14692 Via Fiesta #4

San Diego, CA 92127

$315,000D-

1 bd · 1.0 ba · 611 sqft · Built 2004 · Condo · Active · 19 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,561/mo
• Mortgage (P&I): −$1,652
• Tax + insurance: −$313
• HOA: −$323
• Vac / Maint / Mgmt: −$538
• Net cashflow: $-265/mo
• Annual: $-3,183/yr
• Cap rate: 5.28%
• Cash-on-cash: -3.61%
• DSCR: 0.84
• 1% rule: 0.81%
• Cash to close: $88,200

Investor read

• This is a 1-bed/1.0-bath condo listed at $315k.
• At list price, monthly cash flow is $-265 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $268k (14.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $256k (18.7% below list).
• It's been on market 19 days — a 2% lower offer ($310k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $256k (18.7% below list) — sets the bar for 1% rule.
• In year one you build about $3k of equity ($2k loan paydown + $497 appreciation (0.2% local appreciation)).
• Location reads 75/100 on livability (#123 in CA, #4,206 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: health & safety C-, crime D+, cost of living F.
• Poway Unified (urban): math 25% / reading 25% proficiency, ranked #317 of 517 in CA (top 61%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; only 12% free/reduced lunch — higher-income household profile.
• Zoned schools: Design 39 Campus (1,226 students, 6% FRL); Black Mountain Middle (1,129 students, 19% FRL); Del Norte High (2,531 students, 10% FRL) — zoned schools at 12% FRL track the district average.
• Market conditions: Rents rising (+2.7%/yr); 170 active listings in the ZIP; high-income renter base; 11,759 units permitted in San Diego County in 2024 (7,244 in 5+ unit buildings).
• San Diego County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 17y ago; this cycle's ask has dropped $21k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $145k; list at $315k implies a 117% gain — meaningful room to come down on a strong offer.
• By year 9, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 5.3% vs local median 2.0% in San Diego — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.
• This rent is only 16% of the median local income ($196k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.