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1384 Merritt Terrace El Cajon, CA 92020

3 Beds 3 Baths 2,279 sqft Built 1969

$825,000

List Price

$3,520

$3.3K - $3.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 25, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1969
  • Price/Sqft : $362.00
  • 5 Days on Market
  • MLS # : 210004892
  • Updated Date : 02/25/2021 at 17:57
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,279 sqft
  • Baths : 2 full , 1 half
Listing Agent

Pacific View Real Estate

Listing Agent's Description

Wow! You will love the stunning views of the mountains and the El Cajon Valley from this beautiful home. Wonderful open floor plan with remodeled kitchen and baths, fresh carpet and paint and big double attached garage, all on a lot of over an acre, affording privacy and room for your landscaping imagination. Plenty of space to spread out and entertain. Remodeled kitchen with granite counters, granite island with sink, 6 burner Wolf range and hood! Built in hutch with glass front cabinets in DR. Large deck off kit, dr and lr to take in that awesome view! Catherdral ceilings, tall fireplace, lots of storage. Two water heaters. Orange, lemon and avocado trees, four planting boxes. This house was meant for you...come see it!

SEE MORE

MARKET HIGHLIGHTS

  • 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]
  • 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.

PRICE & RENT TRENDS

Neighborhood: Casa de Oro - Mount Helix

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650kPrice in $222k682k

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

Neighborhood: Casa de Oro - Mount Helix

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q216001800200022002400260028003000Rent in $15143140

* 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
Fuerte Elementary School Primary Regular 601 24 8
Hillsdale Middle School Middle Regular 1,502 59 7
Valhalla High School High Regular 2,129 77 8

Fuerte Elementary School

  • Education Level: Primary
  • # of students: 601
  • # of teachers: 24
8
GreatSchools Rating

Hillsdale Middle School

  • Education Level: Middle
  • # of students: 1,502
  • # of teachers: 59
7
GreatSchools Rating

Valhalla High School

  • Education Level: High
  • # of students: 2,129
  • # of teachers: 77
8
GreatSchools Rating
 

$742,500$907,500$825,000

PURCHASE PRICE

$3,168$3,872$3,520

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,520
EXPENSES Loan Payment -$2,866
Property Tax -$828
Property Insurance -$85
Property Management Fees -$129
CASH FLOW
-$387

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.

$825,000

PROJECTED PRICE

$3,520

PROJECTED RENT

0.43%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.42%
Appreciation Year (1-5) 5.3%
Maintenance Year (1-5) 8.00%
Vacancy 4.80%
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$0.0$10k$20k$30k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$224,375

INVESTMENT

$224,375

Down Payment
$206,250
Rehab Estimate
$5,750
Closing Costs
$12,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$2,866

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $206,250
Loan Amount $618,750
See What Happens When You Reinvest Cash Flow

4.5

YEARS SAVED

$37,244

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
  • $4,079

    COMP ESTIMATED VALUE
  • $1.79

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$3,500
$3,500
RENT COMPS ANALYSIS
  • 1384 Merritt Terrace El Cajon, CA 1
    • 3 beds 3 baths ∙ 2,279 Sqft ∙ Built 1969 3 beds 3 baths ∙ 2,279 Sqft ∙ Built 1969
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 1524 Merritt Drive El Cajon, CA 2
    • 3 beds 2 baths ∙ 1,957 Sqft ∙ Built 1951 3 beds 2 baths ∙ 1,957 Sqft ∙ Built 1951
    LEASED 12/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $1.79
    •  
PROPERTY LISTING DETAILS
Suzanne Stofer
1.619.246.7715
Pacific View Real Estate
1.866.250.5610
San Diego MLS ( SDMLS)
MLS #: 210004892
Last Updated: 02/25/2021
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