kirsten, what is the rent? I am familiar with those condos by D.R. horton, fair rent is about $1400 to $1500 for one of those. As far as a purchase that you later turn into a rental it isn’t a terrible idea, I just need the numbers in order to give you advice. Condos are easier to be landlords of but at 220 it still is overpriced becaue bigger sfr’s can be had for about that, however they were over 300 a year ago.
One thing to consider is the sheer lack of condos and apartments in the area. Pechanga has over 5,000 employees with mostly “renter” demographics, yet there is only one apartment complex and three condo complexes for miles around so you should always have a decent supply of renters. I would however steer you away from those and over a few miles if a condo is truly what you are looking for, look at this complex. The one i linked I chose because it had the most pictures but there others below 200k and a bunch are being repo’d right now, they were in high 3’s to low 400’s two years ago. The difference between those and dr horton’s is that these are true townhomes, two of the three models per building have backyards and most have a driveway. The dr hortons dont have driveways that friends can park in or you can wash your car in, they have a courtyard and parking in your driveway blocks the other people’s access.
