Former San Diegan, none of these are in my rental street but are examples of low GRM (most are shorts). If I post my exact hood I’ll get stalkers. Wait, I want stalkers.
There are 116 listings today in Temecula for under 200k, Rent is rarely under 1300 for pretty much anything that isn’t a 1br apartment. Cheapest craigslist 2br I found was 1300, some of the same complexes are on craigs for a few hundred over what I quoted as rents, the rents I quoted are a tad low so they wont sit vacant. Too many “investors” paid more than twice these prices and need more so they ask too much IMHO, there are many rentals advertised at 20% more than the cost to buy with 0 down, so I can’t imagine why anyone would rent them. I’ve thought about buying one of these as rentals and would stay on the south side of town, near the casino because there is only 1 apartment complex (1200 for a 2/2) for over 40k people and the casino employs about 4500 people (many renter demographic jobs and jobs with tips that will not be able to buy because stated income is over). I’ve held off because the casino just laid off about 10% of it’s staff and I want to see the effect of that before becoming a landlord. Most of the jobs were created last year when the place doubled and the employees appear to commute in. My theory is that renters would prefer to not commute, there are no apartments zoned, the south side is almost built out and entirely zoned so long term it should be a decent investment at or below 125grm, but I also see the overcorrection and the credit crunch taking prices to 100 grm on a more consistent basis as opposed to the few examples I linked. For every one I linked is an exact one listed for twice that, so these were low price leaders in their category.
