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218 E Millan Street Chula Vista, CA 91910

3 Beds 2 Baths 1,352 sqft Built 1960

$679,786

List Price

$2,290

$2.1K - $2.5K

Rent Est.

PROPERTY INFO

November 18, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1960
  • Price/Sqft : $502.80
  • 5 Days on Market
  • MLS # : 200052017
  • Updated Date : 11/18/2020 at 20:14
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,352 sqft
  • Baths : 2 full
Listing Agent

Re/max Connections

Listing Agent's Description

Amazing & gorgeous single family home with beautiful panoramic views, approx 10,000 sf lot! Great Location! Approx 600 sf remodeled bonus room with many windows for your entertainments, Completely remodeled, turnkey home! New kitchen, new stainless steel appliances, new bathrooms, granite counter tops throughout the house, new floors, new paint inside and out. New light fixtures throughout, mirrored wardrobes, garage with many cabinet, 4 cars driveway, plenty of storage, No HOA, Close to Freeway 805!

SEE MORE

MARKET HIGHLIGHTS

  • 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]
  • 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)

PRICE & RENT TRENDS

Neighborhood: Hilltop

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550kPrice in $218k594k

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

Neighborhood: Hilltop

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q214001600180020002200240026002800Rent in $13762926

* 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
Halecrest Elementary School Primary Regular 516 22 7
Halecrest Elementary School Middle Regular 516 22 7
Hilltop High School High Magnet 2,174 80 7

Halecrest Elementary School

  • Education Level: Primary
  • # of students: 516
  • # of teachers: 22
7
GreatSchools Rating

Halecrest Elementary School

  • Education Level: Middle
  • # of students: 516
  • # of teachers: 22
7
GreatSchools Rating

Hilltop High School

  • Education Level: High
  • # of students: 2,174
  • # of teachers: 80
7
GreatSchools Rating
 

$611,807$747,765$679,786

PURCHASE PRICE

$2,061$2,519$2,290

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,290
EXPENSES Loan Payment -$2,508
Property Tax -$643
Property Insurance -$61
Property Management Fees -$129
CASH FLOW
-$1,052

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.

$679,786

PROJECTED PRICE

$2,290

PROJECTED RENT

0.34%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.42%
Appreciation Year (1-5) 6.2%
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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$185,893

INVESTMENT

$185,893

Down Payment
$169,947
Rehab Estimate
$5,750
Closing Costs
$10,197

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,508

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $169,947
Loan Amount $509,840
See What Happens When You Reinvest Cash Flow

0.33

YEARS SAVED

$494

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,290

    LIST RENT
  • $1.69

    LIST RENT PER SQFT
  • $2,343

    COMP ESTIMATED VALUE
  • $1.73

    COMP AVG. RENT PER SQFT
Comps Range
$2,200
1$2,2002$2,2903$2,3504$2,400
$2,400
RENT COMPS ANALYSIS
  • 218 E Millan Street Chula Vista, CA 2
    • 3 beds 2 baths ∙ 1,352 Sqft ∙ Built 1960 3 beds 2 baths ∙ 1,352 Sqft ∙ Built 1960
    • Rent
    • Rent Per SQFT
    •  
    • $2,290
    • $1.69
    •  
  • 575 Fifield Street Chula Vista, CA 1
    • 3 beds 2 baths ∙ 1,344 Sqft ∙ Built 1965 3 beds 2 baths ∙ 1,344 Sqft ∙ Built 1965
    LEASED 03/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.64
    •  
  • 1065 Cuyamaca Ave Chula Vista, CA 3
    • 4 beds 2 baths ∙ 1,400 Sqft ∙ Built 1955 4 beds 2 baths ∙ 1,400 Sqft ∙ Built 1955
    LEASED 09/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $1.68
    •  
  • 600 Sheffield Ct. #26 Chula Vista, CA 4
    • 3 beds 2 baths ∙ 1,275 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,275 Sqft ∙ Built 1972
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.88
    •  
PROPERTY LISTING DETAILS
Shawn Azizzi
1.619.253.9922
Re/max Connections
BESbswy