Hang tough, those cruddy 2/1 apartments will probably be $100K when it’s done.
You don’t buy those to live in them, you buy them to cashflow. The condos HOA fees and the new developments mello-roos crash cash flow in a hurry.
As a rental, these old units can’t compete with the new soaring average rent. Rent increases have been driven by new units with larger floorplan, more functional space, greater amenities, garages and updated/upgraded accoutriments.
This is dated, worn, has a carport, lacks amenities and I suspect the floorplan is classic wasted space with hallways common in the late 70s/early 80s.
In other words, these will be tough rents going forward and they will need to compete on price for a price sensitive tenant.
