[quote=bearishgurl][quote=Rustico][quote=Scarlett][quote=Rustico]It seems like buying something that requires two incomes to “sustain” is always stretching.[/quote]
True, but what is the alternative? Even to rent a nice townhouse in UTC we need BOTH our incomes (note – with kids). So one can either piss away money on rent or stretch and hope for the best. Either way we are screwed. I think we will buy in a year or so. For us to not stretch, i.e. sustain on one decent professional salary a 4 bdr house should be like 300K. Nothing decent in a decent school district that is within 30′ of our work (La Jolla).[/quote]
I think you are there, Scarlett… If one of your salaries can carry a 300k mortgage and you have a 20-25% DP minimum. It would be easy if those things were true and you could take a somewhat tacky home and fix it gradually. I would offer 350K on this sucker, if it doesn’t have a cracked slab or something else serious.
Nice find, Rustico. I DO think this property might be had for $350K. And Green/Lewis/Henry is a very good trio of schools. Green is among the top Elem schools in the district with an API of 917 (936 in 2009)!
That may be so. The elementary isn’t as important as middle and high school. With 1 salary of 80K a 250K mortgage (3-4x income) will be doable for us. no more. We are NOT there – prices have to fall at least another 20% in areas I am looking at – PQ, Scripps Ranch, NW Mira Mesa, UC. Try find a DECENT 4 br 2000 sf SFR there for 350K. San Carlos is way too far for working in La Jolla.
