1st 2001 price in Mira Mesa

[peterb]

With 20% down, it looks like PITI would be about $8000 to $8,500 a year.HOA is unknown, but probably at least $150 a month. So then it’s pushing $10,000 a year. It could rent for around $10,000 to $12,000 a year if the comps off Craigslist are reliable. All other factors about renting considered and that this will probably be one of the last property types to experience appreciation when and if it finally comes back….I would say this is a “no go”. Just IMO.

[jimmyle]

Yes, rent for an apartment like this in Mira Mesa is around $1050 to $1100. I was looking to rent in this area but then decided to pay $200 more to live in Carmel Valley to be closer to the 5 freeway. My sister in law (a part-time realtor) told me to buy an apartment like this instead of renting. She said with 20% down, my mortgage payment would be much lower than my rent and then later I can buy a house and rent the apartment out.

Let say an apartment is selling for $130K, and you put down $26K (20%), then the principal is $104K
with interest rate around 5.7%, monthly payment is $603

$603
$200 HOA
$140 Tax
—-
$943

It makes sense but I thought prices might still come down lower.

[jimmyle]

Yes, rent for an apartment like this in Mira Mesa is around $1050 to $1100. I was looking to rent in this area but then decided to pay $200 more to live in Carmel Valley to be closer to the 5 freeway. My sister in law (a part-time realtor) told me to buy an apartment like this instead of renting. She said with 20% down, my mortgage payment would be much lower than my rent and then later I can buy a house and rent the apartment out.

Let say an apartment is selling for $130K, and you put down $26K (20%), then the principal is $104K
with interest rate around 5.7%, monthly payment is $603

$603
$200 HOA
$140 Tax
—-
$943

It makes sense but I thought prices might still come down lower.

[jimmyle]

Yes, rent for an apartment like this in Mira Mesa is around $1050 to $1100. I was looking to rent in this area but then decided to pay $200 more to live in Carmel Valley to be closer to the 5 freeway. My sister in law (a part-time realtor) told me to buy an apartment like this instead of renting. She said with 20% down, my mortgage payment would be much lower than my rent and then later I can buy a house and rent the apartment out.

Let say an apartment is selling for $130K, and you put down $26K (20%), then the principal is $104K
with interest rate around 5.7%, monthly payment is $603

$603
$200 HOA
$140 Tax
—-
$943

It makes sense but I thought prices might still come down lower.

[jimmyle]

Yes, rent for an apartment like this in Mira Mesa is around $1050 to $1100. I was looking to rent in this area but then decided to pay $200 more to live in Carmel Valley to be closer to the 5 freeway. My sister in law (a part-time realtor) told me to buy an apartment like this instead of renting. She said with 20% down, my mortgage payment would be much lower than my rent and then later I can buy a house and rent the apartment out.

Let say an apartment is selling for $130K, and you put down $26K (20%), then the principal is $104K
with interest rate around 5.7%, monthly payment is $603

$603
$200 HOA
$140 Tax
—-
$943

It makes sense but I thought prices might still come down lower.

[jimmyle]

Yes, rent for an apartment like this in Mira Mesa is around $1050 to $1100. I was looking to rent in this area but then decided to pay $200 more to live in Carmel Valley to be closer to the 5 freeway. My sister in law (a part-time realtor) told me to buy an apartment like this instead of renting. She said with 20% down, my mortgage payment would be much lower than my rent and then later I can buy a house and rent the apartment out.

Let say an apartment is selling for $130K, and you put down $26K (20%), then the principal is $104K
with interest rate around 5.7%, monthly payment is $603

$603
$200 HOA
$140 Tax
—-
$943

It makes sense but I thought prices might still come down lower.

[Coronita]

Jimmyle,

Question for you.

Assuming your rental in CV is $1300/month. This is for a 1 bedroom.. How large?

Also, mind if you disclose which complex you're currently renting from in CV? I just want to get a feel for what CV rents are these days. 

[Coronita]

Jimmyle,

Question for you.

Assuming your rental in CV is $1300/month. This is for a 1 bedroom.. How large?

Also, mind if you disclose which complex you're currently renting from in CV? I just want to get a feel for what CV rents are these days. 

[Coronita]

Jimmyle,

Question for you.

Assuming your rental in CV is $1300/month. This is for a 1 bedroom.. How large?

Also, mind if you disclose which complex you're currently renting from in CV? I just want to get a feel for what CV rents are these days. 

[Coronita]

Jimmyle,

Question for you.

Assuming your rental in CV is $1300/month. This is for a 1 bedroom.. How large?

Also, mind if you disclose which complex you're currently renting from in CV? I just want to get a feel for what CV rents are these days. 

[Coronita]

Jimmyle,

Question for you.

Assuming your rental in CV is $1300/month. This is for a 1 bedroom.. How large?

Also, mind if you disclose which complex you're currently renting from in CV? I just want to get a feel for what CV rents are these days. 

[jimmyle]

Lazy,

Yes, it is $1300 a month for a 1b/1b 792 sq ft. My complex is ‘The Lakes’ on Carmel Vista Rd. near the 5 and 56. This is an older complex (~ early 1980s). You should expect to pay around $1350-1400 for a 1b/1b in other newer complexes.

[jimmyle]

Lazy,

Yes, it is $1300 a month for a 1b/1b 792 sq ft. My complex is ‘The Lakes’ on Carmel Vista Rd. near the 5 and 56. This is an older complex (~ early 1980s). You should expect to pay around $1350-1400 for a 1b/1b in other newer complexes.

[jimmyle]

Lazy,

Yes, it is $1300 a month for a 1b/1b 792 sq ft. My complex is ‘The Lakes’ on Carmel Vista Rd. near the 5 and 56. This is an older complex (~ early 1980s). You should expect to pay around $1350-1400 for a 1b/1b in other newer complexes.

[jimmyle]

Lazy,

Yes, it is $1300 a month for a 1b/1b 792 sq ft. My complex is ‘The Lakes’ on Carmel Vista Rd. near the 5 and 56. This is an older complex (~ early 1980s). You should expect to pay around $1350-1400 for a 1b/1b in other newer complexes.

[Author]

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