peter, koolaid comes in two flavors, bear and bull, don’t drink either. Just plattitudes and cliche’s, still no examples or data. I’ve followed my micro market as much as anyone on the boards or probably the town and I say it is within striking distance right now with 09 being ideal, nobody has made a cogent argument against that, other than generic talking points.
$82 a square for rental property, 89k for a rental that brings over 1k a month, I’ll concede these are the scuzziest units around but they rent, seen them between 1100 and 1300.
Not that you can get 0 down on rental property but purely for mathematical calculations, 90k at 6.5, 30yr fixed is $586 mo. hoa is $275 taxes are about 1500 yr, as they were 3k based on a much higher purchase price, this place peaked at 270k in early 2006 and was 82k in 1992, out the door today, 1k a month total carry with zero down calculated and rents for that plus a little extra. So if I am finding rent nuetral or rent positive properties i have a hard time accepting the other flavor of koolaid and phrases like “prices are still going down, it’s a depreciating asset.” You can’t find a rent positve property using zero down calculations in carmel valley then those phrases apply to carmel valley, but it doesn’t mean that they apply everywhere.
