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

1611 Corsica St San Diego, CA 92111

3 Beds 2 Baths 1,662 sqft Built 1966

$949,000

List Price

$3,140

$2.9K - $3.4K

Rent Est.

PROPERTY INFO

January 08, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1966
  • Price/Sqft : $571.00
  • 3 Days on Market
  • MLS # : 210000476
  • Updated Date : 01/08/2021 at 19:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,662 sqft
  • Baths : 2 full
Listing Agent

James Mabry, Broker

Listing Agent's Description

Welcome home to 1611 Corsica Street. Situated in a quaint neighborhood up above the prestigious University of San Diego, this completely remodeled home sits on a 10,400 square foot lot with peak bay and ocean views. Living here will provide nearby shopping in Fashion Valley, minutes to USD, Old Town and Mission Bay. The custom home builder meticulously remodeled the home for a family member who decided not to move to California. No expense was spared when it came to this remodel. This home is a must see!

SEE MORE

MARKET HIGHLIGHTS

  • 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]
  • 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)

PRICE & RENT TRENDS

Neighborhood: Linda Vista

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600kPrice in $195k621k

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

Neighborhood: Linda Vista

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q21600180020002200240026002800Rent in $14072982

* 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
Carson Elementary School Primary Regular 474 21 4
Montgomery Middle School Middle Regular 475 27 3
Kearney High School High Magnet 322 16 6

Carson Elementary School

  • Education Level: Primary
  • # of students: 474
  • # of teachers: 21
4
GreatSchools Rating

Montgomery Middle School

  • Education Level: Middle
  • # of students: 475
  • # of teachers: 27
3
GreatSchools Rating

Kearney High School

  • Education Level: High
  • # of students: 322
  • # of teachers: 16
6
GreatSchools Rating
 

$854,100$1,043,900$949,000

PURCHASE PRICE

$2,826$3,454$3,140

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,140
EXPENSES Loan Payment -$3,296
Property Tax -$922
Property Insurance -$69
Property Management Fees -$129
CASH FLOW
-$1,276

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.

$949,000

PROJECTED PRICE

$3,140

PROJECTED RENT

0.33%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.42%
Appreciation Year (1-5) 7.3%
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$2.5M$3.0M

PROJECTED ANNUAL CASH FLOW

11530-$20k-$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$3.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$257,235

INVESTMENT

$257,235

Down Payment
$237,250
Rehab Estimate
$5,750
Closing Costs
$14,235

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,296

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $237,250
Loan Amount $711,750
See What Happens When You Reinvest Cash Flow

0.5

YEARS SAVED

$1,481

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
  • $3,457

    COMP ESTIMATED VALUE
  • $2.08

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$3,4003$3,4754$3,850
$3,850
RENT COMPS ANALYSIS
  • 1611 Corsica St San Diego, CA 1
    • 3 beds 2 baths ∙ 1,662 Sqft ∙ Built 1966 3 beds 2 baths ∙ 1,662 Sqft ∙ Built 1966
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 6601 Alcala Knolls Dr. San Diego, CA 2
    • 4 beds 2 baths ∙ 1,617 Sqft ∙ Built 1963 4 beds 2 baths ∙ 1,617 Sqft ∙ Built 1963
    LEASED 09/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,400
    • $2.10
    •  
  • 6555 High Knoll Rd San Diego, CA 3
    • 4 beds 3 baths ∙ 1,687 Sqft ∙ Built 1980 4 beds 3 baths ∙ 1,687 Sqft ∙ Built 1980
    LEASED 07/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,475
    • $2.06
    •  
  • 6733 Fashion Hills Blvd San Diego, CA 4
    • 3 beds 3 baths ∙ 1,848 Sqft ∙ Built 1981 3 beds 3 baths ∙ 1,848 Sqft ∙ Built 1981
    LEASED 03/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,850
    • $2.08
    •  
PROPERTY LISTING DETAILS
James Mabry
1.619.971.1659
James Mabry, Broker
BESbswy