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1316 Elm Chula Vista, CA 91911

3 Beds 2 Baths 1,152 sqft Built 1964

INVESTimate

$535,000

List Price

$1,980

$1,782 - $2,178

Rent Est.

$576,035  ( +7.67%)   1 YR EST. FORECAST

PROPERTY INFO

August 22, 2020 RECENTLY ADDED
FACTS
  • Built In 1964
  • Price/Sqft : $464.41
  • 5 Days on Market
  • MLS # : 200040698
  • Updated Date : 08/23/2020 at 07:06
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,152 sqft
  • Baths : 2 full
Listing Agent

Finest City Homes & Loans

Listing Agent's Description

Recently updated single level home situated on a large, flat lot w/ plenty of room for a pool, ADU, etc. Oversized 2 car garage plus plenty of room to park your boat, RV & more. Remodeled kitchen w/ new granite countertops, cabinets & appliances. Bathrooms have been updated w/ new shower/tub, vanities, tile flooring & Moen fixtures. New vinyl & carpet flooring throughout. New interior & exterior paint. Enjoy those SD Bay breezes as this property is located just 2mi from the water & major freeways.

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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: Castle Park

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550kPrice in $187k594k

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

Neighborhood: Castle Park

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q214001600180020002200240026002800Rent in $12522926

* 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
Loma Verde Elementary School Primary Regular 563 23 7
Loma Verde Elementary School Middle Regular 563 23 7
Castle Park High School High Regular 1,474 60 4

Loma Verde Elementary School

  • Education Level: Primary
  • # of students: 563
  • # of teachers: 23
7
GreatSchools Rating

Loma Verde Elementary School

  • Education Level: Middle
  • # of students: 563
  • # of teachers: 23
7
GreatSchools Rating

Castle Park High School

  • Education Level: High
  • # of students: 1,474
  • # of teachers: 60
4
GreatSchools Rating
 

$481,500$588,500$535,000

PURCHASE PRICE

$1,782$2,178$1,980

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

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 $1,980
EXPENSES Loan Payment -$1,974
Property Tax -$507
Property Insurance -$56
Property Management Fees -$129
CASH FLOW
-$686

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.

$535,000

PROJECTED PRICE

$1,980

PROJECTED RENT

0.37%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.15%
Appreciation Year (1-5) 7.67%
Maintenance Year (1-5) 8.00%
Vacancy 4.16%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$147,525

INVESTMENT

$147,525

Down Payment
$133,750
Rehab Estimate
$5,750
Closing Costs
$8,025

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,974

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $133,750
Loan Amount $401,250
See What Happens When You Reinvest Cash Flow

1.17

YEARS SAVED

$3,043

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,980

    LIST RENT
  • $1.72

    LIST RENT PER SQFT
  • $1,837

    COMP ESTIMATED VALUE
  • $1.6

    COMP AVG. RENT PER SQFT
Comps Range
$1,750
1$1,7502$1,9503$1,980
$1,980
RENT COMPS ANALYSIS
  • 1316 Elm Chula Vista, 3
    • 3 beds 2 baths ∙ 1,152 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,152 Sqft ∙ Built 1964
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,980
    • $1.72
    •  
  • 1580 Mendocino Dr Drive Chula Vista, 1
    • 3 beds 1 baths ∙ 1,053 Sqft ∙ Built 1972 3 beds 1 baths ∙ 1,053 Sqft ∙ Built 1972
    property image
    LEASED 03/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.66
    •  
  • 300 Rancho Dr #b Chula Vista, 2
    • 3 beds 2 baths ∙ 1,274 Sqft ∙ Built 1976 3 beds 2 baths ∙ 1,274 Sqft ∙ Built 1976
    property image
    LEASED 06/07/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $1.53
    •  
PROPERTY LISTING DETAILS
Evan Tando
1.619.757.7740
Finest City Homes & Loans
BESbswy