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1061 S S Magnolia Ave El Cajon, CA 92020

2 Beds 1 Baths 852 sqft Built 1951

INVESTimate

$450,000

List Price

$1,640

$1,476 - $1,804

Rent Est.

$481,635  ( +7.03%)   1 YR EST. FORECAST

PROPERTY INFO

August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 1951
  • Price/Sqft : $528.17
  • 6 Days on Market
  • MLS # : 200040576
  • Updated Date : 08/23/2020 at 19:31
CONSTRUCTION
  • Beds : 2
  • Floor Size : 852 sqft
  • Baths : 1 full
Listing Agent

Century 21 Award

Listing Agent's Description

TURN-KEY single level home close to all in El Cajon! This home has been upgraded throughout to include a new kitchen with white cabinets, quartz counters, stainless steel farm sink and SS appliances. Dual pane windows throughout, remodeled bathroom, ceiling fans throughout and no popcorn ceilings! This property is fully fenced with a side gate to allow access to the large level backyard with plenty of room for RV parking, boat, pool, etc. This large lot is over 10,000 sq. ft.

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MARKET HIGHLIGHTS

  • 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)
  • 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]

PRICE & RENT TRENDS

Neighborhood: El Cajon

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550kPrice in $170k594k

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

Neighborhood: El Cajon

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q214001600180020002200240026002800Rent in $13462885

* 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
Chase Avenue Elementary School Primary Regular 755 27 2
Emerald Stem Magnet Middle School Middle Magnet 537 23 1
Valhalla High School High Regular 2,129 77 8

Chase Avenue Elementary School

  • Education Level: Primary
  • # of students: 755
  • # of teachers: 27
2
GreatSchools Rating

Emerald Stem Magnet Middle School

  • Education Level: Middle
  • # of students: 537
  • # of teachers: 23
1
GreatSchools Rating

Valhalla High School

  • Education Level: High
  • # of students: 2,129
  • # of teachers: 77
8
GreatSchools Rating
 

$405,000$495,000$450,000

PURCHASE PRICE

$1,476$1,804$1,640

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

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

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,640
EXPENSES Loan Payment -$1,660
Property Tax -$457
Property Insurance -$49
Property Management Fees -$129
CASH FLOW
-$655

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.

$450,000

PROJECTED PRICE

$1,640

PROJECTED RENT

0.36%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.15%
Appreciation Year (1-5) 7.03%
Maintenance Year (1-5) 8.00%
Vacancy 4.16%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$125,000

INVESTMENT

$125,000

Down Payment
$112,500
Rehab Estimate
$5,750
Closing Costs
$6,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$1,660

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $112,500
Loan Amount $337,500
See What Happens When You Reinvest Cash Flow

0.5

YEARS SAVED

$857

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
  • $1,491

    COMP ESTIMATED VALUE
  • $1.75

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$1,900
$1,900
RENT COMPS ANALYSIS
  • 1061 S S Magnolia Ave El Cajon, 1
    • 2 beds 1 baths ∙ 852 Sqft ∙ Built 1951 2 beds 1 baths ∙ 852 Sqft ∙ Built 1951
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 1244 E Madison Ave #a El Cajon, 2
    • 2 beds 2 baths ∙ 1,088 Sqft ∙ Built 1965 2 beds 2 baths ∙ 1,088 Sqft ∙ Built 1965
    property image
    LEASED 04/22/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $1.75
    •  
PROPERTY LISTING DETAILS
Doreen Smith
1.760.803.4708
Century 21 Award
BESbswy