The first property in 91914 has a $219,900 asking price. Its tax bill is stated on Redfin as being $2,829. In fact, the current tax bill (based upon a $385K assessment) is $4,671.80. In addition, Redfin states it has $170 mo in HOA dues.
The second property in 91915 has a $215,900 asking price. Redfin does not state its current tax bill. No tax bill is shown on the assessor’s website for this particular unit but three different comparable units in the same complex have current tax bills of $2630.02 (for a $157K assessed value), $3,018.32 (for a $202K assessed value) and $3,415.00 (for a $186K assessed value). All of these assessed values are lower than the current asking price of this unit. In addition, Redfin states it has $169 mo in HOA dues.
Monthly dues and real taxes would have to be factored in for investment purposes. The MR bonds in at least the first unit last for 40 years from the date the last unit in the CFD was sold.
The first unit (with a 2-car garage) should consistently rent for $1750. The second, smaller unit (with a carport) should rent for $1450 to $1500.
I don’t know if they are good investments at the current asking prices. It depends on how much of a downpayment the investor uses, if the stated HOA dues are accurate (and won’t rise soon) and how much the actual fixed MR obligations are on each of these properties, in addition to the ad valorem portion of the property tax bill.
Note: The lack of online tax bills does not bode well for the second complex. It is very possible that once a certain number of its units landed in the hands of FNMA, that they are either exempt from taxation during their period of “ownership” (being a quasi-govm’t entity) or the tax bills are held in suspense until FNMA resells the properties.
