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2351 Loring St. San Diego, CA 92109

2 Beds 2 Baths 1,205 sqft Built 1965

$999,000

List Price

$2,990

$2.7K - $3.2K

Rent Est.

PROPERTY INFO

November 06, 2020 RECENTLY ADDED
FACTS
  • Built In 1965
  • Price/Sqft : $829.05
  • 4 Days on Market
  • MLS # : 200050896
  • Updated Date : 11/06/2020 at 03:06
CONSTRUCTION
  • Beds : 2
  • Floor Size : 1,205 sqft
  • Baths : 2 full
Listing Agent

Windermere Homes & Estates

Listing Agent's Description

Welcome to this stunning home with stunning ocean views. Featuring an open floor plan, 2 bedrooms, 2 bath, plus an office that can easily be converted to a 3rd bedroom. Totaling approximately 1,205 SqFt. Also includes oversized 2 carports & 2 car garage.You are greeted with a grand deck off of the living room to watch breath taking sunsets over the ocean. The master bedroom has access to a deck w a Jacuzzi. This uniquely designed home with so much potential is waiting for you to add your personal touches.

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Pacific Beach

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $233k866k

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

Neighborhood: Pacific Beach

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q2180020002200240026002800300032003400360038004000Rent in $16274083

* 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
Sessions Elementary School Primary Regular 492 19 9
Pacific Beach Middle School Middle Regular 581 26 6
Mission Bay High School High Magnet 1,101 54 7

Sessions Elementary School

  • Education Level: Primary
  • # of students: 492
  • # of teachers: 19
9
GreatSchools Rating

Pacific Beach Middle School

  • Education Level: Middle
  • # of students: 581
  • # of teachers: 26
6
GreatSchools Rating

Mission Bay High School

  • Education Level: High
  • # of students: 1,101
  • # of teachers: 54
7
GreatSchools Rating
 

$899,100$1,098,900$999,000

PURCHASE PRICE

$2,691$3,289$2,990

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,990
EXPENSES Loan Payment -$3,686
Property Tax -$970
Property Insurance -$58
Property Management Fees -$129
CASH FLOW
-$1,853

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.

$999,000

PROJECTED PRICE

$2,990

PROJECTED RENT

0.30%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.41%
Appreciation Year (1-5) 7.1%
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-$30k-$25k-$20k-$15k-$10k-$5.0k$0.0$5.0k

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$270,485

INVESTMENT

$270,485

Down Payment
$249,750
Rehab Estimate
$5,750
Closing Costs
$14,985

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 75% down payment or higher enables the proceeds from the asset to cover all costs.

$3,686

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $249,750
Loan Amount $749,250
See What Happens When You Reinvest Cash Flow

0.17

YEARS SAVED

$103

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
  • $3,000

    COMP ESTIMATED VALUE
  • $2.49

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$2,4003$2,4954$2,5955$2,895
$2,895
RENT COMPS ANALYSIS
  • 2351 Loring St. San Diego, CA 1
    • 2 beds 2 baths ∙ 1,205 Sqft ∙ Built 1965 2 beds 2 baths ∙ 1,205 Sqft ∙ Built 1965
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 1855 Diamond #5-211 San Diego, CA 2
    • 2 beds 2 baths ∙ 1,033 Sqft ∙ Built 1975 2 beds 2 baths ∙ 1,033 Sqft ∙ Built 1975
    property image
    LEASED 10/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $2.32
    •  
  • 1672 Emerald St #5 San Diego, CA 3
    • 2 beds 2 baths ∙ 1,050 Sqft ∙ Built 1980 2 beds 2 baths ∙ 1,050 Sqft ∙ Built 1980
    property image
    LEASED 07/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $2.38
    •  
  • 1552 Missouri San Diego, CA 4
    • 2 beds 1 baths ∙ 1,037 Sqft ∙ Built 1970 2 beds 1 baths ∙ 1,037 Sqft ∙ Built 1970
    property image
    LEASED 07/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,595
    • $2.50
    •  
  • 1932 Missouri Street, Unit 2 San Diego (pacific Beach), CA 5
    • 2 beds 3 baths ∙ 1,050 Sqft ∙ Built 1981 2 beds 3 baths ∙ 1,050 Sqft ∙ Built 1981
    property image
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,895
    • $2.76
    •  
PROPERTY LISTING DETAILS
Faith Wise
1.858.717.8777
Windermere Homes & Estates
BESbswy