As an investor, that $1700/mo rental is not worth $300K to me.

I am expecting gross rent multipliers (GRM) in the 8 – 10 range when our market bottoms.

Let’s be generous and see what the condo is worth to an investor at a GRM of 10:

(GRM of 10) x (yearly rent of $20,400) = $204,000.

At GRM of 8 the condo is worth $163,200.

The stupid person that sdrealtor refers to may buy this condo for more but that’s what it is worth to me.

Why would anyone care what this condo is worth to an investor?

Because housing that won’t sell becomes rentals and a savvy investor buying rental units isn’t going to pay the 20 GRM that this property is currently listed at ($409K).