This sold for $280,000 in May 2005, and 10 months later it sold again for $366,500.
Today? $118,900!
68% off!
Jim Klinge
Klinge Realty Group
Broker-Associate, Compass
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CA DRE #01527365, CA DRE #00873197
Well, I have no idea what rent is in Vista, but I have to think that with 20% down you can easily buy this for a cheaper monthly payment than renting it. Jim?
Of course, 20% down is $23k. Do buyers in this neighborhood typically have $23k in the bank ready to go? (Not trying to be snooty, just genuinely curious – I believe most families living in Carmel Valley don’t have $200k sitting around to buy that average $1 million home.) If not, it has to put pressure on rents and therefore prices.
68% off peak sounds fantastic. But comparing prices to a peak is dangerous. Buyers should be looking at the base – take a look at a 10 year NASDAQ chart. Remember the bubble before real estate? That being said, this still looks like a deal.
FHA = $4,161 down payment for owner-occupants, with PITI around $850/month.
Rent = $900 minimum.
Big yard + hardwood floors = no brainer.
The neighborhood? About 2-3 years ago the cops shot dead three bad guys in three different incidents in one week.
I haven’t heard of any problems since.
Now THAT looks like a decent investment property. No concern about interest rates rising if you never have to sell, and that property should at least pay for itself.
Local Boy should be all over this — seriously.
Wonder why they ever decided to carpet-over that nice redoak floor in the living room?
Didn’t you know that carpet over wood flooring is an upgrade!
:-p
I bet it closes at $135,000… especially with the upgraded flooring…
I didn’t know houses were available to rent so cheaply. This house pencils out a lot better than a lot of those condos do with the hoa fees taking a large bite out of your cash flow. With maintenance and 90% occupancy it may not be a cash flow winner for an fha borrower but with more money down it could be doable. Maybe buy it and offer it as a lease purchase option to people who would like to live in that area and don’t have the 23k to put down. You may miss out on the appreciation but I don’t think investors at this point are counting on much of that in the next few years. Jim keep up the great work, you’re the best thing to come to real estate in a long time.
That’s actually a pretty nice floorplan for the size. Great floors!
Yes, some things are beginning to make sense in some neighborhoods. Problem is, some “investors” are probably going to bid this up.
That house could have easily have been in my neck of the woods, Riverside. There are thousands here with that general makeup. Price would be about the same, too (depending on neighborhood-for bad neighborhoods, you could get it even cheaper, possibly as little as half, although it would run more than that in the Wood Streets).
Hmm…lemme do a Redfin search…
There are 138 single family, detatched houses with square footage less than 1,000 in the city of Riverside currently for sale, with prices ranging from $47k to $425k. 59 are under $100k. 11 are over $200k. I’ll bet 90% have hardwood floors, although I’ll also bet that quite a few also have carpet on top.
I’ve lived in Santee now for 3 years and have yet to see my first ice cream truck. Every time Jim rolls the camera, one shows up.
Next time I’m in need of a Banana Fudge Bar, I’m showing up at your place to visit your next listing!
What’s the crime rate like in this part of town? Are gangs an issue?
I’m guessing the reason you put carpet over nice oak floors is because it’s a rental and renters are not known for taking good care of nice wood floors.
Great backyard!
Ugliest dump I’ve seen in a long time! No doubt the thickness of the widely praised floorboards can be measured in microns.
The state of the place betrays its role as temporary accomodations only, aimed at people too poor to afford a more decent standard living.
Wake up guys, you have forgotten what money is worth. $100,000 is a lot of money! Would YOU live in this? _And_ pay $900 per month for the privilege???
Didn’t think so.
“Ugliest dump I’ve seen in a long time!”
I’m guessing you’re new around here. 🙂 Check some of Jim’s other videos.
Love the website/blog and videos. I do something real similar here in Texas. Thanks for the inspiration Jim and keeping it real. I’ll be visiting Oceanside in August for my brothers wedding so I can see the bubble first hand, we don’t have it so bad over here:)
william-I’d perfer that to some condo (or apartment) with shared walls (and possibly a neighbor above or below), minimal parking, no yard, and a HOA fee.
Low end properties like this are apartment/condo replacements for the most part. Looked at such, they are a big upgrade.
It took 12 posts for someone to chime in about $100K being a lot of money. Dude, that’s barely enough to build a pool. Get real.
That looks like a decent investment, with very little work needed to make it a rental. When I live down there in another 1-2 years, I’m all over that.