NewportSkipper

[quote author="bltserv" date=1253244015]Darn. What did I miss ?

I come back from lunch and the Skippers ship has been torpedoed ?

Just tragic.



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I'm sure you are all broken up. haha Btw, did you get my PM?
 
[quote author="RoLar_USC" date=1252726228][quote author="NewportSkipper" date=1252725881]Thanks Robert. Can you confirm the rents on 1722 Mitchell, units #34 ($1,400) and #35 ($1,550)?



I concede the $1,500 is rare (for the slums as you put it) and the $1,400 is even a tad high. However, considering these units do not cost $150,000 the point is moot.</blockquote>


Unit #34 - S566608 - Listed at $1600 and leased for $1400 5/6/2009.



Unit #35 - S566613 - Listed at $1550 and lease for $1550 on 5/1/2009.



A good estimate on monthly rent appears to be about 10% of the purchase price.</blockquote>


That's probably a good investment then, assuming you mean 1% instead of 10% (that is, $1,500 for a place purchased for $150,000), for a GRM of 100.



I mentioned in the other thread that those were the exact numbers of my own house in Riverside (that is, I paid $150k and believe I could get $1,500 monthly if I rented it out instead of living in it).



Edit: Forgot about HOA fees for the Tustin condos, which could make such a place go from a good investment to a bad one, depending on the amount. Obviously my older house has none.
 
[quote author="Geotpf" date=1253253503][quote author="RoLar_USC" date=1252726228][quote author="NewportSkipper" date=1252725881]Thanks Robert. Can you confirm the rents on 1722 Mitchell, units #34 ($1,400) and #35 ($1,550)?



I concede the $1,500 is rare (for the slums as you put it) and the $1,400 is even a tad high. However, considering these units do not cost $150,000 the point is moot.</blockquote>


Unit #34 - S566608 - Listed at $1600 and leased for $1400 5/6/2009.



Unit #35 - S566613 - Listed at $1550 and lease for $1550 on 5/1/2009.



A good estimate on monthly rent appears to be about 10% of the purchase price.</blockquote>


That's probably a good investment then, assuming you mean 1% instead of 10% (that is, $1,500 for a place purchased for $150,000), for a GRM of 100.



I mentioned in the other thread that those were the exact numbers of my own house in Riverside (that is, I paid $150k and believe I could get $1,500 monthly if I rented it out instead of living in it).



Edit: Forgot about HOA fees for the Tustin condos, which could make such a place go from a good investment to a bad one, depending on the amount. Obviously my older house has none.</blockquote>


Yah, meant annual rent actually.
 
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