[quote=gzz]”Yeah! Might be able to pull $2k/month if it has a garage. You’d only need to come in with about 70% down to get to zero cash flow. Where do I sign up?”
It does have a garage. $2200 is more like it.
Demanding immediate positive cash flow would have caused you to miss out on half of the current upswing in San Diego, and more like 80% in the Bay Area.
If you look at my other posts, you can see I am bullish on ocean beach.[/quote]
I guess that’s the difference between a momentum investor and a value investor. 😉 I too am bullish on OB long term but I don’t think it this property is a good value. I’ve lived in OB for 25 years and own two rental units here (one at the north end, one at the south). I think the market is overpriced right now. $549k is an awful lot for not-a-great-house on a single lot in a not-a-great-location within OB. Who knows, I could be wrong. I keep waiting for a correction and it never comes.
$2200 is pretty steep for a 1BR, even with a garage. I’m not saying it isn’t possible, I just wouldn’t base any calculations on it. Does not pencil out on my spreadsheet. If it does on yours, more power to you. I won’t talk you out of it.
