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1537 Drexel 
Lemon Grove, CA
91945
3 Beds 2 Baths 1,596 sqft
Built 1945
INVESTimate
$579,000
List Price
$159,185
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PROPERTY INFO
FACTS
- Built In 1945
- Price/Sqft : $362.78
- 4 Days on Market
- MLS # : 200040866
- Updated Date : 08/25/2020 at 09:12
CONSTRUCTION
- Beds : 3
- Floor Size : 1,596 sqft
- Baths : 2 full
Listing Agent
Ca-res
Listing Agent's Description
Investors Dream Home! Detached Garage ready to be converted to a granny flat for a second stream of income! Live on one and rent the other! This amazing home features 1,596 sqft with original architecture, original wood flooring polished with an espresso finish! Updated and move in ready! Brick Fireplace on the second living rooms connects to the kitchen with an open concept! This is must see home with 8,500 sqft lot! possibilities are endless!
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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: Lemon Grove
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Lemon Grove
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
PROJECTED ACCUMULATED WEALTH
30 YEAR PROJECTION
- Cash Flow
- Appreciation
- Principal
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $3,180 |
| EXPENSES | Loan Payment | -$2,136 |
| Property Tax | -$678 | |
| Property Insurance | -$67 | |
| Property Management Fees | -$129 | |
|
CASH FLOW
$169
|
||
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.
$579,000
PROJECTED PRICE
$3,180
PROJECTED RENT
0.55%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 4.15% |
| Appreciation Year (1-5) | 7.06% |
| Maintenance Year (1-5) | 8.00% |
| Vacancy | 4.16% |
| Length of Stay Years | 2 |
TOTAL CASH OUT OF POCKET
INVESTMENT
$159,185
LOAN DETAILS
$2,136
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 4.25% |
| Down Payment | $144,750 |
| Loan Amount | $434,250 |
9.08
YEARS SAVED
$83,799
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
-
$3,878
COMP ESTIMATED VALUE -
$2.43
COMP AVG. RENT PER SQFT
Comps Range
-
1537 Drexel Lemon Grove, 1
- 3 beds 2 baths ∙ 1,596 Sqft ∙ Built 1945 3 beds 2 baths ∙ 1,596 Sqft ∙ Built 1945
- Rent
- Rent Per SQFT
- $0
- $0.00
-
7021 Central Ave Lemon Grove, 2
- 3 beds 2 baths ∙ 1,261 Sqft ∙ Built 1940 3 beds 2 baths ∙ 1,261 Sqft ∙ Built 1940
LEASED 06/13/19- Rent
- Rent Per SQFT
- $2,750
- $2.18
-
8871 Kelburn Ave Spring Valley, 3
- 4 beds 3 baths ∙ 1,495 Sqft ∙ Built 1960 4 beds 3 baths ∙ 1,495 Sqft ∙ Built 1960
LEASED 02/24/20- Rent
- Rent Per SQFT
- $4,000
- $2.68
PROPERTY LISTING DETAILS
1.858.800.4624
Ca-res
