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2304 Richland Ave San Jose, CA 95125

4 Beds 3 Baths 1,950 sqft Built 1956

$1,599,988

List Price

$4,530

$4.3K - $4.8K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 1956
  • Price/Sqft : $820.51
  • 10 Days on Market
  • MLS # : ML81809769
  • Updated Date : 10/30/2020 at 16:48
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,950 sqft
  • Baths : 3 full
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

Beautifully updated home located on quiet, tree-lined street in Willow Glen. Opportunity LOT for addition, ADU. Appraisal shows larger LOT. New gas piping, updated electrical & plumbing. 4 bed, 3 bath, w spa-like master suite, this beauty comes w endless upgrades, finishes throughout. Crown molding, recessed lighting, & hardwood floors in all living areas. Newly renovated gourmet kitchen w granite countertops, mosaic tile backsplash, peninsula seating, SS appliances, & built-in wine bar. Family room, w tiled fireplace & wall cabinetry, opens to the serene backyard. Upstairs suite w dressing area, wall closets, & remodeled zen-like master bath w wall tiled walk-in shower & Whirpool jacuzzi. Backyard w fire pit area, expansive lawn, veg garden area, fruit trees, tiled patio. Finished garage perfect for at-home gym, work/study space, or children's playroom. Short distance to Downtown Willow Glen, schools, & parks. This Lincoln Glen Park neighborhood home is remodeled w lot & location!

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Willow Glen

NeighborhoodNIR Market*CityMarket2010Year20002019400k500k600k700k800k900k1000k1100k1200k1300k1400k1500k1600kPrice in $380k1665k

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

Neighborhood: Willow Glen

NeighborhoodNIR Market*CityMarket2010Year20002019 Q218002000220024002600280030003200340036003800400042004400Rent in $17044573

* 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
Booksin Elementary School Primary Regular 851 31 8
Willow Glen Middle School Middle Regular 1,259 57 6
Willow Glen High School High Regular 1,660 75 7

Booksin Elementary School

  • Education Level: Primary
  • # of students: 851
  • # of teachers: 31
8
GreatSchools Rating

Willow Glen Middle School

  • Education Level: Middle
  • # of students: 1,259
  • # of teachers: 57
6
GreatSchools Rating

Willow Glen High School

  • Education Level: High
  • # of students: 1,660
  • # of teachers: 75
7
GreatSchools Rating
 

$1,439,989$1,759,987$1,599,988

PURCHASE PRICE

$4,077$4,983$4,530

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,530
EXPENSES Loan Payment -$5,903
Property Tax -$1,950
Property Insurance -$74
Property Management Fees -$177
CASH FLOW
-$3,574

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.

$1,599,988

PROJECTED PRICE

$4,530

PROJECTED RENT

0.28%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 5.00%
Appreciation Year (1-5) 12.0%
Maintenance Year (1-5) 8.00%
Vacancy 5.40%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$1.0M$2.0M$3.0M$4.0M$5.0M$6.0M

PROJECTED ANNUAL CASH FLOW

11530-$60k-$50k-$40k-$30k-$20k-$10k$0.0

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$1.0M$2.0M$3.0M$4.0M$5.0M$6.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$429,747

INVESTMENT

$429,747

Down Payment
$399,997
Rehab Estimate
$5,750
Closing Costs
$24,000

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 100% down payment or higher enables the proceeds from the asset to cover all costs.

$5,903

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $399,997
Loan Amount $1,199,991
See What Happens When You Reinvest Cash Flow

-0.17

YEARS SAVED

-$127

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
  • $4,500

    COMP ESTIMATED VALUE
  • $2.31

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$3,6503$4,2504$4,5005$5,350
$5,350
RENT COMPS ANALYSIS
  • 2304 Richland Ave San Jose, CA 1
    • 4 beds 3 baths ∙ 1,950 Sqft ∙ Built 1956 4 beds 3 baths ∙ 1,950 Sqft ∙ Built 1956
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 2956 Aulin Dr San Jose, CA 2
    • 3 beds 3 baths ∙ 1,800 Sqft ∙ Built 1958 3 beds 3 baths ∙ 1,800 Sqft ∙ Built 1958
    property image
    LEASED 01/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,650
    • $2.03
    •  
  • 1011 Camino Ramon San Jose, CA 3
    • 4 beds 3 baths ∙ 1,800 Sqft ∙ Built 1938 4 beds 3 baths ∙ 1,800 Sqft ∙ Built 1938
    property image
    LEASED 02/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,250
    • $2.36
    •  
  • 1477 Husted Ave San Jose, CA 4
    • 4 beds 2 baths ∙ 1,931 Sqft ∙ Built 1951 4 beds 2 baths ∙ 1,931 Sqft ∙ Built 1951
    property image
    LEASED 02/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,500
    • $2.33
    •  
  • 1591 Phantom Ave San Jose, CA 5
    • 3 beds 3 baths ∙ 2,132 Sqft ∙ Built 1955 3 beds 3 baths ∙ 2,132 Sqft ∙ Built 1955
    property image
    LEASED 06/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $5,350
    • $2.51
    •  
PROPERTY LISTING DETAILS
Bahareh "b" Khoshnoud
Coldwell Banker Realty
BESbswy