OOPS My bad ! I should be harshly scolded for excluding property tax. Need to consult my spreadsheets rather than off-the-cuff.
So, the condo would have to be in the 250-270K to make sense for the renter to purchase IMO. Must be cheaper still for a landlord to consider wrt cash flow.
I’ve scoured ZipRealty in the areas that I know well (central and Central coastal SD), and found maybe a handful in the $325K range that are in areas that might rent out near $1200-1300. Most would rent for 1100-1200 at best. Must be somewhere else in SD.
Maybe it is adjoining rooms at that National City hotel conversion.
