Home Buying in North Park>Question Details

Dbucka, Home Buyer in North Park, San Diego,...

considering an investment property appealing to SDSU students, but in a safe area with easy transit options.

Asked by Dbucka, North Park, San Diego, CA Tue Jun 26, 2012

North Park? One of the beach cities? Social/entertainment options?

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13
Hi Dbucka, there are many areas throughout San Diego that would fit your needs. The beach areas although costly are highly desired for people in search of rentals not limited to college students. There are a host of areas around SDSU rather it be a SFR or condo/townhome that would probably get you more bang for your buck and keep the property rented through any economic tide. North Park offers a diverse community ranging from hipsters to young executives surrounded by eateries and bars that college students flock to. Zip codes that you will want to explore are, north end of 92105, 92115, 92103, 92116 and 92108. Websites with easy access and use for crime stats are http://www.crimemapping.com and http://www.city-data.com and search San Diego. Good Luck.
0 votes Thank Flag Link Thu Jun 28, 2012
Hi Dbucka,

Feel free to check out Trulia's Local Info including Crimes, Commute, and Amenities here:
http://www.trulia.com/real_estate/92182-San_Diego/

Hope that can help a bit!

-Kim
Community Manager
0 votes Thank Flag Link Thu Jun 28, 2012
HI!

My favorite zone right now for investment properties is Mission Valley. But it's a highly competitive market with drastically reduced inventory in recent weeks. We are down to just one or two listings under $150k in Mission Valley right now (with over 35 contingent & pending) - aside from cash-only pre-foreclosure opportunities. I've literally written 6 offers in the last 10 days and all of them have been rejected in multiple offer situations, even though we wrote for more than the asking price and had 20% to put down. Cash seems to be king!

I like Mission Valley for the diversity of renter, density and trolley access & social/recreation opportunities -plus, proximity to downtown and the beaches. Student only rentals are beaten up quite a bit by the students, the College area is loaded with them. The beaches get expensive - it's difficult to find anything decent under $250k in PB for example - but certainly more fun.

Where/what you buy will also be determined by the type of loan you plan to get and the health of the homeowner's association for the development you buy in. If there are high rentals in a development, high delinquencies on HOA dues, low reserves and/or litigation against the developer - you may not be able to get a loan and/or be limited to cash or conventional financing only. It's good to walk through a few developments you have your eye on - you can get an immediate feeling for how well maintained it is and how the owners/tenants take care of their balconies, etc.

You also want to pay attention to the HOA dues in order to make sure your investment will cash flow. HOA dues can vary from the low $200's per month to $350 or just over $400. High HOA dues can take a serious bite out of your cash flow!

If your budget affords going into the higher price points ($300k+) - I am finding a town home is ideal. You get more space within the unit, a balcony and/or patio/yard space, nicer amenities AND best of all - the attached garage that has the space tenants want for all their stuff, bikes, surf boards, etc.

If you'd like frank insight into how to make the best investment possible - give me a call!

Sarah Wilkey
Keller Williams Carmel Valley
858-888-2160
http://www.SanDiegoNeighborhoodHomes.com
0 votes Thank Flag Link Wed Jun 27, 2012
Hi Dbucka,
I graduated from San Diego State and have lived and worked in the area since 1999. I would be more than happy to help you with your search. My suggestions include Del Cerro, La Mesa & Lemon Grove because of the proximaty to SDSU. North Park and Mission Vally are great choices for the amenities available like shopping, restaurants and entertainment. If price is the key factor you may want to consider the college area 92105 & 92115. San Diego's beaches are a great selling point for both in state and out of state students but public transit becomes less effective the farther west you look due to travel time. Please feel free to call or email me.

Fiel Barrow
619-253-4607
fielbarrow@utopia.bz
0 votes Thank Flag Link Tue Jun 26, 2012
To be near a Trolley stop, maybe Mission Valley or the SDSU area, north or south of the I-8 freeway, although I've seen kids live in the downtown La Mesa area, which also has a Trolley stop. For bus lines, many areas are near them, but I don't know how many transfers a student will be willing to take to get to class. The Trolley is much faster than a bus, and being near a stop would be a selling point.

Here's a link to the bus lines serving our area colleges:
http://www.sdmts.com/Bus/colleges.asp

And a link to our Trolley map:
http://www.sdmts.com/trolley/trolley.asp

Hope this helps some!

