I just listed a condo for sale by San Diego State University, SDSU, for between $100 000 and $120 000. This 2 bedroom, 2 bathroom condo located at 6955 Alvarado Rd #54, San Diego, CA 92120 can be seen on Redfin if you are not a realtor with access to the MLS. To see the condo for sale listing on Redfin just click the link.
This 2 bedroom, 2 bathroom condominium is great For Investor or First Time Home buyer! Super Clean and Spacious 2 Bed 2 Bath Condo. Located Close to Freeways, the trolley, and SDSU. Perfect for SDSU Student or for someone looking for a condo as a rental investment. The last condo sold in this building for $121 000, so this one should go somewhere in the range of $100 000 to $120 000. For those familiar with this area of San Diego it is right across the street from DZ Akins, the trolley is quarter mile up the street too. If you continue west on Alvarado you drive right into San Diego State University.
Condo’s similar to this one rent for around $1200 a month which makes it a great rental investment opportunity. At the height of the market this condo was appraise for $290 000, so even if it recovers to $200 000 in the next 5 to 7 years it’s a great investment in my opinion for as little $25 000 down payment.
- San Diego State Condominium for sale 6955 Alvarado Rd #54, CA 92120, 2 bedrooms and 2 bathrooms
To see what it would cost for you to buy this condominium by SDSU at the current market rates I like to look at the Google mortgage calculator. These calculators give you a good idea of what your monthly mortgage will be, and shows you multiple lenders rates. When I plug in a purchase price of $120 000, with 20% down, I get an average monthly payment of around $515 per month. The home owners association fees for this condo are $310 per month, and lets estimate taxes at 1% of total price per month, so that’s another $120 per month. If you add that together you get a monthly payment of roughly $945. With rents in that area at $1200 less your monthly payment you could have cash flow of $255 per month, or $3060 per year, if you purchased this a rental property.
This sales is a short sale and is subject to lender approval. If you are interested in purchasing this property as a rental investment, or as a primary residence I would love to help you. You can contact Gavin Linde at GL Investments or you can call me directly at 858 314 8145. To see another example of a rental property in San Diego I did one case study for a downtown investment property and for a UTC/La Jolla investment property. What I like about the prices of these investment properties is the cash flow relative to the 20% down, the upside can be tremendous once the property markets settle in the future. All signs are also pointing to higher rent prices as the peoples who lost their home to foreclosure are moving into rental. If you have good credit and some money for a down payment now is great time to buy a new home, or buy a rental investment property in my opinion.
