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2320 Lomica Escondido, CA 92029

4 Beds 3 Baths 3,162 sqft Built 1990

$1,195,000

List Price

$4,120

$3.9K - $4.4K

Rent Est.

PROPERTY INFO

February 04, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1990
  • Price/Sqft : $377.93
  • 6 Days on Market
  • MLS # : 210002928
  • Updated Date : 02/06/2021 at 21:12
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,162 sqft
  • Baths : 2 full , 1 half
Listing Agent

Bates Realty

Listing Agent's Description

No HOA at this Large Carriage Hills home with 4-car garage has beautiful panoramic views in the back. The home includes seller-owned solar panels. There is a large solar heated pool with spa and waterfall and on the lower level of the nearly 1/2 acre lot a 30'x50' lighted Sports Court. There are two fireplaces and two AC units. Kitchen has stainless steel appliances including built-in oven, steam oven, two heat drawers made by Miele; microwave and a large refrigerator by Jenn-Air.

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Felicita

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700k750k800kPrice in $226k802k

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

Neighborhood: Felicita

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q21600180020002200240026002800300032003400Rent in $14343561

* 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
Bernardo Elementary School Primary Regular 567 24 8
Bear Valley Middle School Middle Regular 1,087 52 5
San Pasqual High School High Regular 2,237 93 7

Bernardo Elementary School

  • Education Level: Primary
  • # of students: 567
  • # of teachers: 24
8
GreatSchools Rating

Bear Valley Middle School

  • Education Level: Middle
  • # of students: 1,087
  • # of teachers: 52
5
GreatSchools Rating

San Pasqual High School

  • Education Level: High
  • # of students: 2,237
  • # of teachers: 93
7
GreatSchools Rating
 

$1,075,500$1,314,500$1,195,000

PURCHASE PRICE

$3,708$4,532$4,120

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,120
EXPENSES Loan Payment -$4,151
Property Tax -$1,126
Property Insurance -$107
Property Management Fees -$129
CASH FLOW
-$1,392

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$1,195,000

PROJECTED PRICE

$4,120

PROJECTED RENT

0.34%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.41%
Appreciation Year (1-5) 5.1%
Maintenance Year (1-5) 8.00%
Vacancy 5.56%
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$322,425

INVESTMENT

$322,425

Down Payment
$298,750
Rehab Estimate
$5,750
Closing Costs
$17,925

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$4,151

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $298,750
Loan Amount $896,250
See What Happens When You Reinvest Cash Flow

1.08

YEARS SAVED

$5,197

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
  • $4,537

    COMP ESTIMATED VALUE
  • $1.44

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$3,8753$4,400
$4,400
RENT COMPS ANALYSIS
  • 2320 Lomica Escondido, CA 1
    • 4 beds 3 baths ∙ 3,162 Sqft ∙ Built 1990 4 beds 3 baths ∙ 3,162 Sqft ∙ Built 1990
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 3230 Via Zamora Escondido, CA 2
    • 4 beds 4 baths ∙ 2,813 Sqft ∙ Built 1998 4 beds 4 baths ∙ 2,813 Sqft ∙ Built 1998
    LEASED 10/25/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,875
    • $1.38
    •  
  • 3646 Purer Road Escondido, CA 3
    • 5 beds 3 baths ∙ 2,962 Sqft ∙ Built 1989 5 beds 3 baths ∙ 2,962 Sqft ∙ Built 1989
    LEASED 01/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,400
    • $1.49
    •  
PROPERTY LISTING DETAILS
Elaine Bennett
1.760.500.8339
Bates Realty
BESbswy