For those of you who'd like to own some real estate, this is what to look for. This property in Oceanside, CA sold for 90k and rents for $1100 per month. That would produce a pretty healthy cap rate and would cash flow with 100% financing.
Christopher
DEAL OF THE WEEK: Riding the waves in Oceanside
By North County Times | ∞
(Photo by Bill Wechter -- Staff photographer) September 1990: $99,500
August 1995: $33,000
August 2000: $114,200
August 2005: $309,500
February 2009: $89,800
Deal: 71 percent
This condo in Oceanside has taken a beating in price twice over. And unlike our previous Oceanside deals, this one is not in the Back Gate area, but south of Mission Avenue and between El Camino Real and I-5. The complex was brand-new in 1990 when this condo sold for just under $100,000. It went into foreclosure, and the deed was transferred to the U.S. Department of Housing and Urban Development, which resold the condo at a 67 percent discount in 1995. The condo rode the bubble to a peak price in 2005 before going into foreclosure again and reselling at another steep discount ---- below the original sales price 19 years earlier. The new owners are investors who hope to rent the two-bedroom, two-bath unit at $1,095 per month, said Leyla Pizza, the real estate agent advertising the property as a rental.
Know of a better deal? Contact staff writer Zach Fox at zfox@nctimes.com.
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