[bearishgurl]

I don’t think MM qualifies as “old enough” to be “gentrified.” And there’s no compelling architecture there that “higher demographics” would move in to “preserve.”

City Heights actually has a “WWII” and “mid-century” commercial corridor on EC Blvd that is kind of spruced up now with the cut-and-cover parks over I-15. A new “mid-century look” community rec center and swimming pool and the Joan Kroc Ice Rink near Colima Park rounds out the city improvements.

A lot of cute, rehabbed craftsman and even Spanish are found in CH as well, small in size (compared to adjacent communities with more expensive housing).

MM just has a conglomerate of newer mid-rise commercial bldgs and chain hotels on the east end, all bunched-in together. It just looks sterile and extremely crowded to me. 92126 is all on tract as well (except maybe ONE street). There is really no reason to rehab anything there for a “labor of love” as there are no pocket doors and redwood built-ins around the FP to save, etc.

There’s nothing wrong with this, but it’s not the sort of area that gets “gentrified.”

I agree that MM is probably better to raise a family in than City Heights, however.

SK is right. MM is within the “city” but is actually a “suburb” as it is separated from the “metro” portion of SD by MCAS Miramar.

[bearishgurl]

[quote=flu]Another zip code in SD please? :)[/quote]

Does it have to be a condo? Would you be interested in a <$250K SFR for an investment? $1600 - $1800 monthly rent with no HOA dues.

[bearishgurl]

[quote=flu]…And as ER pointed out the value of upcoming “gentrification”, it’s pretty evident that is happening right now in MM, which is probably why there’s even more interest there…[/quote]

I haven’t driven around in Rolando for quite some time. The links to those two condo complexes shown by you and spdrun both seem to be pretty clean. I can tell you that the typical colors of that era were brown, gold, dark tan, mustard and avocado green. The first link looks light, bright and more modern. They must have had at least a semi-solvent HOA in order to be able to give that big of a complex a nice facelift (or collect special assessments?).

I remember a few rather undesirable “landmarks” south of Streamview but the current Google map doesn’t match up with them so I would have to drive around there to see for myself if that area is beginning to “gentrify.”

It IS fairly close-in to dtn SD via Hwy 94 at College and also SDSU. You can’t take that away. It is what it is.

[bearishgurl]

[quote=earlyretirement]… http://www.vrbo.com/search/usa/californi&#8230; San Diego has over 3,400 there listed and I’ve been watching the occupancy rate on several high end ones and some are rented all the time.

… http://www.vrbo.com/426430 Just one example of many (this one happens to be in Santaluz). $13,500 per WEEK. $16,600 per month. Check out their rental calendar….[/quote]

Yes, ER, I’m familiar with vrbo.com but never stayed in one myself. I’ve stayed in other people’s timeshares a few times, however, a week at a time, just by covering their HOA dues for that year.

I’m wondering about a few things, though.

The mgmt of a vrbo property seems like it must be labor-intensive … like lodging. Fresh sheets and towels, clean dishes and the like. Cleaning frequently in between tenants. Am I wrong on this?

How many weeks (realistically) could you rent a place out for per year? Is the demand there for all year-round in SD (minus cleaning days, of course)?

And do you friends who rent their homes out for special events ever live in them themselves? If so, do they take a trip or move in with relatives while their house is occupied? And what do they do with their personal belongings and valuables while they’re frequently and intermittently gone from home? Is it customary to lock off a room such as a personal study from vrbo guests?

It sounds like a bit of a hassle for the owner but I guess the money is there if your property is in the “right” location, depending on events going on ….

[bearishgurl]

[quote=flu][quote=bearishgurl][quote=flu][quote=earlyretirement]Yeah, I saw Zillow had a rent zestimate of $1422 per month. I’m sure that area might be a bit rough but seems like the buyer is getting a steal if they can get $1400 per month!

I saw it was a short sale so realize that these types of thing are few and far between. Typically I only like buying in premium areas or areas that are quickly gentrifying but I think I’d risk it for that price!

spdrun – sounds like you’re cleaning up if you’re picking up properties at this price and getting these types of rents![/quote]

Well, we’ll find out…maybe….

No further comment at this point.[/quote]

I’m trying to find my construction defect listing of HOAs and SFR subdivisions off the class action case for PBT plumbing which was settled in 1994.

