Market Value: $338,300 according to Zillow
Original Purchase price: $295,000 bought in October 2015, built in year 2005
Original Mortgage Amount: $263,250
Interest Rate: 3.5%
Mortgage Term: 30 years (matures 11/2045)
Term remaining: 26 years (due to additional principle payments)
Amount remaining on mortgage: $242,869
Gross Rents: estimated to rent for $2,000 per month by potential property manager
Principal and Interest (the P&I of your PITI - should match with the above info): $1,182.11
Taxes and Insurance (the T&I of your PITI): $444.85
HOA costs: Just jumped to $190 from $165, I have not yet returned from deployment to be able to call and see if this is a permanent increase.
Deferred maintenance notes: No maintenance required that I'm aware of, everything works and the water heater was replaced right before I purchased it.
Anything else special or unique in regards to the numbers of the property (not the property itself; things such as city assessments, back taxes, special costs due to unique features of the property, etc. etc.): The condo comes with a 1 car attached garage and to get an additional parking spot is $450 per year, which is almost essential in my opinion to be a rental given most 2 car families or even 2 roommates. The street parking is limited and almost always full, and although there is a parking pass for any unreserved spots inside the condo complex you can park in them for a max of 14 days a month with your pass and it is near impossible to find one during peak hours or in the evening. Also, there is a litigation going on, that I was not made aware of when purchasing the condo, between the condo association and the builder. I believe the litigation is partially what is driving up the HOA since there are no amenities other than the typical grounds and outside upkeep of the buildings.
As for the location and appeal of the property, the unit itself is very modern. It includes stainless steel appliances, gas range, gas washer/dryer, and gas water heater. It is located in an area with easy access to multiple freeways, within walking distance of a shopping complex with a home repair store, movie theatre, walmart, grocery store, banking, fast food, etc. Also it is close to a water park and a huge discount mall, however it is not close to the city center (15 minute drive) and the universities (25+ minute drive). It is still in a good location to get to the Naval base (10-15 minutes without traffic) and is very popular with military members.
I will be returning from a deployment in a few weeks and will have 2 months to either set up my condo for rent or sale. I will be moving overseas and will have to hire a property manager if I rent it out. I have contacted my realtor from purchasing the house and he offered to rent it for the following terms: $275 move in fee for any new tenants, and 8% monthly fee. As of a few months ago he estimated it could be rented for around 1900-2000 per month. Listening to stories from others on my ship, housing is hot in San Diego right now. A friend of mine said he heard of a house going on the market and selling within the weekend, which mirrors my experience buying a year and a half ago (there were at least 6 offers on the condo and I lost out on another condo a few weeks before). Given the market in San Diego, it seems like it would not be vacant very long, and my intent would be to set terms for at least a year lease to discourage turnover. Also, my realtor would be willing to look in on the place at certain times to verify there is no damage being done to the property.
I'm open to any suggestions or advice. Is there anything I'm missing? Should I try renting it out for the 2 years I'm overseas and then reassess or should I take my profit and run?
Modified to add some media on the area rental market:
http://www.kpbs.org/news/2017/jan/03/san-diego-rent-increases-slowing/