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1311 Palm Ave San Mateo, CA 94402

3 Beds 2 Baths 1,520 sqft Built 1917

INVESTimate

$1,799,000

List Price

$4,450

$4,200 - $4,700

Rent Est.

$2,045,463  ( +13.70%)   1 YR EST. FORECAST

PROPERTY INFO

August 19, 2020 RECENTLY ADDED
FACTS
  • Built In 1917
  • Price/Sqft : $1,183.55
  • 8 Days on Market
  • MLS # : ML81806412
  • Updated Date : 08/19/2020 at 17:39
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,520 sqft
  • Baths : 2 full
Listing Agent

Golden Gate Sotheby's International Realty

Listing Agent's Description

This Hayward Park circa 1917 architectural gem complete with the white picket fence, offers many original features combined with contemporary updating to make it the perfect home. Formal living room w/gas log fireplace & bookshelf adjoins a formal dining room w/original built-in china cabinet. Newly refinished hardwood floors. Three spacious bedrooms incl. a primary suite with walk-in closet & view of the stately redwood tree and lovely yard. Family room adjoins the updated kitchen with French doors. Updates includes a newer furnace/AC unit, tankless water heater, Marvin windows throughout and insulation added under the house as well as in the attic. Note the high ceilings throughout & built-in speakers in the family room and patio. Private yard with flagstone patio, multiple planting areas, landscape lights on a timer and large storage shed. Older garage removed but new one may be added. Parking pad on the alley side of the house. Close to downtown San Mateo & Hwy. 92. Tesla hookup!

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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

Neighborhood: Hayward Park

NeighborhoodNIR Market*CityMarket2010Year20002019400k500k600k700k800k900k1000k1100k1200k1300k1400kPrice in $392k1461k

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

Neighborhood: Hayward Park

NeighborhoodNIR Market*CityMarket2010Year2000 Q32019 Q220002200240026002800300032003400360038004000420044004600Rent in $19974696

* 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
Sunnybrae Elementary School Primary Magnet 527 23 2
Borel Middle School Middle Magnet 958 43 6
Aragon High School High Regular 1,423 68 9

Sunnybrae Elementary School

  • Education Level: Primary
  • # of students: 527
  • # of teachers: 23
2
GreatSchools Rating

Borel Middle School

  • Education Level: Middle
  • # of students: 958
  • # of teachers: 43
6
GreatSchools Rating

Aragon High School

  • Education Level: High
  • # of students: 1,423
  • # of teachers: 68
9
GreatSchools Rating
 

$1,619,100$1,978,900$1,799,000

PURCHASE PRICE

$4,005$4,895$4,450

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$1.0M$2.0M$3.0M$4.0M$5.0M$6.0M$7.0M

PROJECTED ANNUAL CASH FLOW

11530-$70k-$60k-$50k-$40k-$30k-$20k-$10k$0.0

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$1.0M$2.0M$3.0M$4.0M$5.0M$6.0M$7.0M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,450
EXPENSES Loan Payment -$6,638
Property Tax -$1,924
Property Insurance -$64
Property Management Fees -$174
CASH FLOW
-$4,349

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.

$1,799,000

PROJECTED PRICE

$4,450

PROJECTED RENT

0.25%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 5.00%
Appreciation Year (1-5) 13.70%
Maintenance Year (1-5) 8.00%
Vacancy 5.61%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$482,485

INVESTMENT

$482,485

Down Payment
$449,750
Rehab Estimate
$5,750
Closing Costs
$26,985

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 100% down payment or higher enables the proceeds from the asset to cover all costs.

$6,638

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $449,750
Loan Amount $1,349,250
See What Happens When You Reinvest Cash Flow

-0.25

YEARS SAVED

-$229

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $4,450

    LIST RENT
  • $2.93

    LIST RENT PER SQFT
  • $4,459

    COMP ESTIMATED VALUE
  • $2.93

    COMP AVG. RENT PER SQFT
Comps Range
$4,370
1$4,3702$4,4503$4,6004$4,750
$4,750
RENT COMPS ANALYSIS
  • 1311 Palm Ave San Mateo, 2
    • 3 beds 2 baths ∙ 1,520 Sqft ∙ Built 1917 3 beds 2 baths ∙ 1,520 Sqft ∙ Built 1917
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $4,450
    • $2.93
    •  
  • 1424 S B St Front House San Mateo, 1
    • 3 beds 2 baths ∙ 1,350 Sqft ∙ Built 1937 3 beds 2 baths ∙ 1,350 Sqft ∙ Built 1937
    property image
    LEASED 05/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,370
    • $3.24
    •  
  • 234 22nd Ave San Mateo, 3
    • 3 beds 2 baths ∙ 1,650 Sqft ∙ Built 1937 3 beds 2 baths ∙ 1,650 Sqft ∙ Built 1937
    property image
    LEASED 03/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,600
    • $2.79
    •  
  • 1715 Palm Ave San Mateo, 4
    • 3 beds 2 baths ∙ 1,717 Sqft ∙ Built 1927 3 beds 2 baths ∙ 1,717 Sqft ∙ Built 1927
    property image
    LEASED 12/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,750
    • $2.77
    •  
PROPERTY LISTING DETAILS
Anna Dupont
Golden Gate Sotheby's International Realty
BESbswy