Santa Clara Residence 1 for Rental Income

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jamboreedude said:
Santa Clara Residence 1:http://www.villagesofirvine.com/Vil.../Santa-Clara/Residence-1?icdc=v02a010112na0x0

I am thinking of buying the smallest 1 bedroom unit for rental income.

Would it be easy to rent out a Santa Clara Residence 1?

And how much rent can I charge for a unit like this to make it attractive to would be renters?

I am not a greedy landlord like TIC  ;)
Click to expand...
Buying a 1-bedroom unit condo as an investment property = FAIL!  There's no way the numbers would work at 20% or even 25% down. 

Stick with 2+ bedrooms for both resale and larger renter pool.  Other cities within Orange County (nice cities like Aliso or Yorba Linda) have priced condos that will pencil.
 
USCTrojanCPA said:
jamboreedude said:
Santa Clara Residence 1:http://www.villagesofirvine.com/Vil.../Santa-Clara/Residence-1?icdc=v02a010112na0x0

I am thinking of buying the smallest 1 bedroom unit for rental income.

Would it be easy to rent out a Santa Clara Residence 1?

And how much rent can I charge for a unit like this to make it attractive to would be renters?

I am not a greedy landlord like TIC  ;)
Click to expand...
Buying a 1-bedroom unit condo as an investment property = FAIL!  There's no way the numbers would work at 20% or even 25% down. 

Stick with 2+ bedrooms for both resale and larger renter pool.  Other cities within Orange County (nice cities like Aliso or Yorba Linda) have priced condos that will pencil.
Click to expand...

I am buying for all cash. Will it work still?
 
jamboreedude said:
USCTrojanCPA said:
jamboreedude said:
Santa Clara Residence 1:http://www.villagesofirvine.com/Vil.../Santa-Clara/Residence-1?icdc=v02a010112na0x0

I am thinking of buying the smallest 1 bedroom unit for rental income.

Would it be easy to rent out a Santa Clara Residence 1?

And how much rent can I charge for a unit like this to make it attractive to would be renters?

I am not a greedy landlord like TIC  ;)
Click to expand...
Buying a 1-bedroom unit condo as an investment property = FAIL!  There's no way the numbers would work at 20% or even 25% down. 

Stick with 2+ bedrooms for both resale and larger renter pool.  Other cities within Orange County (nice cities like Aliso or Yorba Linda) have priced condos that will pencil.
Click to expand...

I am buying for all cash. Will it work still?
Click to expand...
Yeah, but why?  The cap rate (cash-on-cash return) for Irvine 1-bedroom condos is much lower than 2-bedroom condos elsewhere.  If you must be in Irvine, stick to 2-bedroom...you'll thank yourself later.
 
A friend of mine bought a 2BR unit in Santa Clara, can't remember whether it was plan 2 or plan 3, he's thinking of renting it out for 2200~2300.00
 
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