Purchased 1/1 Rental Property but Difficulty Renting

San Diego, California
Classifieds
1yFollow

Purchased 1/1 Rental Property but Difficulty Renting

Breanna Green
Investor · Washington, DC · Member since 2016 · 14 posts · 7 votes

Hi BiggerPockets!

I purchased what I thought was a great investment. I have a few other properties and they're all rented and doing well over the years. I'm familiar with the city/area and completed a 1031 exchange on a 1/1 in Hillcrest San Diego, CA for a good price below market value. I thoroughly researched comps, ROI, different markets, visited numerous places, etc. over the course of six months. The place sat empty for a bit and my current tenants will be leaving soon (contract ended, they enjoyed the home) with no one else lined up although I've had some interest here and there.

The place is designed for a travel nurse or potentially a student as it's furnished and close to the hospitals as well as walking distance to restaurants and bars. I know price would be the first aspect people would say to reduce but it's priced competitively. 

Let me know your thoughts! I'd prefer a long term renter so I don't have to worry about finding new tenants every few months. I'm advertising on Facebook travel nursing websites, Furnished Finder, and Zillow. What am I missing? Thanks!

https://www.zillow.com/homedetails/4077-3rd-Ave-APT-202-San-...

1Reply
30 views

7 Replies

Jump to latestLatest
  • Dan H.Pro Member
    Investor · Poway, CA · Member since 2015 · 7k+ posts · 8k+ votes
    1y

    I have 4 STRs in the San Diego area. 2 have been STRs since 1999, so I have a lot of years of STR experience (but it is a moving target). I also have 20 something LTRs. I used to have a unit that was an MTR (due to initially not getting an STR Llicense).

    I do not have any furnished LTRs.  I do not know the market for furnished LTRs, so will discuss as though it was a MTR.

    I am assuming that STR is out. Possibly not allowed by the HOA.

    I think your unit looks nice and is in a good location. 

    Is there a reason you are not listed on Airbnb, GVR, and VRBO?  

    My local STR units do not have as high an occupancy as they used to. One of my STRs (one that has been a STR since 1999) in particular is struggling at the moment. My point is that you may be priced competitively but there are vacant units. The days of near 100% occupancy are gone. If you do not want a vacancy, you may want to ask below market price.

    Good luck

    0Reply
  • Rodrigo Serzedello
    Real Estate Agent · San Diego / CA · Member since 2020 · 49 posts · 20 votes
    1y

    Hey @Breanna Green!
    I'm really familiar with that area, have actually lived blocks away from your property..
    It's indeed a great kept and maintained property

    I’m really familiar with that area—actually lived just a few blocks from your property. It’s definitely a well-kept and desirable spot, especially for travel nurses and students.

    A few ideas that might help with tenant flow:

    • Photos & Listing Presentation: Sometimes it’s not the price, but how the listing is presented. Try posting a quick walk-through video on social or short clips on Instagram Reels/TikTok using the neighborhood as a selling point.

    • Highlight Unique Perks: Call out things like “fully furnished,” “walk to bars/restaurants, near downtown SD” and “5 mins from hospitals” in bold/headers at the top of your listings. People often skim.

    • Flexible Lease Terms: Even if you're aiming for long-term, offering a 3-6 month lease could open you up to a wider audience (especially traveling professionals who might extend), specially because you're advertising on MLS / Zillow.

    • Direct Hospital Outreach: Try reaching out to staffing coordinators at nearby hospitals. Many have housing coordinators or bulletin boards where you can list furnished rentals.

    • Local Facebook Groups: Beyond Furnished Finder, also try local groups like “San Diego Housing,” “Travel Nurses San Diego,” or even local student housing pages.

    If you ever need a second set of eyes on your listing or want to brainstorm more, happy to help!

    0Reply
  • Breanna Green
    OP
    Investor · Washington, DC · Member since 2016 · 14 posts · 7 votes
    1y

    Thank you for the responses!

