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2329 Carlton Ave San Jose, CA 95124

3 Beds 2 Baths 1,829 sqft Built 1956

INVESTimate

$1,398,000

List Price

$4,200

$3,950 - $4,450

Rent Est.

$1,575,965  ( +12.73%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 1956
  • Price/Sqft : $764.35
  • 9 Days on Market
  • MLS # : ML81806016
  • Updated Date : 08/19/2020 at 00:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,829 sqft
  • Baths : 2 full
Listing Agent

Intero Real Estate Services

Listing Agent's Description

Stunning Remodeled Open Concept Contemporary Single Family Home Featuring (3) Bedrooms & (2) Bathrooms w/1,829 +/- Sq Ft on a Huge 7,064 +/- Sq Ft Lot in Desirable Carlton Neighborhood Bordering Los Gatos! Beautifully Remodeled Kitchen Boasts Wood Cabinetry, Soft Close Cabinets & Drawers, SS Appliances, Brushed Nickel Finishes, Slab Granite Counter Tops & Center Island Open to the Spacious Dining Area & Living Room w/Vaulted Ceiling, Acacia Wood Flooring, Wood Burning Fireplace & Skylight. Enjoy the Oversized Light & Bright Family Room w/New High End Carpeting & Built in Shelving Offering Plenty of Space for Work & Play. New Modern Interior Paint, Fully Remodeled Master & Guest Bathroom, DP Windows, Recessed Lighting, Copper Plumbing, Section 1 Termite Clearance & Roof Clearance. Entertain & Play in the Large Private Back Yard w/Mature Shrubs & Trees, Expansive Concrete Patio, & Room for Potential Expansion or ADU. Award Winning Carlton Elementary, Union Middle & Leigh High!

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MARKET HIGHLIGHTS

  • 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)
  • San Jose metro has 67.6% labor force participation rate higher than the national rate 62.8% (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: Carlton

NeighborhoodNIR Market*CityMarket2010Year20002019400k500k600k700k800k900k1000k1100k1200k1300k1400k1500k1600kPrice in $380k1665k

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

Neighborhood: Carlton

NeighborhoodNIR Market*CityMarket2010Year20002019 Q22000220024002600280030003200340036003800400042004400Rent in $19074493

* 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
Carlton Elementary School Primary Regular 705 28 9
Union Middle School Middle Regular 976 40 9
Leigh High School High Magnet 1,665 73 9

Carlton Elementary School

  • Education Level: Primary
  • # of students: 705
  • # of teachers: 28
9
GreatSchools Rating

Union Middle School

  • Education Level: Middle
  • # of students: 976
  • # of teachers: 40
9
GreatSchools Rating

Leigh High School

  • Education Level: High
  • # of students: 1,665
  • # of teachers: 73
9
GreatSchools Rating
 

$1,258,200$1,537,800$1,398,000

PURCHASE PRICE

$3,780$4,620$4,200

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

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

PROJECTED ANNUAL CASH FLOW

11530-$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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,200
EXPENSES Loan Payment -$5,158
Property Tax -$1,640
Property Insurance -$71
Property Management Fees -$164
CASH FLOW
-$2,833

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.

$1,398,000

PROJECTED PRICE

$4,200

PROJECTED RENT

0.30%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 5.00%
Appreciation Year (1-5) 12.73%
Maintenance Year (1-5) 8.00%
Vacancy 5.40%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$376,220

INVESTMENT

$376,220

Down Payment
$349,500
Rehab Estimate
$5,750
Closing Costs
$20,970

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 80% down payment or higher enables the proceeds from the asset to cover all costs.

$5,158

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $349,500
Loan Amount $1,048,500
See What Happens When You Reinvest Cash Flow

-0.08

YEARS SAVED

-$40

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
  • $4,597

    COMP ESTIMATED VALUE
  • $2.51

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$3,7953$4,5004$5,250
$5,250
RENT COMPS ANALYSIS
  • 2329 Carlton Ave San Jose, 1
    • 3 beds 2 baths ∙ 1,829 Sqft ∙ Built 1956 3 beds 2 baths ∙ 1,829 Sqft ∙ Built 1956
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 1810 Brighten Ave San Jose, 2
    • 3 beds 2 baths ∙ 1,480 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,480 Sqft ∙ Built 1958
    LEASED 12/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,795
    • $2.56
    •  
  • Chapman Dr Campbell, 3
    • 4 beds 3 baths ∙ 1,961 Sqft ∙ Built 1959 4 beds 3 baths ∙ 1,961 Sqft ∙ Built 1959
    LEASED 03/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,500
    • $2.29
    •  
  • 16619 Marchmont Dr Los Gatos, 4
    • 4 beds 3 baths ∙ 1,950 Sqft ∙ Built 1949 4 beds 3 baths ∙ 1,950 Sqft ∙ Built 1949
    LEASED 07/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $5,250
    • $2.69
    •  
PROPERTY LISTING DETAILS
Lisa Thompson
Intero Real Estate Services
BESbswy