San Diego, CA Condo

It might not be the most charming or stunning unit in SoCal, but this 1-bedroom condo in the City Heights area of San Diego seems like it could be a winner anyhow, listed at $79,900. It looks like it needs just minor cosmetics (paint/carpet), which on a place like this should run about $2,500. Interestingly, the bank that’s trying to unload this REO is offering a $2,500 credit toward the buyer’s closing costs (hmmm). This condo sold for $132,000 five years ago (5/22/2003). Zillow.com values this place at $190,500… well over twice its current listing price.


City Heights is a diverse part of San Diego with a strong rental market. For an investor, this condo would rent for $750 per month, so when HOA dues ($120 per month) and a mortgage payment (including taxes) are taken into account, this place would be just about break-even. Despite the lack of present cash flow, it still seems like it could be a strong investment – there is no shortage of people lining up to move to San Diego, so it seems likely that prices here will fully rebound in the next 5-10 years.



The basics...
Address: 3762 43rd Street, Apt. 4, San Diego, CA 92105
Current Listing Price: $79.900
PREVIOUS Sale Price: $132,000
Size: 1 Bedroom, 1 Bathroom; 576 square feet

http://www.redfin.com/CA/San-Diego/3762-43rd-92105/unit-4/home/5503642