How is Rental Market in Menifee?

Asked by Kevin nguyen, anaheim, CA Sat Feb 9, 2013

I am looking to buy a rental 3-bed house in west of 215, south of Newport.
How is rental market here? Could some local agents represent me to buy a home here? If I got a house there, I would rent $1300 per month, this is my target for decent cash-flow around $300/month, is it too high, low...?

Help the community by answering this question:

+ web reference
Web reference:

Answers

7
Kevin nguyen’s answer
Kevin nguyen, Landlord, anaheim, CA
Sat Feb 9, 2013
Thanks for great answers every one. I'm targeting short sale only as standard sale is priced high. I also looking in to east of 215 & Newport are where HOA is around $50
This is with 25% downpayment and 75% mortgage, I already have pre-approval letter with good score and income. Just that I'm not familiar with this are as I have been investing in Riverside areas only, I drove down to Menifee only once last year and loved it. So I want to invest here, I would rent only $1300 per month for 3-bed and $1450 for 4-bed properties that I have.
0 votes
those are pretty low rents for the area - as the Rental Inventory is pretty low as well. I would go $1500 at least for the 3 bedroom depending on location and condition. i would be happy to find you some homes that you could benefit frm.

Please contact me at your convnenience
kes@pagesellshomes
951-667-5755
Flag Fri May 24, 2013
Susan Vander…, Agent, Lake Elsinore, CA
Tue Mar 5, 2013
I'd be glad to take a look at it. I have one rented in that area at the top of the market ($1800s). Are you looking at buying one of the newer ones or pre-existing outside of the newer HOA? $1300 for 3 bedrooms is a really good price.
0 votes
Thomas Jandt, Agent, Corona, CA
Fri Mar 1, 2013
The Rental Market is great in Menifee, but as a REALTOR that specializes in investment properties for clients whom want to generate cash flow, I would warn you that there is a limited inventory right now and sellers know it, so prices have been pushed up beyond fair value.

The downside to this is, if you are financing the property with a budget on how much you can put down as deposit, you might end up over-budget if the appraisal comes in lower.

Be sure you find an agent that won't try to push you into paying market price, but one who will make the effort to work with you to make several offers on distressed sales below market price until you get one that makes sense from both the cash flow side, as well as the acquisition cost side.

If you would like to discuss strategies that have worked for my real estate investment clients, feel free to connect with me.

Best of luck!

Thomas E. Jandt
REALTOR & CEO
Hilton Thomas & Associates, Inc.
A Real Estate Investment Company
http://www.hiltonthomas.com
P. 1-866-766-1112
tom@hiltonthomas.com
DRE License #01869845
0 votes
We are looking to cash buy a rental property in Menifee as that is where we live. We are seriously considering investing in a 55+ community. Is there a rental demand in such a community. We would hate to buy a home as a rental property and then find there is no market for rentals in a retirement community. Can you advise?
Flag Sun Aug 11, 2013
Anita, , Riverside County, CA
Sat Feb 9, 2013
The rent in Menifee area for 3bd and two bath starts at $1,395.00 to $1,595.00. $1300.00 is a good target price depending on the square footage of the house.
0 votes
Bill and Lin…, Agent, Murrieta, CA
Sat Feb 9, 2013
Current "for sale" inventory is tight regardless if you are an investor or planning to owner occupy, especially for standard sale properties. Time to act is now while mortgage rates are still low. Rent market is still good, but timing is everything. We can provide you with options if you provide us with additional information.

Linda Robinson
Broker
0 votes
Daniel Evans, Agent, Placentia, CA
Sat Feb 9, 2013
What is your down payment and what is your expected purchase price? There shouldnt be an issue getting $1300 a month. That is quite low for a Menifee Rental. The objective ALL buyers are facing right now is available inventory and competing with cash investors. If you are talking about the track by Chester Morrison Elementary, there are currently only 4 properties available. Sqft will be a factor when determining lease price and the purchase price vs lease rate will determine your cash flow. Im here local and would be happy to help but would need a little more information.

Feel free to call if you wish to discuss.

Dan Evans
Broker
Menifee Realty
951-764-4866
0 votes
Darren Pruitt, Agent, Menifee, CA
Sat Feb 9, 2013
Hello,
The current rental market is very strong in Menifee! You can currently rent a 3 bedroom home for $1600-$1800 a month!

Please give me a call and I will go over the details of the market and areas with you.

Darren Pruitt
760-518-7541
dpruitthomes@gmail.com
0 votes
Search Advice
Search
Ask our community a question
General Area in Menifee Zip Codes

Email me when…

Learn more