Allied Gardens & San Carlos PROPERTY MANAGEMENT

ABOUT Allied Gardens & San Carlos

Allied Gardens is a small community north of San Diego State.The area is mostly residential, with a few restaurants and businesses. It's location is ideal for those that want to be close to everything--it's near schools, Mission Valley, and La Mesa. 

San Carlos is slightly east of Allied Gardens. The area mostly consists of single family homes. It's proximity to Mission Trails park makes it a great location for families and hikers. 

Allied Gardens & San Carlos Home Prices 

These are the year to date stats as of April 2021. For monthly stats, visit the San Diego Association of Realtors website

  • 92119 San Carlos Single Family Homes: $815,000; Condos: $415,000
  • 92120 Allied Gardens Single Family Homes: $860,750; Condos: $387,500

Rental Rates in Allied Gardens & San Carlos

  • Older 1 bedroom apartments/condos renting from $1500-$1650/mo
  • Newer construction 1 bedroom apartments/condos renting from $1700-$1900
  • 3 bedroom detached homes renting from $2700/mo+
  • Higher end homes on Mt Helix can command $3500/mo+

 

Pros of Investing in Allied Gardens/San Carlos

Allied Gardens, Del Cerro, and San Carlos are boxed in by highways 15 and 125 on the west and east, and highway 8 on the south. They combine to make what may be one of the most popular rental pockets in all of San Diego, rivaling even the beach towns! Good Life consistently rents properties almost immediately in these zip codes, especially detached homes. It's no surprise with the location across the 8 from San Diego State University and being sandwiched between the allure of shopping in Mission Valley and the charm of downtown La Mesa. Plus, rental rates tend to be a bit less than some of the more central neighborhoods in San Diego so the affordability is very appealing.
 

Cons of Investing in Allied Gardens/San Carlos

The only nitpicking that can be done of 92119 and 92120 is that many of the homes are older and have the common maintenance issues that accompany them (e.g., cast iron pipes or ancient single pane windows). When looking for investment properties here a healthy maintenance budget should always be factored in. Expect a hyper-competitive buying environment year round.

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Sample Deals in Allied Gardens/San Carlos

8765 Lake Murray Blvd Unit 1 - Full Deal Report 

  • $347,000 purchase price ($111,040 cash needed)
  • -$124 cash flow per month
  • 3.3% cap rate 
  • -1.3% COC

Lake Murray Terrace is a very popular investor's complex as the price-to-rent ratio is solid. The biggest drawback to this 2B/2BA condo is that only one reserved parking space conveys with the unit and the complex sits on a very busy intersection with minimal street parking. There's lots of room to upgrade the unit during vacancies to increase desirability. The unit just about breaks even, even with the relatively high HOA fees of $410/month.

 

7020 Glenroy St - Full Deal Report 

    • $651,000 purchase price ($214,830 cash needed)
    • -$696 cash flow per month
    • 2.5% cap rate 
    • -3.9% COC

Aside from the master bathroom, this 3B/2BA home is essentially not updated from its original 1950s finishes. Not surprisingly for Allied Gardens, it still sold after just over a week on the market in the mid $600's. The cash buyer is likely going to gut the interior to bring it to the 21st century! The yard is a bit small and leaves much to be desired, but renters will still be lining up to put in their applications for this home once updated.

**Disclaimer: Keep in mind that when we analyze potential rental properties, we are very conservative in our numbers. We use an average market rent and account for all property expenses like maintenance, capital expenditures, vacancy, and management fees. Expenses are also estimated on the higher end. In reality you should see the rental properties performing slightly better than analyzed. We prefer to be pleasantly surprised rather than disappointed with property performance!**

What to avoid in Allied Gardens/San Carlos Neighborhoods

When choosing where to buy your investment property, you should be on the lookout for a few things. These things can be a red flag for the kind of area you want to avoid. 

  • Trash in the front or backyard 
  • Vandalism nearby (graffiti, damaged property, etc.) 
  • Multiple vacant homes close by 
  • Poor street light; street feels unsafe
  • Backs up or is close to a major highway or freeway 
  • Foundation issues 

Allied gardens Property Management & San Carlos PRoperty Management

Good Life Property Management has become experts in Allied Gardens property management and San Carlos property management over the last 8 years. As a result, we know how to effectively market and manage your Allied Gardens/San Carlos home. We find that days on market are average when compared to other areas and vacancy is about average as well. Allied Gardens property management and San Carlos property management can be challenging, but doesn’t have to be with Good Life.

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