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1141 Iris Ave Imperial Beach, CA 91932

3 Beds 2 Baths 1,360 sqft Built 1959

$699,000

List Price

$2,730

$2.5K - $3K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1959
  • Price/Sqft : $513.97
  • 15 Days on Market
  • MLS # : 210000780
  • Updated Date : 01/24/2021 at 01:43
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,360 sqft
  • Baths : 2 full
Listing Agent

Big Block Realty, Inc.

Listing Agent's Description

The beach lifestyle is calling you to this highly desirable and growing investment opportunity area. Recent upgrades feature new flooring, zoned ductless AC, modern fencing, and fresh paint. Ideal work from home separate office space and room for backstock in the huge pantry! Open floorplan, large peninsula island and granite counters, recessed lighting, high-efficiency double pane windows and slider. Backyard entertaining heaven with IB's stellar sunsets or venture into your detached cave and bar!

SEE MORE

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: Imperial Beach

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550kPrice in $187k594k

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

Neighborhood: Imperial Beach

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
Oneonta Elementary School Primary Regular 563 24 4
Oneonta Elementary School Middle Regular 563 24 4
Mar Vista High School High Regular 1,685 58 4

Oneonta Elementary School

  • Education Level: Primary
  • # of students: 563
  • # of teachers: 24
4
GreatSchools Rating

Oneonta Elementary School

  • Education Level: Middle
  • # of students: 563
  • # of teachers: 24
4
GreatSchools Rating

Mar Vista High School

  • Education Level: High
  • # of students: 1,685
  • # of teachers: 58
4
GreatSchools Rating
 

$629,100$768,900$699,000

PURCHASE PRICE

$2,457$3,003$2,730

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,730
EXPENSES Loan Payment -$2,428
Property Tax -$780
Property Insurance -$61
Property Management Fees -$129
CASH FLOW
-$669

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.

$699,000

PROJECTED PRICE

$2,730

PROJECTED RENT

0.39%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.15%
Appreciation Year (1-5) 11.3%
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$500k$1.0M$1.5M$2.0M$2.5M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$190,985

INVESTMENT

$190,985

Down Payment
$174,750
Rehab Estimate
$5,750
Closing Costs
$10,485

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$2,428

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $174,750
Loan Amount $524,250
See What Happens When You Reinvest Cash Flow

2

YEARS SAVED

$8,733

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
  • $2,927

    COMP ESTIMATED VALUE
  • $2.15

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$2,6003$2,6004$2,7005$2,700
$2,700
RENT COMPS ANALYSIS
  • 1141 Iris Ave Imperial Beach, CA 1
    • 3 beds 2 baths ∙ 1,360 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,360 Sqft ∙ Built 1959
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 1228 15th Street Imperial Beach, CA 2
    • 3 beds 2 baths ∙ 1,125 Sqft ∙ Built 1970 3 beds 2 baths ∙ 1,125 Sqft ∙ Built 1970
    LEASED 02/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $2.31
    •  
  • 841 15th Street San Diego, CA 3
    • 3 beds 2 baths ∙ 1,176 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,176 Sqft ∙ Built 1958
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $2.21
    •  
  • 1273 Georgia St Imperial Beach, CA 4
    • 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 1947 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 1947
    LEASED 08/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $2.25
    •  
  • 1203 California Street Imperial Beach, CA 5
    • 3 beds 3 baths ∙ 1,468 Sqft ∙ Built 1965 3 beds 3 baths ∙ 1,468 Sqft ∙ Built 1965
    LEASED 11/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.84
    •  
PROPERTY LISTING DETAILS
Jessica Mushovic
1.619.804.2749
Big Block Realty, Inc.
BESbswy