It’s somewhere in one of three lateral files :=0

IIRC, ~47K total units in the county were affected, built between approx 1980 and 1986.[/quote]

Not sure what the purpose would be….[/quote]

I guess the info isn’t really valuable to anyone. And x-amount of owners after-the-fact wouldn’t know if the complex/house was built with faulty plumbing or if it was ever replaced. And if they DID know, they wouldn’t tell a potential buyer, anyway.

So, it’s no skin off my neck if you want to feel free to shop in the dark … or see if your agent knows anything or your inspector can tell … in a condo complex.

Good luck, flu … ESP in the price range you are looking in 🙂

[bearishgurl]

spdrun is dumb like a fox :=D

While some of y’all are all wrapped up in investing in just ONE zip code, he’s making (sight-unseen?) offers from 3000+ miles away, lol . . . .

I daresay he may very well be successful in getting one, purely due to persistence!

[bearishgurl]

[quote=flu][quote=earlyretirement]Yeah, I saw Zillow had a rent zestimate of $1422 per month. I’m sure that area might be a bit rough but seems like the buyer is getting a steal if they can get $1400 per month!

I saw it was a short sale so realize that these types of thing are few and far between. Typically I only like buying in premium areas or areas that are quickly gentrifying but I think I’d risk it for that price!

spdrun – sounds like you’re cleaning up if you’re picking up properties at this price and getting these types of rents![/quote]

Well, we’ll find out…maybe….

No further comment at this point.[/quote]

I’m trying to find my construction defect listing of HOAs and SFR subdivisions off the class action case for PBT plumbing which was settled in 1994.

It’s somewhere in one of three lateral files :=0

IIRC, ~47K total units in the county were affected, built between approx 1980 and 1986.

[bearishgurl]

[quote=earlyretirement]Yeah, I saw Zillow had a rent zestimate of $1422 per month. I’m sure that area might be a bit rough but seems like the buyer is getting a steal if they can get $1400 per month!

I saw it was a short sale so realize that these types of thing are few and far between. Typically I only like buying in premium areas or areas that are quickly gentrifying but I think I’d risk it for that price!

spdrun – sounds like you’re cleaning up if you’re picking up properties at this price and getting these types of rents![/quote]

ER, this area isn’t “rough.” It is working class and students. A lot of white collar professionals and para-professionals who work downtown live there.

You stated above that you think SFR’s? in “NCC” and “good school districts” make good rentals. Actually, they don’t, for buyers who are purchasing today. They cost too much and insurance, taxes and often HOA/MR are too high on them to cash flow, unless the buyer puts 50-60% down. For a house like you’re talking about, that is $350-$400K down. These properties don’t typically “pencil out” in SD as rentals.

IIRC, you’ve stated before that your rentals are not in CA and that some (or all?) of them are overseas. You also stated that you rent (some or all?) of them by the day, week and month (short-term resort? lodging). That is NOT what spdrun and flu are looking for here.

They are looking for local bread-and-butter cash flow.

The “truly wealthy” families who move into SD can buy. They have no need to rent. And only very few micro-areas in SD County allow day, week and month rentals, as you have.

For these reasons, your rental experiences are not analogous to those found in SD County, IMHO.

[bearishgurl]

[quote=flu][quote=earlyretirement][quote=spdrun]Here’s one condo listed at $125k that I saw last month, but didn’t make an offer on. HOA = $265/mo, 2 bedroom, 2.5 bath, decently maintained complex.

http://www.trulia.com/property/3105956930-3916-60th-St-105-San-Diego-CA-92115

There have been others.[/quote]

Just out of curiosity what does a place in this area REALISTICALLY rent for?[/quote]

Probably $1300-1450/month for a 2/2… This one in particular probably on the lower end…..There is probably more turnover due to the seasonality of renters in the area versus say MM… BUT it is doable me thinks in general.. Not sure about this particular complex, because haven’t researched this one in particular…..

http://sandiego.craigslist.org/csd/apa/3620289555.html
(wondering how I know, huh 🙂 ? )[/quote]

flu, I was going to make an educated guess of $1450. Your sample craiglist rental is 200 sf smaller and has only ONE space in a “collective?” garage. spdrun’s listing has a two-car garage all to itself.

Your tenants don’t have to be “seasonal” if you don’t rent to students.

[bearishgurl]

flu, can I just inquire as to which zip code in SD County you would expect to find a ~$100K condo that you would make an offer on?

[bearishgurl]

Unless the property is right on top of or next to the known duck-pond-slash-fmr-landfill in Rolando (and doesn’t still have PBT plumbing of course), it is okay. This complex may even attract SDSU students but I wouldn’t rent to them.

