Three-bedroom home in San Fran hits the market for $490,000 - but there's a big catch

A beautiful three-bedroom home in a sought-after San Francisco neighborhood has hit the market at $488,000 - less than half of what it's worth. 

But before prospective buyers reach for their wallets, there is a catch. 

Any new owner may not be able to actually live in the house until 2053, and they won't be receiving much rental income in the meantime. 

The home is currently occupied by a protected tenant who pays just $416.67 in rent a month and has 'possible occupancy rights until 2053'. 

Despite the unusual arrangement, there were queues around the block to view the property and as of Sunday, it is already under offer. 

A beautiful three-bedroom home in a sought-after San Francisco neighborhood has hit the market at $488,000 - less than half what it's worth

The house is a fully-detached, Edwardian-style single family home at 30 North View Court in San Francisco's popular Russian Hill neighborhood. 

Its low listing price immediately drew attention as the property can generate an estimated $3,360 rent a month, according to the Redfin advert. 

But new owners won't receive anything close to that sum as there is an existing tenant with a set contract that only pays $416.67 a month. 

They also have an 'unconventional method of rental payment' - but the listing doesn't specify what it is. 

The house went up for sale after the last owner died inside the property. 

'Former male owner, over 100 years old died by natural cause in home,' the Redfin listing says. 

The house is a fully-detached, Edwardian-style single family home at 30 North View Court in San Francisco's popular Russian Hill neighborhood

The home is currently occupied by a protected tenant who pays just $416.67 in rent a month and has 'possible occupancy rights until 2053'

Local news reported that the current tenant's son is selling the house without against her will, but this has not been confirmed. 

The home could be a good choice for parents who want a secure investment for their young children and are happy to lose out on rental income for the future sale price. 

Compass real estate agent Douglas Lee told The LA Times the property could be used as a 'land bank' by buyers who wouldn't need to sell or use the property until after the current occupier 'either dies, vacates or the lease ends.'

The median sale price for a home in Russian Hill in May was $1.5M. 

The neighborhood is highly desirable with parks, Lombard Street and plenty of bars. 

The house was only on the market for 13 days before someone placed an offer which is now pending.