Berlin real estate is giving me cognitive dissonance.

My guilty pleasure: scrolling flats for sale in my area. Yes, I doomscroll Immobilienscout.

And I keep seeing the same thing. The rent doesn't even cover the Hausgeld when you buy a place.

Real example from this week:

2 rooms, Weißensee

Rental contract from 2004

Rent: €261.86/month

From December: €301.14 (+15%, the legal max in Berlin)

Hausgeld: €459/month

Price: €120,000

So even after the biggest increase the law allows, the rent covers about two thirds of the Hausgeld.

Yes, part of the Hausgeld goes back to the tenant through Nebenkosten. Still. That's before the mortgage and the repairs and and and. Before Germany reminds you how expensive Germany is.

Not that it matters for me right now. I'm in my first year of self-employment, too successful for Gründungszuschuss Phase 2, but too unpredictable for a mortgage right now.

But let's pretend one did.

That rent wouldn't cover my running costs, let alone a cent of the loan.

So what's the "strategy"? Buy, wait, and hope the tenant moves out someday? Move in yourself via Eigenbedarf and become the person all of Berlin loves to hate?

Question, experts: is this how the math is supposed to work? As pure “Kapitalanlage” that sucks the cash out of your pocket? I’m certain not everyone is buying for Eigenbedarf.

P.S. Before anyone cancels me: I rooted for Volt, I'm anti-AfD, Die Linke is alright and I want to understand how this market works with these numbers.