1223 Monique Ct, Vista, CA 92084

Property Description

High rental demand neighborhood on cul-de-sac. Premium unit mix with single story 3br/2ba with fireplace, grassy front yard, fenced yard, 2 car garage, upgraded flooring, updated kitchen. Unit "C' is a recently renovated 2br/2ba. Lower Unit "B" 2br/2ba with large fenced yard. Upper rear Unit "D" has patio deck. Each 2br has private garage. Solid performing long term investment or first time buyer owner/user. Common courtyard and laundry room. Model match 4 unit comps at $840,000. The laundry room is common and brings in about $50 to $75 per month. The washer and dryer are coin operated and owned by my client. Water is paid for by the seller. Recent roof repairs were made to the flat portion of the roof due to a previous leak. Unit A and C have been remodeled. Unit B benefits from fresh paint and new flooring. Unit D has been recently painted. 3 other model match, 4 unit apartment buildings have sold on Palomar Place (1222, 1228 & 1234 Palomar Place) for $840,000 and one would assume these units have similar rents, expenses and other related items. Condition vary, but have to believe your clients would not be disappointment with the interiors. Attached are the expense statements for 2014 and 2015. These include expenses for remodeling to Units A & C, higher than typical water utilities year over year due to water leak which was re-plumbed and additional pest control expense not typical in any given year. All this to say the expenses for 2015 do not reflect a typical year. Other expenses are common each and every year. I am awaiting a current P&L but the following should be approximately actuals: Income $64,200 (Unit A tenant has been there since 9/05 and market rent should be $1,800 versus $1,700; Unit B is accurate at $1,300; Unit C should be also $1,300 versus $1,200 and was very recently remodeled; and similar apartments as compared to Unit D are $1,250 versus $1,100. This equates to yearly upside projected income of $67,800 $64,200 - Income -actual ($9,...