Thank you for the reply UCGal. So far, our primary concern is that the house is smaller than we would like. There is room on the property (6,800 sq. ft lot) for expansion down the road, however, if needed.
We plan to stay in whatever we buy for 3-5 years. Obviously we would prefer if it appreciated, but if it did not, holding it’s value would work as well. My sense is that if it appreciated, so too would any larger houses we would be looking at in 2014.
Though the house shows as a 2 bedroom on tax rolls, I believe it legally could be a 3 bedroom; one room is an office, currently with a wall open to the living room, but I believe it has a closet, window, and door to the main hallway. Closing in that wall and filing the appropriate permits could change it to the 3 bedroom. In any event, if I rented it, I would close the wall and market it as a 3 bedroom rental.
If we bought, our mortgage payment plus pmi etc. would be approximately $2200.
Your craigslist search raises another question… that is, exactly which “neighborhood” the house is in. It has a 92120 zip code and was marketed as del cerro/san carlos border. I believe it’s in the dailard elementary and patrick henry high district.
