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1438 Ortega Street Chula Vista, CA 91913

4 Beds 4 Baths 2,906 sqft Built 2020

INVESTimate

$859,990

List Price

$3,330

$3,080 - $3,580

Rent Est.

$916,319  ( +6.55%)   1 YR EST. FORECAST

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
August 22, 2020 RECENTLY ADDED
FACTS
  • Built In 2020
  • Price/Sqft : $295.94
  • 5 Days on Market
  • MLS # : 200040752
  • Updated Date : 08/23/2020 at 07:06
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,906 sqft
  • Baths : 3 full , 1 half
Listing Agent

The Cove Realty Group

Listing Agent's Description

THIS IS THE MODEL HOME PLAN 2 AT CAMBRIA AT OTAY RANCH NOW FOR SALE! The model home features 4 bed/3.5 bath with 1 bed+full bath on 1st floor, master bdrm deck, fireplace, loft, custom shaker cabinets throughout, wine chiller @ kitchen, upgraded closet organizers @ dual master closets, fully landscaped yard including built-in bbq, and water feature. Don't miss out on your opportunity to own a home at Cambria at Otay Ranch MODEL HOME with all the bells and whistles! See supplement.

SEE MORE

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: Otay Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700kPrice in $236k746k

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

Neighborhood: Otay Ranch

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q2160018002000220024002600280030003200Rent in $15523384

* 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
Anne And William Hendenkamp Elementary School Primary Regular 1,097 43 8
Anne And William Hendenkamp Elementary School Middle Regular 1,097 43 8
Otay Ranch High School High Regular 2,640 93 8

Anne And William Hendenkamp Elementary School

  • Education Level: Primary
  • # of students: 1,097
  • # of teachers: 43
8
GreatSchools Rating

Anne And William Hendenkamp Elementary School

  • Education Level: Middle
  • # of students: 1,097
  • # of teachers: 43
8
GreatSchools Rating

Otay Ranch High School

  • Education Level: High
  • # of students: 2,640
  • # of teachers: 93
8
GreatSchools Rating
 

$773,991$945,989$859,990

PURCHASE PRICE

$2,997$3,663$3,330

RENT

DOWN PAYMENT
FINANCING

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-$15k-$10k-$5.0k$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,330
EXPENSES Loan Payment -$3,173
Property Tax -$1,021
Property Insurance -$100
HOA -$52
Property Management Fees -$129
CASH FLOW
-$1,145

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 9% of earned rent to cover both maintenance and periods of vacancy.

$859,990

PROJECTED PRICE

$3,330

PROJECTED RENT

0.39%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.41%
Appreciation Year (1-5) 6.55%
Maintenance Year (1-5) 3.00%
Vacancy 5.56%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$229,897

INVESTMENT

$229,897

Down Payment
$214,998
Rehab Estimate
$2,000
Closing Costs
$12,900

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,173

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $214,998
Loan Amount $644,993
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$2,242

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,330

    LIST RENT
  • $1.15

    LIST RENT PER SQFT
  • $3,676

    COMP ESTIMATED VALUE
  • $1.27

    COMP AVG. RENT PER SQFT
Comps Range
$3,330
1$3,3302$3,4003$3,4004$3,5005$3,600
$3,600
RENT COMPS ANALYSIS
  • 1438 Ortega Street Chula Vista, 1
    • 4 beds 4 baths ∙ 2,906 Sqft ∙ Built 2020 4 beds 4 baths ∙ 2,906 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $3,330
    • $1.15
    •  
  • 1584 Ortega Chula Vista, 2
    • 5 beds 4 baths ∙ 2,653 Sqft ∙ Built 2012 5 beds 4 baths ∙ 2,653 Sqft ∙ Built 2012
    LEASED 06/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,400
    • $1.28
    •  
  • 1120 Sparrow Lake Rd Chula Vista, 3
    • 4 beds 3 baths ∙ 2,746 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,746 Sqft ∙ Built 2003
    LEASED 03/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,400
    • $1.24
    •  
  • 1480 Windchime Avenue Cula Vista, 4
    • 4 beds 4 baths ∙ 2,717 Sqft ∙ Built 2004 4 beds 4 baths ∙ 2,717 Sqft ∙ Built 2004
    LEASED 06/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $1.29
    •  
  • 1517 Carmel Ave Chula Vista, 5
    • 5 beds 3 baths ∙ 2,888 Sqft ∙ Built 2002 5 beds 3 baths ∙ 2,888 Sqft ∙ Built 2002
    LEASED 04/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,600
    • $1.25
    •  
PROPERTY LISTING DETAILS
Michael Sabourin
1.858.458.9700
The Cove Realty Group
BESbswy