Wow. Who would live in a place that charges $4300 for rent and be raising taxes on people to make it more expensive? Producers need to depopulate these areas. Think Detroit.
Depending on WHERE in CA, $4300 probably isn’t that high. Haven’t you seen (few, rare) apartments in Manhattan as high as $50K/month? It’s all about location, location, location. And what the market will bear.
There are alot of ‘old houses’ in Calif & many of them are sprawling, beautiful, and in very good condition.
Depending on where this house is, the rent of $4300 a month isn’t out of line.
I sold my 1250 sq ft house- a tract house built in 1953- on a lot 52 x 125 in 1995 for $125,000. Nothing special.
The last time I heard it changed hands again was about 4 years ago-—it went for $510,000.....and it was over 50 years old. I took good care of it, but I don’t know what kind of condition it was in when it went for over 1/2 million. Brand new, this house was $12,800.
To get a decent return on your investment, the rent would have to be over $5000 on that tract house.
BTW- 12 adults moved into that 3 bedroom house at the $510,000 price-—all of them negro.
They lost the house in less than 3 years....12 adults couldn’t earn the money to pay the mortgage!!!
When I lived in it, from 1966 to 1995, I paid the mortgage by myself.