I dont know what to say, if it is a screaming deal, jump on it.
The thing I kinda see is the last part of what you said. “why would they pay that?” I thought, well, maybe schools? The problem is that there are a number of rentals in the area that are 2/2 for 1500-1800. So any young family is sure to not want to over pay by 500-700/month. Add in the whole of MM, with its 2/2’s at 1300-1600 and it looks even worse.
If I had to guess, this guy is sucker fishing. Maybe he has SS appliances and berber carpet and is trying to get a luxery premium. Maybe he wasnt able to maximize his investment like you described and is trying to cover himself.
The whole scripps ranch rents seem kinda distorted to me. The few craigslist listings I saw were all over the place. 3/2 condos for less than your condo. Some “creative” financing rent to own kinda stuff where they rip you off in rent, but if you are willing to buy, they put part of it toward the cost. Even a house for the same cost as your condo (PostingID: 537346452). I am no expert, maybe someone smarter than I can figure it out. But I suspect this is a sign of real stress in the market when LL’s who overpayed are trying to inflate the market to a point that they can survive. Why would I rent a 2/2 condo right next to the freeway when I could rent a 3/2 house on some quiet land a mile away for the same price, in the same zip code and everything? But hey, a sucker is born every day and this guy just needs one.
