Closed this one in the past 6 months. Sharing the real numbers because I keep seeing "there are no deals left" and that's just not true if you know where to look.

The property:

• Normal Heights, San Diego
• Purchase price: under $1.35M
• Needs repairs, this wasn't turnkey
• Current gross rents: $11,500/mo
• Long term tenants, not short or mid term

Why it worked: buyers avoiding property needing lots of work passed on this one because of the repair list/capital expenses. That's exactly why the price left room for the numbers to make sense. Normal Heights is established, close in, and walkable, good fundamentals for long term multifamily.

Rough math: $11,500/mo is $138K a year gross on a sub $1.35M buy. Even factoring in repair costs needed, that's a strong yield for this market.

Repairs scare off a lot of buyers, but that's often where the room to negotiate comes from. If you're willing to deal with a punch list, you can still find cash flow  in San Diego.

Happy to talk through the repair scope or financing if anyone's looking at something similar.