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1371 Carrie Lee Way San Jose, CA 95118

3 Beds 2 Baths 1,536 sqft Built 1961

$1,299,000

List Price

$3,790

$3.5K - $4K

Rent Est.

PROPERTY INFO

December 04, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1961
  • Price/Sqft : $845.70
  • 3 Days on Market
  • MLS # : ML81822199
  • Updated Date : 12/05/2020 at 09:50
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,536 sqft
  • Baths : 2 full
Listing Agent

Kw Santa Clara Valley Inc

Listing Agent's Description

Gorgeous Remodeled Cambrian Ranch Style Home. This 1 story, bright and open floor plan boasts NEW: paint, floors, light fixtures, stainless steel appliances, quartz countertops, pergola, and more! You'll love the backyard pool, spa, a custom sit-in waterfall, and many fruit trees.

SEE MORE

MARKET HIGHLIGHTS

  • San Jose metro has 67.6% labor force participation rate higher than the national rate 62.8% (USMayors.org, 2018)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Valley View - Reed

NeighborhoodNIR Market*CityMarket2010Year20002019400k500k600k700k800k900k1000k1100k1200k1300k1400k1500k1600kPrice in $380k1665k

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

Neighborhood: Valley View - Reed

NeighborhoodNIR Market*CityMarket2010Year20002019 Q22000220024002600280030003200340036003800400042004400Rent in $19074493

* 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
Reed Elementary School Primary Regular 513 21 7
Muir Middle School Middle Regular 1,118 51 6
Pioneer High School High Regular 1,570 67 9

Reed Elementary School

  • Education Level: Primary
  • # of students: 513
  • # of teachers: 21
7
GreatSchools Rating

Muir Middle School

  • Education Level: Middle
  • # of students: 1,118
  • # of teachers: 51
6
GreatSchools Rating

Pioneer High School

  • Education Level: High
  • # of students: 1,570
  • # of teachers: 67
9
GreatSchools Rating
 

$1,169,100$1,428,900$1,299,000

PURCHASE PRICE

$3,411$4,169$3,790

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,790
EXPENSES Loan Payment -$4,793
Property Tax -$1,451
Property Insurance -$64
Property Management Fees -$148
CASH FLOW
-$2,665

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 13% of earned rent to cover both maintenance and periods of vacancy.

$1,299,000

PROJECTED PRICE

$3,790

PROJECTED RENT

0.29%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 5.00%
Appreciation Year (1-5) 12.4%
Maintenance Year (1-5) 8.00%
Vacancy 5.40%
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$5.0M

PROJECTED ANNUAL CASH FLOW

11530-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$349,985

INVESTMENT

$349,985

Down Payment
$324,750
Rehab Estimate
$5,750
Closing Costs
$19,485

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 80% down payment or higher enables the proceeds from the asset to cover all costs.

$4,793

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $324,750
Loan Amount $974,250
See What Happens When You Reinvest Cash Flow

-0.08

YEARS SAVED

-$38

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,790

    LIST RENT
  • $2.47

    LIST RENT PER SQFT
  • $4,159

    COMP ESTIMATED VALUE
  • $2.71

    COMP AVG. RENT PER SQFT
Comps Range
$3,200
1$3,2002$3,3503$3,7904$3,9505$4,000
$4,000
RENT COMPS ANALYSIS
  • 1371 Carrie Lee Way San Jose, CA 3
    • 3 beds 2 baths ∙ 1,536 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,536 Sqft ∙ Built 1961
    • Rent
    • Rent Per SQFT
    •  
    • $3,790
    • $2.47
    •  
  • 3076 Woodcrest Dr San Jose, CA 1
    • 3 beds 2 baths ∙ 1,284 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,284 Sqft ∙ Built 1957
    LEASED 11/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $2.49
    •  
  • 3119 Lowry Dr San Jose, CA 2
    • 3 beds 2 baths ∙ 1,270 Sqft ∙ Built 1960 3 beds 2 baths ∙ 1,270 Sqft ∙ Built 1960
    LEASED 07/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,350
    • $2.64
    •  
  • 1462 Revere Ave San Jose, CA 4
    • 4 beds 2 baths ∙ 1,363 Sqft ∙ Built 1956 4 beds 2 baths ∙ 1,363 Sqft ∙ Built 1956
    LEASED 09/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,950
    • $2.90
    •  
  • 1514 San Joaquin Ave San Jose, CA 5
    • 3 beds 3 baths ∙ 1,430 Sqft ∙ Built 1954 3 beds 3 baths ∙ 1,430 Sqft ∙ Built 1954
    LEASED 10/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,000
    • $2.80
    •  
PROPERTY LISTING DETAILS
Harvey Young
Kw Santa Clara Valley Inc
BESbswy