Near '93 rollback in Trabuco

Here is another example of the type of property that has already gotten creamed during the real estate downturn - a small condo in an outlying area (Trabuco Canyon). Check out the current asking price range - we'll compare it to the 1993 price. They're not very far apart...

19001 Canyon, 92679
Asking price: $170,000-$185,000
Asking price/ sq ft: $156
Purchase price: $377,000
Purchase date: 1/10/07
Size: 2 beds, 2 baths, 1,087 sq ft (built in 1990)
MLS: S554832 (75 days on Redfin)
Zillow Zestimate: $267,000
HOA dues: $210
Type: Condominium
Style: Other
Stories: 1
From listing: Needs alittle TLC, but is a great first home for a small family. End downstairs unit with 2 patio's, 1 off the master bedroom. Bright and open with built-in shelves on either side of the fireplace. 1 car attached garage with plenty of other parking, close to the pool area. Stackable washer and dryer hookups inside the unit. Very close to schools, and toll road.

Redfin says this property was first listed for $190,000, but it has dropped a bit since. Similar units are trying to get about $1,650 per month from potential tenants, and even if we were to assume this property would rent for less (after being fixed up), it's probably still at rental parity.

The question, obviously, is would you want to live here long term when you could pay nearly the same price for a bigger apartment closer to job centers?

Assuming a sale for $177,500 (in the middle of the asking price range), it would mean the condo sold for just $18,000 above the 1993 price of $159,500. The property also is a 2002 rollback: It sold for $207,500 in April of that year.