Warm Regards,

Cory La Scala, REALTOR
Independence Realty
619-825-6421
0 votes Thank Flag Link Tue Jun 26, 2012
College Area:
There are great pocket neighborhoods near SDSU that are great for Student Rentals. To make it appealing make sure that the parking is ample and close to the Campus as well as other shops and grocery stores. The more convenient you make it for them the better.

Mission Valley:
There are many condos for sale in Mission Valley that could be a great Student Rental.

Beaches:
I will save the best for the last. Depending on your investment budget the beach area is a better buy since the coast is in high demand. The ideal property would be one that you could Vacation Rent from June-August for weekly rates and from September to May is converts to Student Rentals. You have more options and a higher appreciation at the beach than the other areas above. Make sure you work with an experienced beach agent who knows the properties that allow vacation rentals.

Feel Free to contact me via phone, text or email for any questions.

Best Wishes,

David R. Indermill
DRE#01232827
Re/Max Hall Of Fame
Re/Max Associates La Jolla
Cell 858-414-5478
Email david@sandiegohomestore.com
0 votes Thank Flag Link Tue Jun 26, 2012
Depending upon your price point, I would recommend buying in the College Area, North Park, Mission Valley, or the Beaches - Ocean Beach & Pacific Beach. These areas all have many young people who are going to school.

Please let me know if I can help you.
0 votes Thank Flag Link Tue Jun 26, 2012
How much do you want to spend and how much time and energy do you want to undertake for the management. A condo has less maintenance a house has more flexibility and will be easier to resell. I would stay within a 5 mile radius of the campus so walking and biking to campus is easy as well as accessible by public transportation. There are lots of things going on around the school so social/ entertainment is no problem
The beach is also attractive but I do not think the rents will support the purchase price as well as something more inland.
Let me know if I can help. Also look at my website for properties that may interest you.
I am never too busy for your referrals

Jerry Heard
Your Broker
The San Diego Property Shop
http://www.TheSanDiegoPropertyShop.com
jerry.sdps@cox.net
Direct 619-920-9796
Office 619-269-5545
Fax 619-269-9168
CA DRE # 00648687
0 votes Thank Flag Link Tue Jun 26, 2012
Dbucka,

There are areas around SDSU with great access to public transportation and rentability. What is your budget? are you looking at homes? condos? 2-4 units?

Here is the link to the crime stats
http://www.sandiego.gov/police/services/statistics/index.shtml

If you are not already working with a Realtor, I would love to help.

Hector R. Gastelum
Realty Executives Dillon
REALTOR #01382940
hectorgastelum@yahoo.com
619-954-2225
125*142*10754
efax 619-270-2516
0 votes Thank Flag Link Tue Jun 26, 2012
the zip code is 92115 for SDSU and you want to stay as close to and north of El Cajon Blvd if possible. As you go south, it is less appealing and not so nice. There is a pocket south and west that is nice, as well. For rents to make sense, you might want to prepare for a fixer. Ideally if I had the listing, I have means to justify lower prices to the short sale bank. La Mesa area is also a consideration for you (zip codes 91941, 91942). I think North Park is a bit far and overpriced. David Dukes, MBA daviddukes@hotmail.com
0 votes Thank Flag Link Tue Jun 26, 2012
Hi,

Have a look at this one and call me if it interests you (MLS # 120003996 ). The owner may finance. The current rents are: $1375 and $1300.

Bianca Romani
Realtor
Coldwell Banker Res. Brokerage
2727 Shelter Island Dr.
San Diego, CA 92106
619-993-7862 (mobile)
619-221-1696 (office)
http://www.BiancaRomani.com
bromani@coldwellbanker.com
0 votes Thank Flag Link Tue Jun 26, 2012
Several areas meet your criteria as far as transit, social outlets and in safe areas. It will really depend on price point and bedroom count, etc. Please feel free to contact myself or anyone else who specialized in the area and can help with your needs.

619-261-1133
0 votes Thank Flag Link Tue Jun 26, 2012
Hi,
Think about Mission Valley which is close to SDSU but also keeps you open to other renters who might not be so hard on the unit and stay longer.
With rental properties you want a qualified renter who will pay on time and stay a long time, because it cost money to clean, repair and re-rent a unit. Students are not known for taking good care of properties, in fact more the opposite.
Be sure to set-up a buying plan and be ready when a good deal comes along because there are a lot of investors in the market right now.
I can run a rental analysis, ROI and help you with the buying plan.
Thanks
Janet McCarthy
Connect Realty
jmccarthyhomes@gmail.com
858-243-5719
0 votes Thank Flag Link Tue Jun 26, 2012
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