I’d venture over to craiglist and zillow lookup the zip code where your investment property is and figure out how much and how many properties are currently listed for rentals…
In fact, I’d try to make a fake craiglist or zillow post offering this house as a rental at the price you think you were originally going to rent it for to see how many people will respond. That will give you a reality check as to how much demand is softened near your particular sub market.
When I did this for one property near SDSU, the response rate was roughly 4 per week, and many had not so great credit score
When I did this for one property in mira mesa, the response rate was roughly 15 per day, where 3 out 4 had 700 or above credit scores. Hence, why I sold that condo near SDSU and did a 1031 exchange.
This probably matters even more during these times.
92126 still is a shitty market if you are looking for a 1/1 (and lesser extent 2/2) to live in. Very little inventory.
92130, on the other hand, plenty of rentals available.
Carmel Valley, contrary to popular belief is not that great as a rental market versus say Mira Mesa.
Looks like an expert in this area! A lot to learn from you. This is a fantastic idea. I will keep this in mind.
BTW I do agree that 92130 is a very bad place for investment property. I did the math for cashflow and it looks like I will have -ve cashflow for at least 10 years in the future.
This kinda applies now to most of SD as well given how high our prices have gone. That’s the reason I started looking into AZ.
