El Cajon PROPERTY MANAGEMENT

ABOUT El Cajon

El Cajon is one of the larger cities in San Diego county with approximately 130,000 residents. El Cajon tends to be an attractive place to live due to cheaper home prices. There are plenty of amenities, from expansive shopping centers to good schools to parks and recreation areas. 

El Cajon also has events that are fun for the whole family. Classic car shows are held on Wednesdays, where you can wander the streets and marvel at cars from past decades. Annually El Cajon hosts America on Main Street, a celebration of American spirit complete with live music and an array of food booths. 

El Cajon Home Prices 

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

  • 92019 El Cajon Single Family Homes: $680,000; Condos: $408,500
  • 92020 El Cajon Single Family Homes: $683,000; Condos: $325,000
  • 92021 El Cajon Single Family Homes: $647,450; Condos: $350,000

Rental Rates in El Cajon

  • 1 bedroom condos/apartments renting from $1350-$1500/mo
  • 2 bedroom condos/apartments renting from $1700-$1900/mo
  • 3 bedroom+ detached homes vary widely in price. Anywhere from $2700-$4500/mo depending on amenities, size, and the lot size. Some of these are more farm style properties with acreage

 

 

Pros of Investing in El Cajon

El Cajon has a large patch of industrial and commercial buildings that serve as a major employment hub in East San Diego County. With highway 8 shooting through the center of El Cajon, many people also commute east to San Diego. Purchase prices historically have been lower than central San Diego; however, over the last couple of years the market has soared in El Cajon and this isn't always the case anymore! 

Cons of Investing in El Cajon

As with other neighborhoods of San Diego, it is very important to assess the locality of an investment property within El Cajon. Some areas are not desirable at all for rentals and you can expect higher delinquency rates and turnover costs. As with other East County properties, the price-to-rent ratio isn't ideal. Air conditioning is highly recommended for rentals as temperatures can soar over 100 degrees in the summer! 

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Sample Deal in El Cajon

355 W Renette Ave - Full Deal Report 

  • $650,000 purchase price ($208,000 cash needed)
  • -$963 cash flow per month
  • 2% cap rate 
  • -5.6% COC

In general, two-story homes are not as in demand as single story ones. But this tastefully updated, large 4B/2.5BA would be attractive to renters with the low-maintenance yard and two car garage (plus driveway!). The monthly cash flow isn't anything to write home but this would be a sound long-term investment. 

**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 El Cajon 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 

El Cajon Property Management

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

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