1) non-owner occupant won’t get 6% fixed mortgage – maybe 7.5% or have to buy down rate (or lie about occupancy)
2) you haven’t factored in maintenance – are you planning to maintain this apartment for 30 yrs or just let it go
3) you haven’t accounted for appreciation of the HOA fee – do you think it will stay fixed for 30 yrs?
Condos are the worst real estate investment you can make – possibly worse than mobile homes
There will come a day in San Diego when it makes sense to buy investment property again – today ain’t that day IMO
