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1617 Locust St San Diego, CA 92106

2 Beds 2 Baths 767 sqft Built 1980

$774,500

List Price

$2,080

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1980
  • Price/Sqft : $1,009.78
  • 52 Days on Market
  • MLS # : 200053267
  • Updated Date : 01/19/2021 at 01:41
CONSTRUCTION
  • Beds : 2
  • Floor Size : 767 sqft
  • Baths : 2 full
Listing Agent

Redfin Corporation

Listing Agent's Description

Fully updated 2 bed/2 bath single story home in the heart of Point Loma! This light & bright home features an open layout, laminate wood flooring, recessed lighting, & a beautiful kitchen with white cabinets, granite countertops, barstool seating, & SS appliances! The primary bedroom has an ensuite bathroom plus access to the backyard through a sliding door. Enjoy the fenced in backyard with artificial turf, plenty of patio space for outdoor living/dining, & a shed. 2 parking spaces in the driveway.

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

Neighborhood: Roseville

NeighborhoodNIR Market*CityMarket2010Year20002019300k400k500k600k700k800k900k1000kPrice in $233k1016k

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

Neighborhood: Roseville

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q21800200022002400260028003000320034003600380040004200Rent in $16274379

* 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
Dana Middle School Primary Regular 821 33 7
Correia Middle School Middle Regular 838 32 7
Point Loma High School High Regular 1,880 79 8

Dana Middle School

  • Education Level: Primary
  • # of students: 821
  • # of teachers: 33
7
GreatSchools Rating

Correia Middle School

  • Education Level: Middle
  • # of students: 838
  • # of teachers: 32
7
GreatSchools Rating

Point Loma High School

  • Education Level: High
  • # of students: 1,880
  • # of teachers: 79
8
GreatSchools Rating
 

$697,050$851,950$774,500

PURCHASE PRICE

$1,872$2,288$2,080

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,080
EXPENSES Loan Payment -$2,690
Property Tax -$749
Property Insurance -$47
Property Management Fees -$129
CASH FLOW
-$1,535

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.

$774,500

PROJECTED PRICE

$2,080

PROJECTED RENT

0.27%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.41%
Appreciation Year (1-5) 6.5%
Maintenance Year (1-5) 8.00%
Vacancy 5.56%
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-$25k-$20k-$15k-$10k-$5.0k$0.0

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$210,993

INVESTMENT

$210,993

Down Payment
$193,625
Rehab Estimate
$5,750
Closing Costs
$11,618

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 80% down payment or higher enables the proceeds from the asset to cover all costs.

$2,690

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $193,625
Loan Amount $580,875
See What Happens When You Reinvest Cash Flow

0

YEARS SAVED

$32

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
  • $1,925

    COMP ESTIMATED VALUE
  • $2.51

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$2,2503$2,5004$2,6005$2,700
$2,700
RENT COMPS ANALYSIS
  • 1617 Locust St San Diego, CA 1
    • 2 beds 2 baths ∙ 767 Sqft ∙ Built 1980 2 beds 2 baths ∙ 767 Sqft ∙ Built 1980
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 3120 Ingelow St San Diego, CA 2
    • 2 beds 2 baths ∙ 850 Sqft ∙ Built 1984 2 beds 2 baths ∙ 850 Sqft ∙ Built 1984
    LEASED 07/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $2.65
    •  
  • 3832 Groton St. #4 San Diego, CA 3
    • 2 beds 2 baths ∙ 1,018 Sqft ∙ Built 1964 2 beds 2 baths ∙ 1,018 Sqft ∙ Built 1964
    LEASED 08/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $2.46
    •  
  • 2290 Caminito Pajarito #98 Ocean Beach, CA 4
    • 2 beds 3 baths ∙ 1,074 Sqft ∙ Built 1975 2 beds 3 baths ∙ 1,074 Sqft ∙ Built 1975
    LEASED 02/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $2.42
    •  
  • 2255 Caminito Pajarito #188 San Diego, CA 5
    • 2 beds 2 baths ∙ 1,074 Sqft ∙ Built 1978 2 beds 2 baths ∙ 1,074 Sqft ∙ Built 1978
    LEASED 09/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $2.51
    •  
PROPERTY LISTING DETAILS
Jeffrey Nix
1.619.962.2471
Redfin Corporation
BESbswy