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120 Turnberry Rd Half Moon Bay, CA 94019

3 Beds 3 Baths 2,450 sqft Built 1987

$1,400,000

List Price

$5,050

$4.8K - $5.3K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
November 30, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1987
  • Price/Sqft : $571.43
  • 7 Days on Market
  • MLS # : ML81821726
  • Updated Date : 12/04/2020 at 16:50
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,450 sqft
  • Baths : 2 full , 1 half
Listing Agent

Compass

Listing Agent's Description

This home's interior has just been painted. The sparkling red oak hardwood floors on the entire first level have also just been refinished. Tall ceilings on both levels provide light, ambiance & volume to its design. The wood burning fireplace with gas starters in the living room & primary bedroom make statements & the open floor plan on the first level allows for several design options. The primary bedroom and bathroom feature a soaring ceiling. Corner windows over the separate tub with jets, separate stall shower, dual sinks & cedar floor closets help to provide a wonderful spa like experience. One of the other guest bedrooms features an adjoining open room ideal for an office, zoom room or nursery. Skylights in the dining room, stairwell & primary bathroom provide lots of light. The home is also a member of the Muirfield II HOA, as well as the Ocean Colony HOA, & thus provides full landscaping maintenance & the water for it as part of its dues, perfect for low maintenance living.

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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

Zip Code: 94019

ZipNIR Market*CityMarket2010Year20002019500k600k700k800k900k1000k1100k1200k1300k1400k1500kPrice in $440k1528k

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

Zip Code: 94019

ZipNIR Market*CityMarket2010Year2000 Q32019 Q215002000250030003500400045005000Rent in $14555135

* 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
Alvin Hatch Elementary School Primary Regular 663 27 4
Cunha Intermediate School Middle Regular 745 29 5
Half Moon Bay High School High Regular 1,018 41 8

Alvin Hatch Elementary School

  • Education Level: Primary
  • # of students: 663
  • # of teachers: 27
4
GreatSchools Rating

Cunha Intermediate School

  • Education Level: Middle
  • # of students: 745
  • # of teachers: 29
5
GreatSchools Rating

Half Moon Bay High School

  • Education Level: High
  • # of students: 1,018
  • # of teachers: 41
8
GreatSchools Rating
 

$1,260,000$1,540,000$1,400,000

PURCHASE PRICE

$4,545$5,555$5,050

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $5,050
EXPENSES Loan Payment -$5,165
Property Tax -$1,380
Property Insurance -$86
HOA -$292
Property Management Fees -$197
CASH FLOW
-$2,071

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$1,400,000

PROJECTED PRICE

$5,050

PROJECTED RENT

0.36%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.83%
Appreciation Year (1-5) 9.1%
Maintenance Year (1-5) 8.00%
Vacancy 5.92%
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$10k

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$376,750

INVESTMENT

$376,750

Down Payment
$350,000
Rehab Estimate
$5,750
Closing Costs
$21,000

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 75% down payment or higher enables the proceeds from the asset to cover all costs.

$5,165

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $350,000
Loan Amount $1,050,000
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$574

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $5,050

    LIST RENT
  • $2.06

    LIST RENT PER SQFT
  • $5,709

    COMP ESTIMATED VALUE
  • $2.33

    COMP AVG. RENT PER SQFT
Comps Range
$5,000
1$5,0002$5,050
$5,050
RENT COMPS ANALYSIS
  • 120 Turnberry Rd Half Moon Bay, CA 2
    • 3 beds 3 baths ∙ 2,450 Sqft ∙ Built 1987 3 beds 3 baths ∙ 2,450 Sqft ∙ Built 1987
    • Rent
    • Rent Per SQFT
    •  
    • $5,050
    • $2.06
    •  
  • 435 Burning Tree Ct Half Moon Bay, CA 1
    • 3 beds 2 baths ∙ 2,150 Sqft ∙ Built 1979 3 beds 2 baths ∙ 2,150 Sqft ∙ Built 1979
    LEASED 03/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $5,000
    • $2.33
    •  
PROPERTY LISTING DETAILS
Patrick Ryan
Compass
BESbswy