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1959 Outrigger Way Oceanside, CA 92054

3 Beds 3 Baths 1,527 sqft Built 1975

INVESTimate

$675,000

List Price

$2,670

$2,420 - $2,920

Rent Est.

$723,060  ( +7.12%)   1 YR EST. FORECAST

PROPERTY INFO

August 22, 2020 RECENTLY ADDED
FACTS
  • Built In 1975
  • Price/Sqft : $442.04
  • 6 Days on Market
  • MLS # : 200040666
  • Updated Date : 08/24/2020 at 23:23
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,527 sqft
  • Baths : 2 full , 1 half
Listing Agent

Redfin Corporation

Listing Agent's Description

Spectacular Ocean and Lagoon Views!! Fully updated two-story home with an attached two-car garage with built-in and overhead storage located along the greenbelt within the highly desirable community of Seawind in Oceanside. Very private cul-de-sac location with only one neighbor on one side. This amazing property features a newer water heater, all new plumbing, electrical, and light fixtures, a cozy new fireplace with thermostat and fan, and a cedar lined closet in the garage.

SEE MORE

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

Neighborhood: Fire Mountain

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700kPrice in $217k706k

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

Neighborhood: Fire Mountain

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q2160018002000220024002600280030003200Rent in $14283227

* 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
Palmquist Elementary School Primary Regular 708 29 5
Lincoln Middle School Middle Regular 884 37 4
Oceanside High School High Regular 2,153 89 5

Palmquist Elementary School

  • Education Level: Primary
  • # of students: 708
  • # of teachers: 29
5
GreatSchools Rating

Lincoln Middle School

  • Education Level: Middle
  • # of students: 884
  • # of teachers: 37
4
GreatSchools Rating

Oceanside High School

  • Education Level: High
  • # of students: 2,153
  • # of teachers: 89
5
GreatSchools Rating
 

$607,500$742,500$675,000

PURCHASE PRICE

$2,403$2,937$2,670

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$500k$1.0M$1.5M$2.0M

PROJECTED ANNUAL CASH FLOW

11530-$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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,670
EXPENSES Loan Payment -$2,490
Property Tax -$626
Property Insurance -$66
HOA -$405
Property Management Fees -$129
CASH FLOW
-$1,046

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.

$675,000

PROJECTED PRICE

$2,670

PROJECTED RENT

0.40%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.42%
Appreciation Year (1-5) 7.12%
Maintenance Year (1-5) 8.00%
Vacancy 4.80%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$184,625

INVESTMENT

$184,625

Down Payment
$168,750
Rehab Estimate
$5,750
Closing Costs
$10,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,490

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $168,750
Loan Amount $506,250
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$344

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
  • $2,680

    COMP ESTIMATED VALUE
  • $1.76

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$2,6003$2,650
$2,650
RENT COMPS ANALYSIS
  • 1959 Outrigger Way Oceanside, 1
    • 3 beds 3 baths ∙ 1,527 Sqft ∙ Built 1975 3 beds 3 baths ∙ 1,527 Sqft ∙ Built 1975
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 2801 Via Cascada Carlsbad, 2
    • 3 beds 3 baths ∙ 1,496 Sqft ∙ Built 1974 3 beds 3 baths ∙ 1,496 Sqft ∙ Built 1974
    property image
    LEASED 06/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.74
    •  
  • 2511 Via Sorbete Carlsbad, 3
    • 3 beds 3 baths ∙ 1,496 Sqft ∙ Built 1978 3 beds 3 baths ∙ 1,496 Sqft ∙ Built 1978
    property image
    LEASED 03/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $1.77
    •  
PROPERTY LISTING DETAILS
Greg Goodell
1.760.576.1700
Redfin Corporation
BESbswy