I’ve looked at rent in that area mid 2008 and those go for around 2100-2500, depending on the size & condition. 2/2 w/ 1200 sq-ft should be on the lower end. Like FLU said, $2200 max sounds about right. Which means it should be in the low 400k at best for it to be fair value in respect to rent.
jimmyle, for the price of this 2/2 1200 sq-ft, you can get a newer house in MM off Calle Cristobal with a view and around 1000 sq-ft more. You might want to look back to 1996 price of houses like this 2/2 1200 sq-ft house vs the houses off Calle Cristobal to calculate reasonable premium of CV vs MM at the bottom.
