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2038 S Freeman St Oceanside, CA 92054

3 Beds 2 Baths 1,704 sqft Built 1958

$1,049,000

List Price

$3,540

$3.3K - $3.8K

Rent Est.

PROPERTY INFO

December 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1958
  • Price/Sqft : $615.61
  • 3 Days on Market
  • MLS # : 200053782
  • Updated Date : 12/12/2020 at 08:28
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,704 sqft
  • Baths : 2 full
Listing Agent

Compass

Listing Agent's Description

This inviting single level beach cottage 3 bed, 2 bath home is all about location. On a pristine large corner lot in one of the most desirable neighborhoods in coastal south oceanside, trimmed in lush green lawn and palms. This home features hardwood floors, shutters, indoor laundry, detached two car garage, and private deck. This gem is just steps to Oceanside beaches, trendy new shopping, restaurants and more. Make this your next place to call home, vacation getaway or investment opportunity.

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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

Neighborhood: South Oceanside

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700kPrice in $217k738k

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

Neighborhood: South Oceanside

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q216001800200022002400260028003000Rent in $14283098

* 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
South Oceanside Elementary School Primary Regular 732 30 5
Lincoln Middle School Middle Regular 884 37 4
Oceanside High School High Regular 2,153 89 5

South Oceanside Elementary School

  • Education Level: Primary
  • # of students: 732
  • # of teachers: 30
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
 

$944,100$1,153,900$1,049,000

PURCHASE PRICE

$3,186$3,894$3,540

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,540
EXPENSES Loan Payment -$3,870
Property Tax -$967
Property Insurance -$70
Property Management Fees -$129
CASH FLOW
-$1,496

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.

$1,049,000

PROJECTED PRICE

$3,540

PROJECTED RENT

0.34%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.42%
Appreciation Year (1-5) 8.2%
Maintenance Year (1-5) 8.00%
Vacancy 4.80%
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-$20k-$10k$0.0$10k$20k

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$283,735

INVESTMENT

$283,735

Down Payment
$262,250
Rehab Estimate
$5,750
Closing Costs
$15,735

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$3,870

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $262,250
Loan Amount $786,750
See What Happens When You Reinvest Cash Flow

0.5

YEARS SAVED

$2,039

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
  • $3,561

    COMP ESTIMATED VALUE
  • $2.09

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$3,2503$3,395
$3,395
RENT COMPS ANALYSIS
  • 2038 S Freeman St Oceanside, CA 1
    • 3 beds 2 baths ∙ 1,704 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,704 Sqft ∙ Built 1958
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 1701 S Horne Street Oceanside, CA 2
    • 4 beds 2 baths ∙ 1,578 Sqft ∙ Built 1975 4 beds 2 baths ∙ 1,578 Sqft ∙ Built 1975
    property image
    LEASED 11/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,250
    • $2.06
    •  
  • 1816 South Clementine Oceanside, CA 3
    • 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 1948 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 1948
    property image
    LEASED 06/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,395
    • $2.12
    •  
PROPERTY LISTING DETAILS
Krista Sozinho
1.760.464.4653
Compass
BESbswy