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229 Heath St Milpitas, CA 95035

5 Beds 2 Baths 1,380 sqft Built 1962

$998,888

List Price

$3,310

$3.1K - $3.6K

Rent Est.

PROPERTY INFO

January 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1962
  • Price/Sqft : $723.83
  • 6 Days on Market
  • MLS # : ML81824598
  • Updated Date : 01/09/2021 at 12:47
CONSTRUCTION
  • Beds : 5
  • Floor Size : 1,380 sqft
  • Baths : 2 full
Listing Agent

Master Brokers

Listing Agent's Description

Lots of potential here in this updated "Manor"area home!! In-law unit/ and/or rental unit!! This is a wonderful family style home!! Dual family living!! This move-in ready home, boasts, fresh color coordinated paint, inside and outside!! Granite kitchen counters and new gas stove & refrigerator!! Copper repiped!! Newer roof!! Updated central heater with central air conditioning!! Upgraded dual paned windows!! Crown moulding thorughout!! Very nice high grade laminate flooring!! Washer/dryer included!! Fresh and brand new sod/landscaping all on automatic sprinklers in front yard!!

SEE MORE

MARKET HIGHLIGHTS

  • Palo Alto, Redwood City, Mountain View and San Mateo together attracted around $11 billion in venture capital funding in 2019 making Silicon Valley still attractive to technology investments (Crunchbase News, 2020)
  • San Jose metro has 67.6% labor force participation rate higher than the national rate 62.8% (USMayors.org, 2018)
  • San Jose metro's economy has been worth $282.2 billion in Gross Metro Product (GMP) in 2018 and is projected to grow to $298.6 billion in 2019. GMP measures the productivity of the metro. (USMayors.org, 2018)
  • San Jose metro employment growth has been at 2.2% in 2018 and predicted to grow at 1.9% in 2019 (USMayors.org, 2018)
  • San Jose metro contributes to 9% of California state's economy i.e. Gross State Product (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: Northwestern Milpitas

NeighborhoodNIR Market*CityMarket2010Year20002019400k500k600k700k800k900k1000k1100k1200kPrice in $354k1220k

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

Neighborhood: Northwestern Milpitas

NeighborhoodNIR Market*CityMarket2010Year20002019 Q218002000220024002600280030003200340036003800Rent in $16573804

* 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
Anthony Spangler Elementary School Primary Regular 579 23 8
Thomas Russell Middle School Middle Regular 824 31 9
Milpitas High School High Regular 3,105 117 9

Anthony Spangler Elementary School

  • Education Level: Primary
  • # of students: 579
  • # of teachers: 23
8
GreatSchools Rating

Thomas Russell Middle School

  • Education Level: Middle
  • # of students: 824
  • # of teachers: 31
9
GreatSchools Rating

Milpitas High School

  • Education Level: High
  • # of students: 3,105
  • # of teachers: 117
9
GreatSchools Rating
 

$898,999$1,098,777$998,888

PURCHASE PRICE

$2,979$3,641$3,310

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,310
EXPENSES Loan Payment -$3,470
Property Tax -$994
Property Insurance -$60
Property Management Fees -$129
CASH FLOW
-$1,343

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.

$998,888

PROJECTED PRICE

$3,310

PROJECTED RENT

0.33%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 5.00%
Appreciation Year (1-5) 12.8%
Maintenance Year (1-5) 8.00%
Vacancy 5.19%
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$3.5M$4.0M

PROJECTED ANNUAL CASH FLOW

11530-$25k-$20k-$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$2.5M$3.0M$3.5M$4.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$270,455

INVESTMENT

$270,455

Down Payment
$249,722
Rehab Estimate
$5,750
Closing Costs
$14,983

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,470

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $249,722
Loan Amount $749,166
See What Happens When You Reinvest Cash Flow

0.33

YEARS SAVED

$875

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
  • $3,202

    COMP ESTIMATED VALUE
  • $2.32

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$3,600
$3,600
RENT COMPS ANALYSIS
  • 229 Heath St Milpitas, CA 1
    • 5 beds 2 baths ∙ 1,380 Sqft ∙ Built 1962 5 beds 2 baths ∙ 1,380 Sqft ∙ Built 1962
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 994 Pescadero St Milpitas, CA 2
    • 4 beds 2 baths ∙ 1,553 Sqft ∙ Built 1977 4 beds 2 baths ∙ 1,553 Sqft ∙ Built 1977
    LEASED 08/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,600
    • $2.32
    •  
PROPERTY LISTING DETAILS
Debbie I. Giordano
Master Brokers
BESbswy