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1056 Summer Ct El Cajon, CA 92021

4 Beds 2 Baths 1,471 sqft Built 1972

$579,900

List Price

$2,710

$2.5K - $3K

Rent Est.

PROPERTY INFO

January 15, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1972
  • Price/Sqft : $394.22
  • 4 Days on Market
  • MLS # : 210001135
  • Updated Date : 01/16/2021 at 01:23
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,471 sqft
  • Baths : 2 full
Listing Agent

First Team Real Estate

Listing Agent's Description

Beautifully upgraded 4 bed, 2 bath home with large lot located on a quiet cul de sac in "Bostonia" neighborhood of north El Cajon. Gorgeous kitchen features white shaker cabinets, quartz counter, custom tile backsplash, stainless steel appliances, recessed lighting, hardware and fixtures. Laminate floors flow through common areas. Fresh interior & exterior paint, AC, ceiling fans & new carpet in bedrooms. Laundry hook ups in garage. Buyer to assume solar lease. Easy access to the I-67 and I-8 freeways.

SEE MORE

MARKET HIGHLIGHTS

  • Headquarters to several Fortune 500 companies: Amgen, Farmers Insurance, Walt Disney, Avery Dennison, Activision Blizzard, CBRE Group, Edison International, Molina Healthcare, First American Financial, Pacific Life, Qualcomm and Sempra Energy (Fortune, 2018)
  • Southern California produces more technology PhDs per year than any other region in the country and many of the higher educated students stay within Souther California contributing to readily available workforce skills making the area more attractive than Silicon Valley (BCG, 2018)
  • As part of Southern California area, San Diego market inherits all the benefits from the area.
  • Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 2018)
  • The area has major technology nodes of excellence: Los Angeles (Media and entertainment); Pasadena (High-tech engineering, data analytics); Riverside (Agtech, transportation/ distribution); San Diego (Healthcare, biotech, wireless communications); Irvine (Medtech, cyber security); El Segundo (Aerospace and defense IT, space transport) [BCG, 2018]
  • Southern California has 58.7% labor force participation rate; within this area, Los Angeles metro has 62.3% labor force participation rate (USMayors.org, 2018)
  • Southern California's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: Bostonia

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550kPrice in $187k594k

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

Neighborhood: Bostonia

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q214001600180020002200240026002800Rent in $13542885

* 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
Magnolia Elementary School Primary Regular 653 27 2
Greenfield Middle School Middle Regular 670 28 2
El Cajon Valley High School High Regular 1,720 80 4

Magnolia Elementary School

  • Education Level: Primary
  • # of students: 653
  • # of teachers: 27
2
GreatSchools Rating

Greenfield Middle School

  • Education Level: Middle
  • # of students: 670
  • # of teachers: 28
2
GreatSchools Rating

El Cajon Valley High School

  • Education Level: High
  • # of students: 1,720
  • # of teachers: 80
4
GreatSchools Rating
 

$521,910$637,890$579,900

PURCHASE PRICE

$2,439$2,981$2,710

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,710
EXPENSES Loan Payment -$2,014
Property Tax -$693
Property Insurance -$64
Property Management Fees -$129
CASH FLOW
-$191

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 12% of earned rent to cover both maintenance and periods of vacancy.

$579,900

PROJECTED PRICE

$2,710

PROJECTED RENT

0.47%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.15%
Appreciation Year (1-5) 6.1%
Maintenance Year (1-5) 8.00%
Vacancy 4.16%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k$20k$25k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$159,424

INVESTMENT

$159,424

Down Payment
$144,975
Rehab Estimate
$5,750
Closing Costs
$8,699

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$2,014

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $144,975
Loan Amount $434,925
See What Happens When You Reinvest Cash Flow

5.33

YEARS SAVED

$32,235

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
  • $2,971

    COMP ESTIMATED VALUE
  • $2.02

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$2,300
$2,300
RENT COMPS ANALYSIS
  • 1056 Summer Ct El Cajon, CA 1
    • 4 beds 2 baths ∙ 1,471 Sqft ∙ Built 1972 4 beds 2 baths ∙ 1,471 Sqft ∙ Built 1972
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 1628 Summertime Dr El Cajon, CA 2
    • 3 beds 2 baths ∙ 1,136 Sqft ∙ Built 1974 3 beds 2 baths ∙ 1,136 Sqft ∙ Built 1974
    LEASED 09/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $2.02
    •  
PROPERTY LISTING DETAILS
Judi Reimer
1.310.948.5755
First Team Real Estate
BESbswy