North San Diego County Condos under $100K

There is a group of condominiums in the Oceanside/Carlsbad/ Vista area, why we call it Tri-City, which have come down so far in price that not buying would be a bad idea. These complexes are located at Hacienda Dr. and Thunder Dr. near the Oceanside Motor Vehicle Department. The neighborhood is often called Braewood and two of the complexes are Seabreeze and Bay Shores.

I went to look at a unit, which was in fair shape. It would need new carpeting and new faces on the kitchen cabinets and paint of course. The listed price for this two bedroom 1.5 bath unit was $98,000. The comps, of recent sold units, have prices dropping as low as $78,000 with several sold prices in the $80K range.

I stopped into a unit where a person was working, and found he was an investor who had just closed on that unit, making it his second in that complex. His personal suggestion was not to pay over $87K for the three bedroom units.

Local rents range from $1100 to $1550 per month, depending on the number of bedrooms and beauty of the unit. Even though the complexes have a less than desirable reputation, the rents compete with better neighborhoods. Because there is not an over-supply of rental units in North County this keeps a demand for good rentals.

Investors getting a loan for properties would be expected to put down 20% approximately $20,000, leaving a loan of les than $70,000. Investors often pay their own closing costs, but that is all negotiable within the offer. With taxes and insurance an investor should have a payment under $800 a month. Added to that would be the Home Owners Association fee which averages $280 per month in these complexes. Double-check to find if the complex has additional assessments.

Purchaser residents will be able to borrow almost the entire amount. Also, there are various first-time lender programs to help a buyer get 100% financing. This could run your monthly payments close to $1500.00 per month which would be your rental payment within that complex.

Investors will want to put a few thousand dollars of upgrades and repairs into the unit to make it a good rental. The whole idea behind an investment property would be have it rented and receive the income every month. It would be a good idea to have plans and contractors in place with viable estimates of time and money to get the unit into rentable shape.

A good realtor should be able to help you with all the answers to these questions. I will, if you ask.

Frank Crowley

Keller Williams Realtor

(760) 685-2380

fcrowley@kw.com

http://NorthCounty1stTimeHomeBuyers.com

http://fcrowley.yourkwagent.com