[quote=FlyerInHi]Bearish, the proof is in the pudding.
The exact same floor plan I suggested rents for $1,800 per month. And it will go quick. I only saw one on CL. There are few condos on the westside of mira mesa near Sorrento, so professionals taking jobs in the area don’t have a lot of choices (there are new apartments on the east side of MM at I15).
Now show me what else you can buy in the other areas of San Diego you suggested, for $350k, and rents for $1,800 (I’d personally make it nicer and more modern like a downtown condo and charge $2,000)
Question is that really the kind the return the OP wants?[/quote]
I looked on the map and Calle Cristobal in this area appears to be part of the portion which was annexed to MM in recent years. I also noticed that the neither of the listings (sale and rental) for both of your suggestions (in the same complex?) have garages. The rental listing states two parking spaces (uncovered?). $1800 month is a LOT TO PAY to live in a traincar apt. I’m curious what the average length of tenancy is there at that rental price point.
I disagree that tenants who work in that area only have the *new* areas of MM to choose from (the far west and the far east). As I just posted, they have townhomes in the UTC area (w/MANY 3-4 bdrm multilevel units with two-car garages), LJ Colony and Carmel Valley. ALL of those areas are superior to MM, imho, for a variety of reasons. (No offense intended, AN … they just ARE.)
A small SFR anywhere in SD County could easily rent for $1800 mo or more and the owner wouldn’t have HOA dues. Eve won’t be taking out a mtg so she doesn’t have to worry about ROI and cash flow as much as an investor who borrowed most of their purchase money (as AN posted earlier).
