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1653 S Norfolk St San Mateo, CA 94403

3 Beds 2 Baths 1,440 sqft Built 1954

$1,289,000

List Price

$4,320

$4.1K - $4.6K

Rent Est.

PROPERTY INFO

January 08, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1954
  • Price/Sqft : $895.14
  • 4 Days on Market
  • MLS # : BE40933526
  • Updated Date : 01/07/2021 at 18:04
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,440 sqft
  • Baths : 2 full
Listing Agent

Adams Adams & Morris

Listing Agent's Description

Bright, modern. move-in ready mid century modern home featuring 1440 sq ft, 3 bedrooms, 2 baths, and 2-car garage. Beam ceilings in family room, kitchen and bedrooms. Wood burning fireplace. LVT throughout living space with original parquet flooring in formal dining room. Light filled kitchen with granite counters, stainless steel appliances and skylight. Updated baths. Large yard is great for entertaining with vegetable garden and lots of storage. Sheds can easily utilized as chicken coop and/or playhouse. Side access for boat, RV or extra vehicles. Fenced front courtyard for additional entertainment space. Property meanders along lovely Leslie Creek. Walking distance to water front paths, park, shopping and restaurants. Easy access to 101 and 92.

SEE MORE

MARKET HIGHLIGHTS

  • Palo Alto, Redwood City, Mountain View and San Mateo together attracted around $11 billion in venture capital funding in 2019 making Silicon Valley still attractive to technology investments (Crunchbase News, 2020)
  • San Jose metro has 67.6% labor force participation rate higher than the national rate 62.8% (USMayors.org, 2018)
  • San Jose metro's economy has been worth $282.2 billion in Gross Metro Product (GMP) in 2018 and is projected to grow to $298.6 billion in 2019. GMP measures the productivity of the metro. (USMayors.org, 2018)
  • San Jose metro employment growth has been at 2.2% in 2018 and predicted to grow at 1.9% in 2019 (USMayors.org, 2018)
  • San Jose metro contributes to 9% of California state's economy i.e. Gross State Product (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: South Shoreview

NeighborhoodNIR Market*CityMarket2010Year20002019400k500k600k700k800k900k1000k1100k1200k1300k1400kPrice in $357k1432k

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

Neighborhood: South Shoreview

NeighborhoodNIR Market*CityMarket2010Year2000 Q32019 Q2180020002200240026002800300032003400360038004000420044004600Rent in $17894696

* 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
Parkside Elementary School Primary Magnet 371 17 6
Bayside S.t.e.m. Academy Middle Magnet 625 30 NA
Aragon High School High Regular 1,423 68 9

Parkside Elementary School

  • Education Level: Primary
  • # of students: 371
  • # of teachers: 17
6
GreatSchools Rating

Bayside S.t.e.m. Academy

  • Education Level: Middle
  • # of students: 625
  • # of teachers: 30
NA
GreatSchools Rating

Aragon High School

  • Education Level: High
  • # of students: 1,423
  • # of teachers: 68
9
GreatSchools Rating
 

$1,160,100$1,417,900$1,289,000

PURCHASE PRICE

$3,888$4,752$4,320

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,320
EXPENSES Loan Payment -$4,477
Property Tax -$1,379
Property Insurance -$62
Property Management Fees -$168
CASH FLOW
-$1,766

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.

$1,289,000

PROJECTED PRICE

$4,320

PROJECTED RENT

0.34%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 5.00%
Appreciation Year (1-5) 13.9%
Maintenance Year (1-5) 8.00%
Vacancy 5.61%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$1.0M$2.0M$3.0M$4.0M$5.0M

PROJECTED ANNUAL CASH FLOW

11530-$30k-$20k-$10k$0.0$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$1.0M$2.0M$3.0M$4.0M$5.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$347,335

INVESTMENT

$347,335

Down Payment
$322,250
Rehab Estimate
$5,750
Closing Costs
$19,335

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 75% down payment or higher enables the proceeds from the asset to cover all costs.

$4,477

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $322,250
Loan Amount $966,750
See What Happens When You Reinvest Cash Flow

0.33

YEARS SAVED

$720

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $4,320

    LIST RENT
  • $3

    LIST RENT PER SQFT
  • $4,648

    COMP ESTIMATED VALUE
  • $3.23

    COMP AVG. RENT PER SQFT
Comps Range
$4,150
1$4,1502$4,3003$4,3204$4,5005$4,500
$4,500
RENT COMPS ANALYSIS
  • 1653 S Norfolk St San Mateo, CA 3
    • 3 beds 2 baths ∙ 1,440 Sqft ∙ Built 1954 3 beds 2 baths ∙ 1,440 Sqft ∙ Built 1954
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $4,320
    • $3.00
    •  
  • 1531 Dix St San Mateo, CA 1
    • 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1954 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1954
    property image
    LEASED 05/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,150
    • $2.96
    •  
  • 1717 Brooks St San Mateo, CA 2
    • 3 beds 2 baths ∙ 1,280 Sqft ∙ Built 1956 3 beds 2 baths ∙ 1,280 Sqft ∙ Built 1956
    property image
    LEASED 08/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,300
    • $3.36
    •  
  • 1657 Wolf Dr San Mateo, CA 4
    • 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1956 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1956
    property image
    LEASED 08/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,500
    • $3.21
    •  
  • 1757 Dewey St San Mateo, CA 5
    • 3 beds 2 baths ∙ 1,330 Sqft ∙ Built 1956 3 beds 2 baths ∙ 1,330 Sqft ∙ Built 1956
    property image
    LEASED 11/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,500
    • $3.38
    •  
PROPERTY LISTING DETAILS
Lisa Whittington
Adams Adams & Morris
BESbswy