Fun to reread this thread. I think I might know the complex EP refers to, on Cape May Ave. How many four two-bed cottage complexes on 7000sf lots could there be on a beach block in OB?
Small 2/1 fully detached on shared lots in OB now are more like $2600 with basic interior and no parking to more like $3000 with an off-street space and fully renovated with granite kitchen etc.
Sounds like EP’s bud was undercharging even then, and market was $2200, and is now about $2800 after 6 years, so rent growth of about 5% a year.
My large rental house has had the same tenant and rent for 5 years now. I am OK with getting less than market rent for a zero-stress experience with a tenant who keeps up the place.
My other OB rental also is below market but stress free. I just had to replace the 50 year old oven the condo was built with. It was a split separate range and oven setup that looked really cool, but would have cost $4000 to replace, so I went with a normal combined oven and range.
The chip shortage has even hit the oven market meaning I had to pay nearly full retail price with little selection, but it still looks and functions great and was a free delivery and painless install from Home Depot. It has a built-in air fryer, which is cool and work very well according to the tenant, who helped me pick it out.
I was bummed the one I wanted more, a GE in a brushed brown metal slate color, was not only sold out, but back ordered for 3+ months minimum. It looks more modern and understated than stainless IMO:
