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1918 Corner Stone Court El Cajon, CA 92021

3 Beds 3 Baths 1,503 sqft Built 2003

$578,000

List Price

$2,510

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

December 11, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $384.56
  • 4 Days on Market
  • MLS # : 200053741
  • Updated Date : 12/13/2020 at 00:19
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,503 sqft
  • Baths : 2 full , 1 half
Listing Agent

Tanya Hertz

Listing Agent's Description

Beautifully maintained 3-bedroom, 2.5-bath home with 2-car garage is close to restaurants and shopping, and the private enclosed patio is perfect for entertaining! This newer home has custom flooring and paint, stainless appliances in a gorgeous kitchen, a custom island with tons of storage, MB with walk-in closet, exterior painted in 2020 and was just tented with 2-year warranty. The $120/mo solar lease lets you run the a/c, or cozy up by the fireplace in the winter, in this lovely home. Enjoy!

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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

Zip Code: 92021

ZipNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550kPrice in $187k594k

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

Zip Code: 92021

ZipNIR Market*CityMarket2010Year2000 Q42019 Q214001600180020002200240026002800Rent in $13542885

* 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
W. D. Hall Elementary School Primary Regular 482 20 2
Greenfield Middle School Middle Regular 670 28 2
Granite Hills High School High Regular 2,478 97 6

W. D. Hall Elementary School

  • Education Level: Primary
  • # of students: 482
  • # of teachers: 20
2
GreatSchools Rating

Greenfield Middle School

  • Education Level: Middle
  • # of students: 670
  • # of teachers: 28
2
GreatSchools Rating

Granite Hills High School

  • Education Level: High
  • # of students: 2,478
  • # of teachers: 97
6
GreatSchools Rating
 

$520,200$635,800$578,000

PURCHASE PRICE

$2,259$2,761$2,510

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,510
EXPENSES Loan Payment -$2,133
Property Tax -$584
Property Insurance -$65
HOA -$150
Property Management Fees -$129
CASH FLOW
-$551

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 12% of earned rent to cover both maintenance and periods of vacancy.

$578,000

PROJECTED PRICE

$2,510

PROJECTED RENT

0.43%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.15%
Appreciation Year (1-5) 7.1%
Maintenance Year (1-5) 8.00%
Vacancy 4.16%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$158,920

INVESTMENT

$158,920

Down Payment
$144,500
Rehab Estimate
$5,750
Closing Costs
$8,670

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$2,133

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $144,500
Loan Amount $433,500
See What Happens When You Reinvest Cash Flow

2.25

YEARS SAVED

$10,587

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
  • $2,540

    COMP ESTIMATED VALUE
  • $1.69

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$2,6503$2,850
$2,850
RENT COMPS ANALYSIS
  • 1918 Corner Stone Court El Cajon, CA 1
    • 3 beds 3 baths ∙ 1,503 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,503 Sqft ∙ Built 2003
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 1860 Mcdougal El Cajon, CA 2
    • 4 beds 3 baths ∙ 1,767 Sqft ∙ Built 2000 4 beds 3 baths ∙ 1,767 Sqft ∙ Built 2000
    LEASED 07/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $1.50
    •  
  • 9204 Sombria Rd Lakeside, CA 3
    • 4 beds 2 baths ∙ 1,518 Sqft ∙ Built 1998 4 beds 2 baths ∙ 1,518 Sqft ∙ Built 1998
    LEASED 06/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,850
    • $1.88
    •  
PROPERTY LISTING DETAILS
Brett Handley
1.619.200.0391
Tanya Hertz
BESbswy