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1398 S Lemon Ave El Cajon, CA 92020

3 Beds 2 Baths 1,250 sqft Built 1958

$549,900

List Price

$2,530

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1958
  • Price/Sqft : $439.92
  • 11 Days on Market
  • MLS # : 200051716
  • Updated Date : 11/19/2020 at 18:34
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,250 sqft
  • Baths : 2 full
Listing Agent

Exp Realty Of California Inc

Listing Agent's Description

Situated on a large lot with a private fenced in back yard, this tastefully upgraded single story 3 bedroom / 2 bathroom home is located in Helix Hills. As you drive up, you'll appreciate the drought tolerant landscape which includes drip system, orange tree and synthetic grass. The home features a large living room which opens to the dining room and Kitchen. The garage is very spacious and offers plenty of room for vehicles, tools, and a workspace.

SEE MORE

MARKET HIGHLIGHTS

  • 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]
  • 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)

PRICE & RENT TRENDS

Neighborhood: El Cajon

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550kPrice in $170k594k

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

Neighborhood: El Cajon

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q214001600180020002200240026002800Rent in $13462885

* 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
Chase Avenue Elementary School Primary Regular 755 27 2
Emerald Stem Magnet Middle School Middle Magnet 537 23 1
Grossmont High School High Regular 2,394 92 7

Chase Avenue Elementary School

  • Education Level: Primary
  • # of students: 755
  • # of teachers: 27
2
GreatSchools Rating

Emerald Stem Magnet Middle School

  • Education Level: Middle
  • # of students: 537
  • # of teachers: 23
1
GreatSchools Rating

Grossmont High School

  • Education Level: High
  • # of students: 2,394
  • # of teachers: 92
7
GreatSchools Rating
 

$494,910$604,890$549,900

PURCHASE PRICE

$2,277$2,783$2,530

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,530
EXPENSES Loan Payment -$2,029
Property Tax -$555
Property Insurance -$59
Property Management Fees -$129
CASH FLOW
-$241

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.

$549,900

PROJECTED PRICE

$2,530

PROJECTED RENT

0.46%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.15%
Appreciation Year (1-5) 7.0%
Maintenance Year (1-5) 8.00%
Vacancy 4.16%
Length of Stay Years 2

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$1.8M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k$20k$25k

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$151,474

INVESTMENT

$151,474

Down Payment
$137,475
Rehab Estimate
$5,750
Closing Costs
$8,249

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,029

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $137,475
Loan Amount $412,425
See What Happens When You Reinvest Cash Flow

5.08

YEARS SAVED

$33,185

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,530

    LIST RENT
  • $2.02

    LIST RENT PER SQFT
  • $2,544

    COMP ESTIMATED VALUE
  • $2.04

    COMP AVG. RENT PER SQFT
Comps Range
$2,100
1$2,1002$2,5303$2,900
$2,900
RENT COMPS ANALYSIS
  • 1398 S Lemon Ave El Cajon, CA 2
    • 3 beds 2 baths ∙ 1,250 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,250 Sqft ∙ Built 1958
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,530
    • $2.02
    •  
  • 701 Hillsview Road El Cajon, CA 1
    • 3 beds 2 baths ∙ 1,000 Sqft ∙ Built 1952 3 beds 2 baths ∙ 1,000 Sqft ∙ Built 1952
    property image
    LEASED 02/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $2.10
    •  
  • 10242 Challenge Blvd La Mesa, CA 3
    • 3 beds 2 baths ∙ 1,475 Sqft ∙ Built 1976 3 beds 2 baths ∙ 1,475 Sqft ∙ Built 1976
    property image
    LEASED 01/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $1.97
    •  
PROPERTY LISTING DETAILS
Arlo Nugent
1.858.405.0063
Exp Realty Of California Inc
BESbswy