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1558 Norran Ave El Cajon, CA 92019

3 Beds 2 Baths 1,056 sqft Built 1961

INVESTimate

$565,000

List Price

$2,390

$2,151 - $2,629

Rent Est.

$599,917  ( +6.18%)   1 YR EST. FORECAST

PROPERTY INFO

August 20, 2020 RECENTLY ADDED
FACTS
  • Built In 1961
  • Price/Sqft : $535.04
  • 7 Days on Market
  • MLS # : 200040254
  • Updated Date : 08/23/2020 at 21:11
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,056 sqft
  • Baths : 1 full , 1 half
Listing Agent

Pacific One Realty

Listing Agent's Description

Single Story Home on a Corner Lot! Step into your Private Oasis with a Gorgeous Pool & attached in Ground Spa with rock and water features just in time for these warm summer days! Enjoy your built in Outdoor Firepit and BBQ station perfect for entertaining. Host a campfire with smores, right in you own backyard! There's plenty of room for RV/Boat parking or other toys! Kitchen features granite countertops, tile backsplash & recessed lighting. Dual pane windows, Central A/C, and neutral colors throughout!

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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

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
Meridian Elementary School Primary Regular 653 26 2
Montgomery Middle School Middle Magnet 815 32 4
Granite Hills High School High Regular 2,478 97 6

Meridian Elementary School

  • Education Level: Primary
  • # of students: 653
  • # of teachers: 26
2
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
 

$508,500$621,500$565,000

PURCHASE PRICE

$2,151$2,629$2,390

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,390
EXPENSES Loan Payment -$2,085
Property Tax -$571
Property Insurance -$54
Property Management Fees -$129
CASH FLOW
-$448

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.

$565,000

PROJECTED PRICE

$2,390

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.42%
Appreciation Year (1-5) 6.18%
Maintenance Year (1-5) 8.00%
Vacancy 4.80%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$155,475

INVESTMENT

$155,475

Down Payment
$141,250
Rehab Estimate
$5,750
Closing Costs
$8,475

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$2,085

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $141,250
Loan Amount $423,750
See What Happens When You Reinvest Cash Flow

3.25

YEARS SAVED

$17,333

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
  • $2,497

    COMP ESTIMATED VALUE
  • $2.37

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$2,3003$2,400
$2,400
RENT COMPS ANALYSIS
  • 1558 Norran Ave El Cajon, 1
    • 3 beds 2 baths ∙ 1,056 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,056 Sqft ∙ Built 1961
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 805 N 3rd St #1 & 3 El Cajon, 2
    • 3 beds 1 baths ∙ 975 Sqft ∙ Built 1969 3 beds 1 baths ∙ 975 Sqft ∙ Built 1969
    LEASED 05/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $2.36
    •  
  • 1378 Ivory Ct El Cajon, 3
    • 3 beds 2 baths ∙ 1,014 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,014 Sqft ∙ Built 1958
    LEASED 10/28/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $2.37
    •  
PROPERTY LISTING DETAILS
Hillary Austin
1.619.277.2239
Pacific One Realty
BESbswy