taxes (estimated at 1.25% of purchase price): ~$1,145/month - Insurance: $329/month - Utilities and Maintenance (1% of home value annually): ~$915/month Total Monthly Cost: Approximately $7,889/month or $94,668/year 3. Affordability Concerns: Based on the traditional 28/36 rule, a household would need an annual income of at least $282,000 to comfortably afford this property, which is significantly above the median income for the area ($130,745). 4. Potential Market Volatility: The San Jose real estate market is heavily influenced by the tech industry. Any downturn in this sector could significantly impact property values. 5. Zoning and Renovation Restrictions: Given the age and location of the property, there may be strict zoning laws or historical preservation requirements that could limit renovation options. 6. Single Bathroom Challenge: The cost to add a second bathroom could be substantial, potentially $20,000-$30,000 or more, depending on the extent of work required. 7. Energy Efficiency Issues: Older homes often have poor insulation and inefficient systems. Upgrading to modern, energy-efficient appliances and improving insulation could cost $15,000-$25,000. 8. Potential for Hazardous Materials: Homes built in the 1950s may contain asbestos or lead-based paint. Remediation, if necessary, could be extremely costly, potentially $20,000-$30,000 or more.