    Dan, due to the min 30 day HOA restriction I haven't posted on Airbnb or VRBO as I feel like people are desiring shorter terms on those sites. What is GVR? I'll send you a separate message about future opportunities since you have many years of experience, if you have time to discuss.

    Rodrigo, I plan to video the property after the current tenants move, good idea. I will edit my listing and do offer 3-6 month lease terms and advertise on local FB groups already. Do you have any contacts for the direct hospital outreach? 

    Thanks again!

    0Reply
    • Rodrigo Serzedello
      Real Estate Agent · San Diego / CA · Member since 2020 · 49 posts · 20 votes
      1y
      Quote from @Breanna Green:

      Thank you for the responses!

      Dan, due to the min 30 day HOA restriction I haven't posted on Airbnb or VRBO as I feel like people are desiring shorter terms on those sites. What is GVR? I'll send you a separate message about future opportunities since you have many years of experience, if you have time to discuss.

      Rodrigo, I plan to video the property after the current tenants move, good idea. I will edit my listing and do offer 3-6 month lease terms and advertise on local FB groups already. Do you have any contacts for the direct hospital outreach? 

      Thanks again!

       Hey @Breanna Green!
      I did not have a list of those, but I put together one to help you...
      As you're probably doing this from out of state, If you need any extra support over here, Im happy to chat... Cheers and good luck!

      Scripps Mercy Hospital San Diego
      Located at 4077 Fifth Avenue, approximately 0.2 miles from your address. Main phone: 619-294-8111.

      UC San Diego Health – Hillcrest Medical Center
      Situated at 200 W. Arbor Drive, about 0.6 miles away. Main phone: 858-657-7000.

      Hillcrest Family Health Center on Third Avenue
      Located at 4065 3rd Avenue, roughly 0.1 miles from your address. Main phone: 619-515-2419.

      0Reply
  • Dan H.Pro Member
    Investor · Poway, CA · Member since 2015 · 7k+ posts · 8k+ votes
    1y

    we use PM/co-host on our STRs/MTRs and self manage our LTRs (exact opposite of the Avery’s).

    We have gotten MTR from both Airbnb and VRBO, but I agree that most people using those sites are looking for STRs.  However, it only takes one.  

    VVR is Google vacation rentals.  My understanding is that its use is growing    Because we use PM/co-host for our STRs I do not know what is required to get listed or how large am impact they are at this time.  But seeing their impact is increasing, it could be worth the effort to figure it out   Someone that is not our PM or co-host told me that a fair amount of their international booking where coming from GVR.

    Your unit is a nice unit in a desirable location.   None of my STRs are at max occupancy for April (I had one at max occupancy in March) and one has real poor occupancy (not only for April, but its calendar is looking very sparse on occupancy).  I fear with the pessimistic economic outlook, bookings may get more challenging.  

    Good luck

    0Reply
  • Bonnie LowPro Member
    Lender · Asheville, NC · Member since 2016 · 1k+ posts · 1k+ votes
    1y

    That's a beautiful property in a very desirable area. I don't know how the pricing stacks up against your competition but I don't think there's anything wrong with the property or the listing itself. You mostly just need more exposure. You should definitely list it on all the platforms that cater to travelers:  MiniStays, Furnished Finder, Airbnb, google, even booking.com (they tend to draw a lot of foreign travelers and San Diego is a highly desirable area for foreign visitors.) There are also numerous facebook pages for travelers looking for midterm stays. Just do a search for your area + furnished rentals and I'm sure you'll find them. Good luck!

    [email protected]
    0Reply
  • Breanna Green
    OP
    Investor · Washington, DC · Member since 2016 · 14 posts · 7 votes
    1y

    Thank you everyone! Appreciate the support and glad to hear I didn't miss anything in particular. I'll look into what you all outlined and take action next week. 


    Biggerpockets family is always so helpful, appreciate it! 

    1Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free