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17506 Carriage Lamp Way Morgan Hill, CA 95037

3 Beds 3 Baths 1,797 sqft Built 1984

$849,950

List Price

$3,490

$3.2K - $3.7K

Rent Est.

PROPERTY INFO

November 07, 2020 RECENTLY ADDED
FACTS
  • Built In 1984
  • Price/Sqft : $472.98
  • 2 Days on Market
  • MLS # : ML81819352
  • Updated Date : 11/07/2020 at 14:38
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,797 sqft
  • Baths : 2 full , 1 half
Listing Agent

Compass

Listing Agent's Description

Fantastic opportunity to live a very beautiful part of Morgan Hill. This 3 bedroom 2.5 bath home is approximately 1797 sq.ft. on a 5000+ sq. ft. lot. Open floor plan, high ceilings, central forced air with A/C. 2 car attached garage. Wood burning fireplace, inside laundry room, extra storage, close to the park, play area and pool!! Easy access to downtown Morgan Hill's dining and shopping!! Large private backyard with large covered patio, garden/planter boxes ,hot tub and storage shed,

SEE MORE

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
 

$764,955$934,945$849,950

PURCHASE PRICE

$3,141$3,839$3,490

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,490
EXPENSES Loan Payment -$3,136
Property Tax -$850
Property Insurance -$71
HOA -$240
Property Management Fees -$136
CASH FLOW
-$943

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.

$849,950

PROJECTED PRICE

$3,490

PROJECTED RENT

0.41%

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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$230,987

INVESTMENT

$230,987

Down Payment
$212,488
Rehab Estimate
$5,750
Closing Costs
$12,749

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,136

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $212,488
Loan Amount $637,463
See What Happens When You Reinvest Cash Flow

1.17

YEARS SAVED

$5,970

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
  • $3,594

    COMP ESTIMATED VALUE
  • $2

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$4,100
$4,100
RENT COMPS ANALYSIS
  • 17506 Carriage Lamp Way Morgan Hill, CA 1
    • 3 beds 4 baths ∙ 1,797 Sqft ∙ Built 1984 3 beds 4 baths ∙ 1,797 Sqft ∙ Built 1984
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 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
    LEASED 04/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,100
    • $2.00
    •  
PROPERTY LISTING DETAILS
Mike Gaines
Compass
BESbswy