Alternative to Renting? Downtown San Diego Condos under $200,000

Posted on 12. Jul, 2010 by in Downtown Condo Deals, Real Estate Deals

I been showing lots of rentals over the weekend, for some reason this past week I have seen a big increase in inquiries for downtown rentals for studios and 1 bedrooms below the $1,800 price tag.

I noticed many overpriced condos which is not a surprise considering that many investors that try to rent out these units overpaid for them back in 2004 – 2006 and now somehow they are trying to rent them as close as they can to their mortgage payment. For example a 600 square foot studio in Atria located at 101 market street. They are asking $1,490 per month to rent.

Considering you can buy this or a similar units for $175,000 renting does not make any sense if you are in San Diego to stay. If you can buy it for a lower monthly payment also taking in the benefit of interest tax deduction you would be better of purchasing such a unit. A purchase price of $175,000 at 4.5% fixed rate FHA with just $5,000 down payment would leave you with a monthly payment as follows:

Principal and Interest on Mortgage Loan $861.37

Real Estate Taxes $145.83

Insurance $83

Private Mortgage Insurance (Insurance for buyers with less than 20% down payment) $70.83

HOA Fee $250

Total Monthly Payment $1,411.37

If in a few years you want to move out for whatever reason you can rent out of the unit covering you mortgage payment and extras and keeping the brick as a great investment in America’s finest city.

Here are some listings below the $200,000 range that could potentially provide great alternative for renters or fantastic investment properties to those investors out there that are trying to add on to their current portfolios.

See all Downtown less than $200,000.
(all data current as of 4/21/2014)

  1. 1 bed, 1 full bath
    Home size: 431 sq ft
    Lot size: 1.21 ac
    Year built: 2008
    Days on market: 60
  2. 0 beds, 1 full bath
    Home size: 337 sq ft
    Lot size: 1.21 ac
    Year built: 2007
    Parking spots: 1
    Days on market: 355

Listing information deemed reliable but not guaranteed. Read full disclaimer.

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Sky Village Realty San Diego, 1199 Pacific Highway #307, San Diego, California 92101, United States - Phone: (619) 618-1368 Fax: (866) 310-6517 Email: info@skyvillagerealty.com