Menu

Home › Forums › Closed Forums › Properties or Areas › El Cajon condo meltdown

Viewing 6 posts - 1 through 6 (of 6 total)
  • Author
    Posts
  • July 13, 2008 at 10:43 AM #13273
    admin
    Keymaster

    My friend just emailed me this condo listing in El Cajon:

    http://www.sdlookup.com/MLS-086029648-280_S_Pierce_St_El_Cajon_Ca_92020

    He owns the identical unit right next door, unit 284. He paid $275k for his at the peak. He’s renting his out and has a small negative monthly cash flow. I have to imagine that this unit would pencil out as a rental with a positive cash flow if it goes for this price.

    July 13, 2008 at 11:06 AM #238598
    temeculaguy
    Participant

    If you can get a grand a month for rent, it pencils out. Egads it’s ugly. At 120k for a 1k rental it is 120x rent. 120k at 6.5 fixed is $750, with 20k down it’s $632. HOA and taxes should get you to a grand. But it looks close to rent nuetral from day one, worth looking into the specifics.

    Junkers are always better rentals on paper. Imagine finding a 4s rental that sells for 600k and rents for $4,000.00 You won’t find it.

    July 13, 2008 at 11:06 AM #238735
    temeculaguy
    Participant

    If you can get a grand a month for rent, it pencils out. Egads it’s ugly. At 120k for a 1k rental it is 120x rent. 120k at 6.5 fixed is $750, with 20k down it’s $632. HOA and taxes should get you to a grand. But it looks close to rent nuetral from day one, worth looking into the specifics.

    Junkers are always better rentals on paper. Imagine finding a 4s rental that sells for 600k and rents for $4,000.00 You won’t find it.

    July 13, 2008 at 11:06 AM #238743
    temeculaguy
    Participant

    If you can get a grand a month for rent, it pencils out. Egads it’s ugly. At 120k for a 1k rental it is 120x rent. 120k at 6.5 fixed is $750, with 20k down it’s $632. HOA and taxes should get you to a grand. But it looks close to rent nuetral from day one, worth looking into the specifics.

    Junkers are always better rentals on paper. Imagine finding a 4s rental that sells for 600k and rents for $4,000.00 You won’t find it.

    July 13, 2008 at 11:06 AM #238793
    temeculaguy
    Participant

    If you can get a grand a month for rent, it pencils out. Egads it’s ugly. At 120k for a 1k rental it is 120x rent. 120k at 6.5 fixed is $750, with 20k down it’s $632. HOA and taxes should get you to a grand. But it looks close to rent nuetral from day one, worth looking into the specifics.

    Junkers are always better rentals on paper. Imagine finding a 4s rental that sells for 600k and rents for $4,000.00 You won’t find it.

    July 13, 2008 at 11:06 AM #238804
    temeculaguy
    Participant

    If you can get a grand a month for rent, it pencils out. Egads it’s ugly. At 120k for a 1k rental it is 120x rent. 120k at 6.5 fixed is $750, with 20k down it’s $632. HOA and taxes should get you to a grand. But it looks close to rent nuetral from day one, worth looking into the specifics.

    Junkers are always better rentals on paper. Imagine finding a 4s rental that sells for 600k and rents for $4,000.00 You won’t find it.

  • Author
    Posts
Viewing 6 posts - 1 through 6 (of 6 total)
  • The forum ‘Properties or Areas’ is closed to new topics and replies.