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1112 Flamingo Ave El Cajon, CA 92021

3 Beds 1 Baths 1,172 sqft Built 1950

INVESTimate

$549,900

List Price

$2,240

$2,016 - $2,464

Rent Est.

$583,389  ( +6.09%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 1950
  • Price/Sqft : $469.20
  • 10 Days on Market
  • MLS # : 200039755
  • Updated Date : 08/25/2020 at 18:36
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,172 sqft
  • Baths : 1 full
Listing Agent

Homesmart Realty West

Listing Agent's Description

VRP $529,900-$549,900. Must see remodeled home with no expense spared! New custom kitchen with beautiful quartz counter tops, new floors & stainless steel appliances. Living room w/new modern floors perfect for entertaining! Bathroom has new modern tiled floors & showers, sinks, white wood cabinets, & brushed nickel lights / fixtures. Modern touches, new dual pane windows throughout home, and wall AC unit. Large yard! VA ok!

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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: 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
Bostonia Language Academy Primary Regular 559 23 7
Greenfield Middle School Middle Regular 670 28 2
El Cajon Valley High School High Regular 1,720 80 4

Bostonia Language Academy

  • Education Level: Primary
  • # of students: 559
  • # of teachers: 23
7
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
 

$494,910$604,890$549,900

PURCHASE PRICE

$2,016$2,464$2,240

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$1.6M

PROJECTED ANNUAL CASH FLOW

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

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,240
EXPENSES Loan Payment -$2,029
Property Tax -$635
Property Insurance -$57
Property Management Fees -$129
CASH FLOW
-$609

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.

$549,900

PROJECTED PRICE

$2,240

PROJECTED RENT

0.41%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.15%
Appreciation Year (1-5) 6.09%
Maintenance Year (1-5) 8.00%
Vacancy 4.16%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$151,474

INVESTMENT

$151,474

Down Payment
$137,475
Rehab Estimate
$5,750
Closing Costs
$8,249

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$2,029

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $137,475
Loan Amount $412,425
See What Happens When You Reinvest Cash Flow

1.58

YEARS SAVED

$6,124

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
  • $2,772

    COMP ESTIMATED VALUE
  • $2.37

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$2,3003$2,400
$2,400
RENT COMPS ANALYSIS
  • 1112 Flamingo Ave El Cajon, 1
    • 3 beds 1 baths ∙ 1,172 Sqft ∙ Built 1950 3 beds 1 baths ∙ 1,172 Sqft ∙ Built 1950
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 805 N 3rd St #1 & 3 El Cajon, 2
    • 3 beds 1 baths ∙ 975 Sqft ∙ Built 1969 3 beds 1 baths ∙ 975 Sqft ∙ Built 1969
    property image
    LEASED 05/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $2.36
    •  
  • 1378 Ivory Ct El Cajon, 3
    • 3 beds 2 baths ∙ 1,014 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,014 Sqft ∙ Built 1958
    property image
    LEASED 10/28/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $2.37
    •  
PROPERTY LISTING DETAILS
Miguel Molina
1.619.955.7551
Homesmart Realty West
BESbswy