How much is this house worth ?

Question

What is you all’s opinion of this “duplex”.

Two homes. One 3/2 and one 1/1.

My plan is to have my bother live in the smaller one and fix up and rent the bigger home.

I personally think the price is more in the $640-660 range.

Account Closed · Answer

Yeah for Cali thats normal lol, in my opinion it does not even make sense to buy that, or in the state generally, but that depends on your goals and needs

Dan H. · Answer

You purchased shortly before the Great Recession (GR), they bought shortly after the GR.

The duplex I purchased in 2012 for $302k is worth over $1m.

note that duplex would produce higher rent than your $900k Carlsbad RE   Also Chula Vista is gentrifying more than virtually all other San Diego communities   This is because 1) the large bay front redevelopment 2) west Chula Vista is some of the cheapest bay/ocean property for many hundred miles  3) Chula Vista is unusual in coastal is less expensive than inland,  this results in coastal Chula Vista possibly being an opportunity.

It is my belief the price is slightly high.  I suspect it will sell between $730k to $760k.

Good luck

John Key · Answer

i agree with that

Juan Mora · Answer

I walked the property this evening.

The ADU was a garage conversion. One bathroom that is not permitted.

Rentals for the main house currently $3200

The garage ADU is currently rented for $1200 quick. Walk thru I saw the following items

-new roof

-panel upgrade

-kitchen remodel

-no AC. Heat only. -limited parking

we’re going to offer $718k to see what they say. Wish me luck

Cody L. · Answer

I don't live in North County.  I did grow up in Escondido but moved to Pacific Beach as my first apartment.  Then downtown.  Then 'middletown' where I bought my first house (if you know where "Sassafras" is off India St.).   Recently I moved from that Mission Hills / middtown location to more 'real mission hills' -- i.e. north of Washington.  Sort of by Presidio Park.

Dan H. · Answer

Parts of it still are, but with the large bay front development I suspect there will be less and less spots that are like that. That could result in all of west Chula Vista (CV) gentrifying.  West CV is one of few areas where near bay is cheaper than inland.  I suspect that will change.

IB is also potentially an opportunity.  it is by far the cheapest ocean property in Southern Ca.  Why? Sewer issues from the Tijuana river and proximity to the border.  Sewer issues can be addressed with money.  The local and national governments have been working to Improve the sewer issues.  Money and time and the sewer problem will shrink enough that it is a fraction of the problem that it is today.    If it gentrifies, proximity to the border will not be the negative that it currently is.

Like you I live in north county.  Even though I have had a strong belief that those markets would and will outperform San Diego as a whole, it is outside my market (we own nothing significantly south of the hwy 8).

Cody L. · Answer

Crazy...  Growing up in San Diego we used to call Chula Vista "Chula-juana" since it was basically like Mexico (a play on Tijuana for those outside of SD)

Dan Kennerson · Answer

So, bought not long after the great recession in what has been one of the hottest markets in the US?

Not to mention, it's entirely possible value was added. Did it already have the ADU? Those got a lot easier in the last few years. Was it renovated?

lots of reasons it might be worth that to someone.

Carlos Ptriawan · Answer

800k soon will be the new normal

price is demand elasticity

Juan Mora · Answer

I think the pricing is out of this world.

I bought a townhouse in Carlsbad in 2005 for $500k. It is now going for $920k and renting for $4300

this place sold for $180k in 2011 so I don’t see how it jumped to $775k in 12 years.  Insane. Not even my Carlsbad place quadrupled in price.

My goal is to have my brother rent rhr smaller space and rent the bigger space for $2600-2800.

Hoping ti get some equity in 5-10 year.

How much is this house worth ?

Most Popular Reply