Carmel Valley rents are roughly 2/2 rents for about $2200 (maybe up to $2300) for something with an attached garage (Halcyon or Crest@Del Mar). 3/3 is closer to like $2500 +-$100… And that’s in Del Mar Heights area… Airoso is probably comparable, around $2500-2600/month for 3/3
Now assuming you can get a 3/3 around $400k, I think would a good deal for a 3/3 right now (I don’t think it will happen, but let’s just say it did)
My crappy numbers guessimate says
$80k down, borrow $320k
Mortgage (30year @4%: not likely for a investment property ):1,527.73/month
HOA: 235/month
Prop Tax+Mello(1.26970%):423
Total cost/month is $2185/month
Rental using $2600/month… Would be able about $400/month positive…
ROI on the $80k would be about 6%….Not bad…
But again, you gonna find Airoso 3/3 @ $400k?
More like $450k….
Mortage would end up being $360k borrowed: or $1718/month
Total cost would be about $2376 and $225/month positive
ROI on $90k invested would be 3%… That sucks…
But at least it’s +… (Never heard CV attached would be positive until recent times)…
Maybe my numbers or off, so please correct me if I’m wrong.
As owner occupied, would make sense even more so. I think both reasons are why this market in CV is on fire.
