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1970 Elm Ridge Dr Vista, CA 92081

3 Beds 2 Baths 1,366 sqft Built 1988

INVESTimate

$625,000

List Price

$2,590

$2,340 - $2,840

Rent Est.

$664,750  ( +6.36%)   1 YR EST. FORECAST

PROPERTY INFO

August 22, 2020 RECENTLY ADDED
FACTS
  • Built In 1988
  • Price/Sqft : $457.54
  • 6 Days on Market
  • MLS # : 200040609
  • Updated Date : 08/23/2020 at 00:04
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,366 sqft
  • Baths : 2 full
Listing Agent

Smart Realty Group

Listing Agent's Description

Gated Community of Rancho Montecito…This single story in the prestigious shadow Ridge area features an open floor plan w/ vaulted ceilings, hall sky light and easy care flooring.completely remodeled, new double pane windows, ceiling fans in every room, custom made blinds & black out blinds in bedrooms , new stove, new double door stainless steel refrigerator, garage opener, screened security front door & screen garage door, new fences around the house, beautiful front yard.

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: Vista

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550kPrice in $187k594k

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

Neighborhood: Vista

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q214001600180020002200240026002800Rent in $13382885

* 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
Lake Elementary School Primary Regular 809 32 6
Madison Middle School Middle Regular 1,164 51 5
Rancho Buena Vista High School High Regular 2,532 119 8

Lake Elementary School

  • Education Level: Primary
  • # of students: 809
  • # of teachers: 32
6
GreatSchools Rating

Madison Middle School

  • Education Level: Middle
  • # of students: 1,164
  • # of teachers: 51
5
GreatSchools Rating

Rancho Buena Vista High School

  • Education Level: High
  • # of students: 2,532
  • # of teachers: 119
8
GreatSchools Rating
 

$562,500$687,500$625,000

PURCHASE PRICE

$2,331$2,849$2,590

RENT

DOWN PAYMENT
FINANCING

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$20k

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,590
EXPENSES Loan Payment -$2,306
Property Tax -$646
Property Insurance -$62
HOA -$96
Property Management Fees -$129
CASH FLOW
-$649

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.

$625,000

PROJECTED PRICE

$2,590

PROJECTED RENT

0.41%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.15%
Appreciation Year (1-5) 6.36%
Maintenance Year (1-5) 8.00%
Vacancy 4.16%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$171,375

INVESTMENT

$171,375

Down Payment
$156,250
Rehab Estimate
$5,750
Closing Costs
$9,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,306

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $156,250
Loan Amount $468,750
See What Happens When You Reinvest Cash Flow

1.92

YEARS SAVED

$8,777

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,590

    LIST RENT
  • $1.9

    LIST RENT PER SQFT
  • $2,821

    COMP ESTIMATED VALUE
  • $2.07

    COMP AVG. RENT PER SQFT
Comps Range
$2,550
1$2,5502$2,5903$2,650
$2,650
RENT COMPS ANALYSIS
  • 1970 Elm Ridge Dr Vista, 2
    • 3 beds 2 baths ∙ 1,366 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,366 Sqft ∙ Built 1988
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,590
    • $1.90
    •  
  • 1522 Enchantment Ave Vista, 1
    • 3 beds 3 baths ∙ 1,386 Sqft ∙ Built 1989 3 beds 3 baths ∙ 1,386 Sqft ∙ Built 1989
    property image
    LEASED 03/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $1.84
    •  
  • 1482 Countryview Ln Vista, 3
    • 3 beds 2 baths ∙ 1,157 Sqft ∙ Built 1990 3 beds 2 baths ∙ 1,157 Sqft ∙ Built 1990
    property image
    LEASED 05/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $2.29
    •  
PROPERTY LISTING DETAILS
Michelle Lin
1.714.425.0436
Smart Realty Group
BESbswy