SD Realtor,
I’m sorry I missed your question back in June. I really just went with a gut feeling and didn’t feel it was worth more then the asking price of 69K. This was the first 2bed/2bath under 90k at the time of listing. It would still break even at 85K with a rental of $900 month. I liked the fact that it was 1 story building (no one on top/bottom)and 1 block from the elementary. I also like HOAs under 200, this one was $160 month. No matter how many times you go over the numbers there are so many variables it’s almost impossible to narrow it down to just one number.
CV2,
There is a new unit in this complex listed at $73,900. I haven’t done any more investigations on the current situation with the HOA, but at the time they were paying water/insurance and didn’t owe any money. At the rate that condos are falling, this doesn’t seem like such a good deal as it did just a couple of months ago. This would still be a good investment, but it’s a little too far away for me to make a move at this time. I’ve been watching some condos closer to my residence that would be more convenient to manage.
Here’s the link: MLS #080048826 http://www.ziprealty.com/buy_a_home/logged_in/search/home_detail.jsp?property_type=SFR&source=SANDICOR&cKey=vf5qb639&page=1&listing_num=080048826&mls=mls_sandiego
