It is part of the Aragon condo project on the 7700 block of El Cajon Blvd. Many of the units (including this one) include a commercial space on the ground floor with two story townhome above.
Turns out this guy bought the place in January 07 for 508K (county tax records) from the developer with the intend to flip (I guess)! Now, after 8 months, he is attempting to rent it out for 1400/month which is significantly less than 2 other units (not identical)in the same complex as listed on Craigslist (1900 and 2100). He is attempting to rent only the townhome for the money and hoping to find another renter for the commercial space.
I can’t fathom why he is just now attempting to rent. I guess he thought he might get an immediate flip? He is asking $80K-$120K more than he bought it for, even though the developer is still releasing other units.
I gather this guy got the last of the particular floor plan (5) and the asking prices for the larger plans with commercial space is significantly higher on the website. I guess he thought he was getting a deal.
Who would be trying to flip directly from a developer while units are still being released in this market? I’m afraid to rent from him as I think he is likely a future flopper.
Ask your trusted Realtor (if there is such person) to poke around and find out:
1. how much he owes on that property you want to rent;
2. if he owns other properties in the county;
3. how much he owes on the other properties he might own.
It’s all public data and the title companies have that info.
If you have time, you can go to the County Recorder’s office to poke around yourself.
I think that a subscription to realtytrac.com might give you the data you need, but I’ve not tried it.
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