sf house

San Francisco ranks as the most unaffordable city in the United States. The median price for a one-bedroom home is around $820,000.

By comparison, the half-million asking price of the city’s least-expensive single-family home on the market is a steal — or as Rick Smith, the real estate agent behind the listing calls it, “a joke.”

The decrepit house is a classic example of San Francisco’s housing crisis, which has accelerated in the last few years.

He has received 12 offers over $520,000 for the home, which was awarded to one lucky bidder on Wednesday.

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The home (which resembles more of a shed than a house) sits in Visitacion Valley, an outer neighborhood of San Francisco. Here’s the view from the backyard:

In total, Smith received 23 offers, but only 12 were over $520,000. The bidders are all house-flippers, investors, or contractors who may want to capitalize on San Francisco’s hot housing market.

“When you have a property that’s below a million [dollars in San Francisco], it’s a steal,” Smith told Business Insider. “If it’s close to $500,000, it’s a joke.”

The inside is not as pretty.

The former owner died in 2017. The heirs paid $2,500 in trash removal before the home went on the market.

See the rest of the story at Business Insider