AN, that other “decent” area called MM has subdivisions which also were “victims” of PBT plumbing.

But of course, you know that already. You are there.

spdrun’s listing, a lg two bdrm condo with a 2-car garage, will attract the exact same quality of tenant as a similarly-sized one in MM would, IMO.

There is plenty of shopping around there to satisfy anyone’s taste. And Horton Plaza is about ~5 miles.

Not bad, spdrun . . . depending …

[bearishgurl]

[quote=spdrun]Here’s one condo listed at $125k that I saw last month, but didn’t make an offer on. HOA = $265/mo, 2 bedroom, 2.5 bath, decently maintained complex.

http://www.trulia.com/property/3105956930-3916-60th-St-105-San-Diego-CA-92115

There have been others.[/quote]

Wow, those units have really been “freshened up” in light colors!

Nice that it has a 2-car garage and am surmising that one of the baths is only a half-bath.

Just north of the fmr College Grove shopping center which is now primarily big box stores.

Note: 1981-82 was at the height of the era of the use of PBT plumbing in SD construction.

Maybe this complex was part of the class-action suit against the plumbing mfr and already fixed most of their plumbing.

We can only hope :=0

[bearishgurl]

[quote=AN]You have a partner in crime flu.

BG, spdrun said he has a 1/1 in a decent area getting 7.5% cap rate. flu’s just wondering where this secret spot is. I said it’s not where he’d consider decent but I obviously was wrong since flu does think southeast SD is decent.[/quote]

There are very few condos (if any) in SE SD (92114). There is at least one complex in 92113 which are actually condos that I know of. There are a few older complexes of condos/PUDs in 92139. In all three zips, there very, very few 1 br condos … if any.

In any case, I haven’t checked but don’t think ANY of these units would be currently listed for the ~$100K price range. If they are, they would be SS’s.

Spring Valley (91977) MAY still have some units left in the $100K price range … but IIRC, there VERY few 1 br condos there, as well.

It may be still possible to find a 1 br condo in 92105 for ~$100K. But this isn’t technically “SE SD.” It is metro SD.

Ditto in Santee and Lakeside.

[bearishgurl]

[quote=SD Realtor]Cash flow has no boundaries, decent or otherwise. The pain threshold for management of properties, tenant quality personal and/or neighborhood safety varies for all of us. Cash flow calculations on paper rarely match reality as you move into more questionable areas unless you are intimately experienced in those neighborhoods.[/quote]

Agree, SDR. IIRC, flu owns a 1 br condo in MM which he bought last year as an investment property.

spdrun is looking for the same-type property.

As you know, managing a single tenant (or a couple) in a 1 br unit (where HOA dues take care of the landscaping, etc) is a completely different animal than managing a SFR with a family with minor children as tenants. The family-tenants can turn into a LOT MORE WORK and headache for the LL, no matter WHERE it’s located. Tenant families can be hard on properties and leave them trashed and in disrepair in MM, SE SD, or even in CarmelV!

Like you, I’ve seen a LOT of properties both for rent AND for sale in several areas which would qualify as “upper-middle class” in which pets (unknown to the LL) were brought in and the carpet was trashed, the interior doors were kicked in, the kitchen was filthy (have you ever taken apart a $1500+ Jenn-Aire downdraft cooktop to clean 4″ of grease out of it?), the pool was green, etc, etc.

No area is immune from filthy tenants or tenants who will stiff their LL on rent without batting an eyelash, or filthy, deadbeat owners for that matter … not even RSF.

[bearishgurl]

[quote=AN][quote=spdrun]flu – Decent area, but would prefer NOT to send people there at present since it appears to be a bit off the radar :)[/quote]
Not where flu would be considered decent. Some people think south east SD is decent :-D.[/quote]

Ahem, AN, some “southeast” SD neighborhoods have better, bigger homes (some streets with great views) and bigger lots than your typical MM neighborhood of the same age (30-40 yrs). And these areas are no better or worse than same or similar MM ‘hoods. Nor is the tenant quality.

spdrun is trying to buy a (SS) condo in the $100K range. At this price range, beggars can’t be choosers. You either want the 7.5% cap rate … or you don’t. If you don’t, then try to buy the same size/age MM condo for $100K. And … good luck.

I think your “friend,” flu will tell you that those days are long gone.

But of course, you know all this already. You are there.

[Author]

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