As an investor, the property is worth its rental value – period
IMO the San Diego RE market will bottom when rental houses in rental neighborhoods reach their rental value (what a sentence!)
That means rental-quality SFRs in Clairemont and North Park for $275K
Because 40% of the RE market activity in San Diego during 2004/2005 was pure speculation, I believe there is a glut of housing available in San Diego given the current demand – IMO, without the speculative buyers, basic houses are worth their rental value
