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Wednesday, November 18th, 2009 at 2:27 PM

Bungalow REO – Interior

Here’s a tour for those wanting a peek inside what most women would call the “cute” beach bungalow, built in 1928:

Posted on Wednesday, November 18th, 2009 at 2:27 PM in Jim TV, REO Pre-Listings, Thinking of Buying? | 7 Comments » | Print Print You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Reader Comments: 7 Responses

  1. Thanks for the “big ending.” When I was a kid I could crash in these for free off season on “The Cape.” My family owned from Chatham to Falmouth to P-Town. The difference being the crapboxes I could squat were on the sand.

    What’s the ROI from zero to $1200/week?

    My point being demand is gone and rental expectations are way out of line.

    Rob Dawg | November 18th, 2009 at 3:08 pm

  2. I’m a big fan of staying in vacation rentals vs hotels… probably because I’ve got young kids and want to stay up past their bedtime – which you can’t do if you’re all in the same room.

    But the rental price on this is way out of line. There are beach front places that rent for cheaper.

    UCGal | November 18th, 2009 at 3:29 pm

  3. The little area between the main room and the kitchen at 0:30…yeah, they are calling that the third bedroom, methinks.

    In any case, let’s say $1,500 a week for six months of the year, $1,000 a week for the other six months. Assuming 100% occupancy (not going to happen, of course), that’s still $65,000 a year. At even a million dollars, that’s probably profitable at 100% occupancy. Factoring in vacancy, and the price I suggested ($680k) seems reasonable, IMHO.

    Geotpf | November 18th, 2009 at 5:06 pm

  4. Does that rate cover the weekly cleaning, the San Diego rental tax, higher than average maintenance, etc.? Dunno…

    tj & the bear | November 18th, 2009 at 5:30 pm

  5. Anyone interested can contact me for renting on Cape Cod for ummmm somewhat lower rates from my sister, 2x paternal aunts, fraternal aunt and various relations of questionable genetic association.

    Point being a block off the beach is well… a block off the beach.

    Rob Dawg | November 18th, 2009 at 6:02 pm

  6. Geotpf – I think you also need to factor in your fees to the local rental management agency. I don’t think many people are really up to playing landlord and they won’t have a clue about marketing. The people running those “Vacation Rentals” companies are going to take a chunk of money to market and manage for you.

    Art Eclectic | November 18th, 2009 at 10:13 pm

  7. I wonder how high those fees are (I really don’t know). I also wonder if the internet based versions are cheaper.

    But there has to be significant risk here if somebody does purchase it for these reasons-obviously, since the last guy got foreclosed. Maybe somebody will buy it to live in, though.

    Geotpf | November 19th, 2009 at 8:35 am

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