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1438 Montego Dr San Jose, CA 95120

4 Beds 3 Baths 2,219 sqft Built 1971

$1,995,000

List Price

$4,110

$3.9K - $4.4K

Rent Est.

PROPERTY INFO

November 21, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1971
  • Price/Sqft : $899.05
  • 3 Days on Market
  • MLS # : ML81821077
  • Updated Date : 11/21/2020 at 20:27
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,219 sqft
  • Baths : 2 full , 1 half
Listing Agent

Golden Gate Sotheby's International Realty

Listing Agent's Description

In the exclusive Montego Hills of Almaden sits this spectacular tri-level, highly customed remodeled home. The curb appeal is enhanced w/ drought-tolerant plants in contrasting colors, followed by the tranquil ambiance of a water feature and a captivating modern facade. Inside, the LR & Dining Area flow seamlessly into a Culinary's dream KIT w/ granite-top island, Thermador gas range/oven w/ Venting Pairing, True refrigeration drawers, GE Profile double-sided fridge, Saphire Glow Thermador dishwasher, & Thomasville cabinetry! After a long day, the primary bedroom's ensuite bath is equal to a luxury spa w/ BainUltra soaking tub w/ air jets & NK Porcelanosa fixtures grace the open concept shower. Then, head downstairs to the FR to cozy up to the gas log fireplace. Step out back to your own private resort complete w/ built-in pool/spa, concrete propane firepit, alfresco dining under the gazebo, & impressive gourmet outdoor KIT & bar. Plus finished garage w/ storage cabinets. Outstanding!

SEE MORE

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: Montego

NeighborhoodNIR Market*CityMarket2010Year20002019400k500k600k700k800k900k1000k1100k1200k1300k1400k1500k1600kPrice in $380k1670k

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

Neighborhood: Montego

NeighborhoodNIR Market*CityMarket2010Year20002019 Q220002200240026002800300032003400360038004000420044004600Rent in $19074726

* 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
Simonds Elementary School Primary Regular 745 25 9
Castillero Middle School Middle Regular 1,222 54 6
Pioneer High School High Regular 1,570 67 9

Simonds Elementary School

  • Education Level: Primary
  • # of students: 745
  • # of teachers: 25
9
GreatSchools Rating

Castillero Middle School

  • Education Level: Middle
  • # of students: 1,222
  • # of teachers: 54
6
GreatSchools Rating

Pioneer High School

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

$1,795,500$2,194,500$1,995,000

PURCHASE PRICE

$3,699$4,521$4,110

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,110
EXPENSES Loan Payment -$7,361
Property Tax -$2,228
Property Insurance -$81
HOA -$420
Property Management Fees -$160
CASH FLOW
-$6,139

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.

$1,995,000

PROJECTED PRICE

$4,110

PROJECTED RENT

0.21%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 5.00%
Appreciation Year (1-5) 9.2%
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$6.0M

PROJECTED ANNUAL CASH FLOW

11530-$80k-$60k-$40k-$20k$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$534,425

INVESTMENT

$534,425

Down Payment
$498,750
Rehab Estimate
$5,750
Closing Costs
$29,925

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$7,361

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $498,750
Loan Amount $1,496,250
See What Happens When You Reinvest Cash Flow

-0.33

YEARS SAVED

$13,169

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $4,110

    LIST RENT
  • $1.85

    LIST RENT PER SQFT
  • $4,116

    COMP ESTIMATED VALUE
  • $1.86

    COMP AVG. RENT PER SQFT
Comps Range
$3,995
1$3,9952$4,1003$4,1104$4,1505$4,875
$4,875
RENT COMPS ANALYSIS
  • 1438 Montego Dr San Jose, CA 3
    • 4 beds 3 baths ∙ 2,219 Sqft ∙ Built 1971 4 beds 3 baths ∙ 2,219 Sqft ∙ Built 1971
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $4,110
    • $1.85
    •  
  • 1565 Puerto Vallarta Dr San Jose, CA 1
    • 5 beds 3 baths ∙ 2,278 Sqft ∙ Built 1965 5 beds 3 baths ∙ 2,278 Sqft ∙ Built 1965
    property image
    LEASED 11/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,995
    • $1.75
    •  
  • 1014 Redmond Ct San Jose, CA 2
    • 4 beds 3 baths ∙ 2,139 Sqft ∙ Built 1967 4 beds 3 baths ∙ 2,139 Sqft ∙ Built 1967
    property image
    LEASED 08/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,100
    • $1.92
    •  
  • 6468 Hirabayashi Dr San Jose, CA 4
    • 4 beds 3 baths ∙ 2,383 Sqft ∙ Built 1989 4 beds 3 baths ∙ 2,383 Sqft ∙ Built 1989
    property image
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,150
    • $1.74
    •  
  • 5876 Sentinel St San Jose, CA 5
    • 4 beds 2 baths ∙ 2,423 Sqft ∙ Built 1976 4 beds 2 baths ∙ 2,423 Sqft ∙ Built 1976
    property image
    LEASED 11/07/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,875
    • $2.01
    •  
PROPERTY LISTING DETAILS
Kathleen Yazalina
Golden Gate Sotheby's International Realty
BESbswy