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1624 Edgemont St San Diego, CA 92102

2 Beds 2 Baths 1,152 sqft Built 1957

$949,000

List Price

$2,690

$2.4K - $2.9K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1957
  • Price/Sqft : $823.78
  • 26 Days on Market
  • MLS # : 200054293
  • Updated Date : 01/05/2021 at 18:53
CONSTRUCTION
  • Beds : 2
  • Floor Size : 1,152 sqft
  • Baths : 2 full
Listing Agent

Compass

Listing Agent's Description

Tucked back on a quiet street and situated alongside a canyon in highly desirable South Park, sits this gorgeous, 1152 sq ft, 2bed/2bath home. Features include an open floor plan, tons of natural light, SS appliances, quartz countertops, cozy front porch perfect for summertime naps and morning coffee. French doors on lower level lead out to a deck overlooking canyon and city lights. Downstairs bedroom has separate entry. Minutes from Downtown, freeways and all of South Park's local eateries and shops.

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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: South Park

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700kPrice in $223k725k

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

Neighborhood: South Park

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q21600180020002200240026002800Rent in $15142982

* 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
Golden Hill Elementary School Primary Regular 422 18 5
Golden Hill Elementary School Middle Regular 422 18 5
San Diego High School High Unknown NA

Golden Hill Elementary School

  • Education Level: Primary
  • # of students: 422
  • # of teachers: 18
5
GreatSchools Rating

Golden Hill Elementary School

  • Education Level: Middle
  • # of students: 422
  • # of teachers: 18
5
GreatSchools Rating

San Diego High School

  • Education Level: High
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

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

PURCHASE PRICE

$2,421$2,959$2,690

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,690
EXPENSES Loan Payment -$3,296
Property Tax -$941
Property Insurance -$56
Property Management Fees -$129
CASH FLOW
-$1,733

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

$2,690

PROJECTED RENT

0.28%

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$2.5M

PROJECTED ANNUAL CASH FLOW

11530-$25k-$20k-$15k-$10k-$5.0k$0.0$5.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M

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 75% 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

0.08

YEARS SAVED

$74

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
  • COMP ESTIMATED VALUE
  • COMP AVG. RENT PER SQFT
Comps Range
$0
1$0
$0
RENT COMPS ANALYSIS
  • 1624 Edgemont St San Diego, CA
    • 2 beds 2 baths ∙ 1,152 Sqft ∙ Built 1957 2 beds 2 baths ∙ 1,152 Sqft ∙ Built 1957
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
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PROPERTY LISTING DETAILS
Shenoa Vild
1.858.869.3289
Compass
BESbswy