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1515 Solana Dr Belmont, CA 94002

3 Beds 2 Baths 1,290 sqft Built 1955

$1,750,000

List Price

$4,420

$4.2K - $4.7K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1955
  • Price/Sqft : $1,356.59
  • 10 Days on Market
  • MLS # : ML81825057
  • Updated Date : 01/15/2021 at 11:40
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,290 sqft
  • Baths : 2 full
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

Tucked away in the Carlmont neighborhood sits this beautifully updated split level home. The kitchen features tiled floor, stainless appliances, gas stove & quartz countertops. Enjoy a meal in the adjacent sun filled eat-in kitchen w/ a large side yard perfect for bbq's. Spacious living & dining rooms feature hardwood floors, recessed lighting, gas fireplace w/ decorative hearth & large windows overlooking the backyard. Open the back door to the expansive decking overlooking the views of rolling hills. The low maintenance backyard contains trees, greenery & large deck & patio. The 3 spacious bedrooms all have fresh paint, large sunlit double paned windows, the primary suite has hardwood floors. The primary bedroom has two spacious closets & a tiled bathroom. The hall bath features a shower over the tub, & stylish vanity. Downstairs you will find a large 2-car garage containing an abundance of storage, w/a finished bonus room that has heating, ideal for you home office or workout room.

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Carlmont Belmont

NeighborhoodNIR Market*CityMarket2010Year20002019500k600k700k800k900k1000k1100k1200k1300k1400k1500k1600k1700kPrice in $450k1777k

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

Neighborhood: Carlmont Belmont

NeighborhoodNIR Market*CityMarket2010Year2000 Q32019 Q22000250030003500400045005000Rent in $16505147

* 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
Ralston Middle School Middle Regular 1,130 49 9
Carlmont High School High Regular 2,183 107 9

Ralston Middle School

  • Education Level: Middle
  • # of students: 1,130
  • # of teachers: 49
9
GreatSchools Rating

Carlmont High School

  • Education Level: High
  • # of students: 2,183
  • # of teachers: 107
9
GreatSchools Rating
 

$1,575,000$1,925,000$1,750,000

PURCHASE PRICE

$3,978$4,862$4,420

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,420
EXPENSES Loan Payment -$6,078
Property Tax -$1,877
Property Insurance -$58
Property Management Fees -$172
CASH FLOW
-$3,766

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$1,750,000

PROJECTED PRICE

$4,420

PROJECTED RENT

0.25%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.83%
Appreciation Year (1-5) 10.7%
Maintenance Year (1-5) 8.00%
Vacancy 5.92%
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-$60k-$50k-$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$6.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$469,500

INVESTMENT

$469,500

Down Payment
$437,500
Rehab Estimate
$5,750
Closing Costs
$26,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$6,078

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $437,500
Loan Amount $1,312,500
See What Happens When You Reinvest Cash Flow

-0.17

YEARS SAVED

-$142

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $4,420

    LIST RENT
  • $3.43

    LIST RENT PER SQFT
  • $4,167

    COMP ESTIMATED VALUE
  • $3.23

    COMP AVG. RENT PER SQFT
Comps Range
$3,950
1$3,9502$4,2003$4,2984$4,4205$5,000
$5,000
RENT COMPS ANALYSIS
  • 1515 Solana Dr Belmont, CA 4
    • 3 beds 2 baths ∙ 1,290 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,290 Sqft ∙ Built 1955
    • Rent
    • Rent Per SQFT
    •  
    • $4,420
    • $3.43
    •  
  • 100 Virginia Ave Belmont, CA 1
    • 3 beds 2 baths ∙ 1,320 Sqft ∙ Built 1953 3 beds 2 baths ∙ 1,320 Sqft ∙ Built 1953
    LEASED 11/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,950
    • $2.99
    •  
  • 359 Northam Ave San Carlos, CA 2
    • 3 beds 2 baths ∙ 1,240 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,240 Sqft ∙ Built 1961
    LEASED 12/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,200
    • $3.39
    •  
  • 430 Clifton Ave San Carlos, CA 3
    • 3 beds 2 baths ∙ 1,390 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,390 Sqft ∙ Built 1959
    LEASED 11/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,298
    • $3.09
    •  
  • 20 Pepper Ln San Carlos, CA 5
    • 3 beds 2 baths ∙ 1,450 Sqft ∙ Built 1962 3 beds 2 baths ∙ 1,450 Sqft ∙ Built 1962
    LEASED 01/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $5,000
    • $3.45
    •  
PROPERTY LISTING DETAILS
Debbie Wilhelm
Coldwell Banker Realty
BESbswy