AN
It sold for 395K not 380 and it required about 50K (in 1997 dollars) to get it to completed to where it is today. Rent on that house would be $3500 pretty easy, maybe a touch more.
People who buy homes like this arent doing 100% financing and typically put down at least 20%.
To clarify one thing from my post above, homes like that never got to rental value last time and they wont this time. The home I bought in 1997 was much smaller and less expensive. Smaller and less expensive homes pencil out much better than larger, detached homes.
There is an ownership premium for a house in a location like that which you typically wont find in a place like Mira Mesa. The rules are a bit different for this area than MM. Not completely different but definitely not the same either. For example, you would likely pay over 10K a year for private schools of the quality that these schools are. You would also spend time and money getting your kids to those private schools which are far from your home while these folks have kids walk to from Kindergarten through High School Graduation.
