It might be, but that all depends on what you want and what you consider too late. If you look at my post above, it pretty much went as I predicted, what’s new, allow me to sprain my arm patting myself on the back.
I’ve mentioned this a lot but I’m not fond of rentals outside of temecula and murrieta proper, the more centralized the better and south of temecula parkway has the best renatl opportunity because their is only one apartment/condo complex with corporate ownership, a couple of condo complexes with individial owners and a few thousand employees of the casino and a dumpload of retail. A big hospital being built at breakneck speed (it’s framed) and a sattelite Cal State just opened, plus a dumpload of retail. These workers have to drive north to rent and North-South traffic blows, so it presents a unique opportunity. Plus the South is almost built out. There are still other opportunities, but stay in those two cities and not places like french valley or menifee, 10-15 miles away, too much land and traffic to get there, renters are not commuters for the most part.
Here are some examples I mentioned a few years ago
you could have had that one for 150-175 in 2008/2009, now its pending for 215. A few others are pending between 135 and 160, but they are shorts that have been pending a long time, hard to tell what the real story is. A few just sold in that 160 range with no view and some for less that are the less desirable model, so I’d say it’s up 20k, if you can get one for 160k, they rent for 1500, have no mello roos and low taxes (near 1%) and a 200 association that does a fine job (I rented there) that inludes trash, pool, gates, lawn care, blah, blah. Here’s the problem, there aren’t any for sale that you can walk up and buy, not one active listing.
Another one accross the street from the hospital is this, it’s a zero lot line, dinky, but sort of a sfr.
that’s a deal, but it’s been listen one day, I’ll bet it’s already got offers, it will go for 150-200,but this is just to show you that steals may still be had, you just have to work for them.
very few listing but this one bedroom wants 119, they were 80 for a 1 and 100k for a 2/2 two years ago, you should be able to get a 2 for 120 now, so it’s 20k since bottom, but the friends I know who are in the market for rentals say it’s slim pickens and you need to be agressive for the non shorts.
as you move into the larger sfr’s, the prices are up and they don’t pencil out as well as rentals.
In Summary, it has bounced off bottom, there are still many rentals that can be aquired and be cash positive from day one if you get a good price, but you need a renter, which is why I posted my diatribe about location and demographics. My relative who picked up one in the very first link at about 135 or 140k back in early 2009 has never had it empty and gets 1500 mo. Rent is the same, you might get one for 160 or so, still might work for you.
