Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

1528 Condor Ave El Cajon, CA 92019

4 Beds 3 Baths 1,974 sqft Built 1958

$499,500

List Price

$2,930

$2.7K - $3.2K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
January 23, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1958
  • Price/Sqft : $253.04
  • 3 Days on Market
  • MLS # : 210001915
  • Updated Date : 01/23/2021 at 02:36
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,974 sqft
  • Baths : 2 full , 1 half
Listing Agent

Compass

Listing Agent's Description

Welcome home! 4 bedroom 2.5 bath with bonus room, detached granny flat that needs work, 7500 sq ft lot with HVAC. Large family room with a HUGE kitchen. This home has a lot of potential so if you've been priced out of the market and you're willing to roll up your sleeves come and take a look! The home is going in "AS IS" condition so please see the home inspection and termite report in the doc section

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

Zip Code: 92019

ZipNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550kPrice in $222k594k

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

Zip Code: 92019

ZipNIR Market*CityMarket2010Year2000 Q42019 Q216001800200022002400260028003000Rent in $15143009

* 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
Madison Avenue Elementary School Primary Regular 488 20 4
Montgomery Middle School Middle Magnet 815 32 4
Granite Hills High School High Regular 2,478 97 6

Madison Avenue Elementary School

  • Education Level: Primary
  • # of students: 488
  • # of teachers: 20
4
GreatSchools Rating

Montgomery Middle School

  • Education Level: Middle
  • # of students: 815
  • # of teachers: 32
4
GreatSchools Rating

Granite Hills High School

  • Education Level: High
  • # of students: 2,478
  • # of teachers: 97
6
GreatSchools Rating
 

$449,550$549,450$499,500

PURCHASE PRICE

$2,637$3,223$2,930

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,930
EXPENSES Loan Payment -$1,735
Property Tax -$505
Property Insurance -$77
Property Management Fees -$129
CASH FLOW
$484

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.

$499,500

PROJECTED PRICE

$2,930

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.42%
Appreciation Year (1-5) 6.2%
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

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k$25k$30k$35k$40k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$138,118

INVESTMENT

$138,118

Down Payment
$124,875
Rehab Estimate
$5,750
Closing Costs
$7,493

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$1,735

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $124,875
Loan Amount $374,625
See What Happens When You Reinvest Cash Flow

12.33

YEARS SAVED

$95,789

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
  • $3,533

    COMP ESTIMATED VALUE
  • $1.79

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$3,500
$3,500
RENT COMPS ANALYSIS
  • 1528 Condor Ave El Cajon, CA 1
    • 4 beds 3 baths ∙ 1,974 Sqft ∙ Built 1958 4 beds 3 baths ∙ 1,974 Sqft ∙ Built 1958
    • 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
H. Christian Castner
1.619.851.7334
Compass
BESbswy