Clairemont / MesaCollege Short Term Rental?
Hi San Diego Investors,
I inherited a couple of 3/2 single family homes in East Clairemont free and clear a couple of years ago within very easy walking distance of Mesa College. I have them stabilized now and producing income, but the ROE is just not good even when appreciation is taken into account. I've taken out a 50% LTV 30 year on one of the homes to fund some projects in my home state of Vermont, but there is still so much non working capital that I am strongly considering selling one or both homes. I am reluctant to give up my Prop 13 tax breaks, and dreams of retiring to a home in San Diego with a low tax burden, but the returns just aren't making sense at market rents. My question to the group is would any of you advocate converting to short term rentals in this location? Have you done it? Do the numbers work? Is the regulatory environment manageable/sustainable? And if not, I'm looking for a realtor who specializes in advising on cosmetic rehabs and has a proven track record of maximizing seller profits. Any opinions and trustworthy referrals for either strategy would be greatly appreciated.
Thanks,
Matt