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17465 Carriage Lamp Way Morgan Hill, CA 95037

3 Beds 4 Baths 1,955 sqft Built 1984

$950,000

List Price

$3,660

$3.4K - $3.9K

Rent Est.

PROPERTY INFO

November 04, 2020 RECENTLY ADDED
FACTS
  • Built In 1984
  • Price/Sqft : $485.93
  • 5 Days on Market
  • MLS # : ML81818735
  • Updated Date : 11/07/2020 at 14:18
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,955 sqft
  • Baths : 3 full , 1 half
Listing Agent

Windermere Valley Properties

Listing Agent's Description

Sought-after Carriage Square detached home with the largest square footage of any home in the development at 1955 sq. ft. Features include a spacious living room, vaulted ceilings, fireplace, hardwood floors, recessed lighting, lots of natural lighting, newer windows, and custom window coverings. Updated kitchen with stainless appliances, quartz countertops, & glass/stone mosaic tile backsplash. Generous pantry and inside laundry. Several Nest components including a video doorbell, thermostat, and smoke & carbon dioxide detectors. Additional 158 sq. ft. Additional loft-style office/bedroom with built-in desk and overhead storage. The Master bedroom has 2 side-by-side closets. Upstairs bathrooms recently painted. Backyard professionally landscaped with planting areas and stamped concrete patio with cover. 2 beautiful community parks, one right across the street. Close to Morgan Hill's inviting downtown with top-rated restaurants, breweries, shopping & farmer's market.

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Zip Code: 95037

ZipNIR Market*CityMarket2010Year20002019400k500k600k700k800k900k1000k1100k1200kPrice in $373k1220k

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

Zip Code: 95037

ZipNIR Market*CityMarket2010Year20002019 Q218002000220024002600280030003200340036003800Rent in $17853804

* 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
El Toro Elementary School Primary Regular 475 18 3
Martin Murphy Middle School Middle Regular 479 20 6
Ann Sobrato High School High Regular 1,451 62 8

El Toro Elementary School

  • Education Level: Primary
  • # of students: 475
  • # of teachers: 18
3
GreatSchools Rating

Martin Murphy Middle School

  • Education Level: Middle
  • # of students: 479
  • # of teachers: 20
6
GreatSchools Rating

Ann Sobrato High School

  • Education Level: High
  • # of students: 1,451
  • # of teachers: 62
8
GreatSchools Rating
 

$855,000$1,045,000$950,000

PURCHASE PRICE

$3,294$4,026$3,660

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,660
EXPENSES Loan Payment -$3,505
Property Tax -$951
Property Insurance -$74
HOA -$240
Property Management Fees -$143
CASH FLOW
-$1,253

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.

$950,000

PROJECTED PRICE

$3,660

PROJECTED RENT

0.39%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 5.00%
Appreciation Year (1-5) 8.6%
Maintenance Year (1-5) 8.00%
Vacancy 5.19%
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-$25k-$20k-$15k-$10k-$5.0k$0.0$5.0k$10k

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$257,500

INVESTMENT

$257,500

Down Payment
$237,500
Rehab Estimate
$5,750
Closing Costs
$14,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$3,505

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $237,500
Loan Amount $712,500
See What Happens When You Reinvest Cash Flow

0.5

YEARS SAVED

$2,034

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,660

    LIST RENT
  • $1.87

    LIST RENT PER SQFT
  • $3,910

    COMP ESTIMATED VALUE
  • $2

    COMP AVG. RENT PER SQFT
Comps Range
$3,660
1$3,6602$4,100
$4,100
RENT COMPS ANALYSIS
  • 17465 Carriage Lamp Way Morgan Hill, CA 1
    • 3 beds 4 baths ∙ 1,955 Sqft ∙ Built 1984 3 beds 4 baths ∙ 1,955 Sqft ∙ Built 1984
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,660
    • $1.87
    •  
  • 105 Mathilda Ct Morgan Hill, CA 2
    • 3 beds 3 baths ∙ 2,049 Sqft ∙ Built 1979 3 beds 3 baths ∙ 2,049 Sqft ∙ Built 1979
    property image
    LEASED 04/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,100
    • $2.00
    •  
PROPERTY LISTING DETAILS
Mary Vargas
Windermere Valley Properties
BESbswy