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1029 Redmond Ave San Jose, CA 95120

3 Beds 2 Baths 1,468 sqft Built 1962

$1,185,000

List Price

$3,110

$2.9K - $3.4K

Rent Est.

PROPERTY INFO

December 26, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1962
  • Price/Sqft : $807.22
  • 2 Days on Market
  • MLS # : ML81824049
  • Updated Date : 12/26/2020 at 10:20
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,468 sqft
  • Baths : 2 full
Listing Agent

Acquire Inc.

Listing Agent's Description

Incredible opportunity to put have a well maintained Almaden home where you can put your own personality and taste into a home. Turn this home into a highly desirable one with a some cosmetic updating. Rare to find one with a private backyard with open views of the trail and hillside. This one will be hard to beat given the opportunity.

SEE MORE

MARKET HIGHLIGHTS

  • San Jose metro's economy has been worth $282.2 billion in Gross Metro Product (GMP) in 2018 and is projected to grow to $298.6 billion in 2019. GMP measures the productivity of the metro. (USMayors.org, 2018)
  • San Jose metro employment growth has been at 2.2% in 2018 and predicted to grow at 1.9% in 2019 (USMayors.org, 2018)
  • San Jose metro contributes to 9% of California state's economy i.e. Gross State Product (USMayors.org, 2018)
  • Palo Alto, Redwood City, Mountain View and San Mateo together attracted around $11 billion in venture capital funding in 2019 making Silicon Valley still attractive to technology investments (Crunchbase News, 2020)
  • San Jose metro has 67.6% labor force participation rate higher than the national rate 62.8% (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: Sunrise Almaden

NeighborhoodNIR Market*CityMarket2010Year20002019400k500k600k700k800k900k1000k1100k1200k1300k1400k1500k1600kPrice in $380k1665k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: Sunrise Almaden

NeighborhoodNIR Market*CityMarket2010Year20002019 Q22000220024002600280030003200340036003800400042004400Rent in $19074493

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
Simonds Elementary School Primary Regular 745 25 9
Bret Harte Middle School Middle Regular 1,215 52 8
Leland High School High Regular 1,784 71 9

Simonds Elementary School

  • Education Level: Primary
  • # of students: 745
  • # of teachers: 25
9
GreatSchools Rating

Bret Harte Middle School

  • Education Level: Middle
  • # of students: 1,215
  • # of teachers: 52
8
GreatSchools Rating

Leland High School

  • Education Level: High
  • # of students: 1,784
  • # of teachers: 71
9
GreatSchools Rating
 

$1,066,500$1,303,500$1,185,000

PURCHASE PRICE

$2,799$3,421$3,110

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,110
EXPENSES Loan Payment -$4,372
Property Tax -$1,323
Property Insurance -$63
Property Management Fees -$129
CASH FLOW
-$2,777

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 13% of earned rent to cover both maintenance and periods of vacancy.

$1,185,000

PROJECTED PRICE

$3,110

PROJECTED RENT

0.26%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 5.00%
Appreciation Year (1-5) 12.5%
Maintenance Year (1-5) 8.00%
Vacancy 5.40%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$1.0M$2.0M$3.0M$4.0M

PROJECTED ANNUAL CASH FLOW

11530-$40k-$30k-$20k-$10k$0.0

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$1.0M$2.0M$3.0M$4.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$319,775

INVESTMENT

$319,775

Down Payment
$296,250
Rehab Estimate
$5,750
Closing Costs
$17,775

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 100% down payment or higher enables the proceeds from the asset to cover all costs.

$4,372

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $296,250
Loan Amount $888,750
See What Happens When You Reinvest Cash Flow

-0.17

YEARS SAVED

-$122

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $0

    LIST RENT
  • $0

    LIST RENT PER SQFT
  • $3,357

    COMP ESTIMATED VALUE
  • $2.29

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$3,5953$3,8504$3,900
$3,900
RENT COMPS ANALYSIS
  • 1029 Redmond Ave San Jose, CA 1
    • 3 beds 2 baths ∙ 1,468 Sqft ∙ Built 1962 3 beds 2 baths ∙ 1,468 Sqft ∙ Built 1962
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 6554 Crown Blvd San Jose, CA 2
    • 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 1967 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 1967
    LEASED 01/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,595
    • $2.25
    •  
  • 6121 Maree Ct San Jose, CA 3
    • 3 beds 2 baths ∙ 1,694 Sqft ∙ Built 1970 3 beds 2 baths ∙ 1,694 Sqft ∙ Built 1970
    LEASED 12/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,850
    • $2.27
    •  
  • 1292 Juli Lynn Dr San Jose, CA 4
    • 3 beds 2 baths ∙ 1,665 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,665 Sqft ∙ Built 1971
    LEASED 03/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,900
    • $2.34
    •  
PROPERTY LISTING DETAILS
Robert Garcia
Acquire Inc.
BESbswy