$300k property $2800 in rent does it work on paper?

[PCinSD]

[quote=Eugene][quote=pabloesqobar]
Yeah, I was thinking about that. Those seem like very high rent numbers for a house(s) that went for $300k.

I just helped a friend renovate a house he bought in Lemon Grove that is now being rented out. He paid $290k, and put another $15k into it. He’s renting it out for $2300. I thought that was a decent return.[/quote]

Maybe the fact that it’s a dual family dwelling tilts things in his direction. If it were a single family, there would be a zero chance of finding a habitable house that costs 300k and rents anywhere above your 2300. Even 2300 sounds too high. You can get a 3-bedroom in Rancho Penasquitos south of 56 for that. Is your friend renting out the whole house to one family, or room by room?[/quote]

It’s being rented out to a single family. He took his time and was very picky with his choice of tenant. And it was a 4 bed, 3 full bath with a yard. In a small HOA community at the end of a cul-de-sac. But I would agree that he is lucky to be getting $2300/month for that place. It is what it is.

Another guy I know is a landlord and rents out a house around the corner from him for $2000 a month. That’s a Section 8 unit. There is no way that place is worth $2000 a month. But Section 8 is a different market. It appears they pay more than what a unit would get on the open market.

[Doooh]

Here’s the property in question. I’ve moved on. I was going to throw in an offer of $300k with the price drop on 2-14-2011. I found out there was already an offer in when I was debating mine. The news of the existing offer just before mine made me pass on submitting mine.

Obviously the Bank didn’t think the $350 offer was good enough and rejected it? It’s now re-listed at $465k, and will not cash flow now as a rental.

[Doooh]

Here’s the property in question. I’ve moved on. I was going to throw in an offer of $300k with the price drop on 2-14-2011. I found out there was already an offer in when I was debating mine. The news of the existing offer just before mine made me pass on submitting mine.

Obviously the Bank didn’t think the $350 offer was good enough and rejected it? It’s now re-listed at $465k, and will not cash flow now as a rental.

[Doooh]

Here’s the property in question. I’ve moved on. I was going to throw in an offer of $300k with the price drop on 2-14-2011. I found out there was already an offer in when I was debating mine. The news of the existing offer just before mine made me pass on submitting mine.

Obviously the Bank didn’t think the $350 offer was good enough and rejected it? It’s now re-listed at $465k, and will not cash flow now as a rental.

[Doooh]

Here’s the property in question. I’ve moved on. I was going to throw in an offer of $300k with the price drop on 2-14-2011. I found out there was already an offer in when I was debating mine. The news of the existing offer just before mine made me pass on submitting mine.

Obviously the Bank didn’t think the $350 offer was good enough and rejected it? It’s now re-listed at $465k, and will not cash flow now as a rental.

[Doooh]

Here’s the property in question. I’ve moved on. I was going to throw in an offer of $300k with the price drop on 2-14-2011. I found out there was already an offer in when I was debating mine. The news of the existing offer just before mine made me pass on submitting mine.

Obviously the Bank didn’t think the $350 offer was good enough and rejected it? It’s now re-listed at $465k, and will not cash flow now as a rental.

[Doooh]

opps forgot the link.

http://www.zillow.com/homedetails/13674-Somerset-Rd-Poway-CA-92064/72108623_zpid/#{scid=hdp-site-map-bubble-address}

[Doooh]

opps forgot the link.

http://www.zillow.com/homedetails/13674-Somerset-Rd-Poway-CA-92064/72108623_zpid/#{scid=hdp-site-map-bubble-address}

[Doooh]

opps forgot the link.

http://www.zillow.com/homedetails/13674-Somerset-Rd-Poway-CA-92064/72108623_zpid/#{scid=hdp-site-map-bubble-address}

[Doooh]

opps forgot the link.

http://www.zillow.com/homedetails/13674-Somerset-Rd-Poway-CA-92064/72108623_zpid/#{scid=hdp-site-map-bubble-address}

[Doooh]

opps forgot the link.

http://www.zillow.com/homedetails/13674-Somerset-Rd-Poway-CA-92064/72108623_zpid/#{scid=hdp-site-map-bubble-address}

[temeculaguy]

107x might be impossible to find in SD, but it’s child’s play in my neck of the woods and has been for two years. Using Bug’s old butterfly effect theory, my guess is that it may be coming your way.

[temeculaguy]

107x might be impossible to find in SD, but it’s child’s play in my neck of the woods and has been for two years. Using Bug’s old butterfly effect theory, my guess is that it may be coming your way.

[temeculaguy]

107x might be impossible to find in SD, but it’s child’s play in my neck of the woods and has been for two years. Using Bug’s old butterfly effect theory, my guess is that it may be coming your way.

[temeculaguy]

107x might be impossible to find in SD, but it’s child’s play in my neck of the woods and has been for two years. Using Bug’s old butterfly effect theory, my guess is that it may be coming your way.

[Author]

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