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2424 Palm Ave Redwood City, CA 94061

3 Beds 3 Baths 1,600 sqft Built 1952

$1,768,000

List Price

$4,780

$4.5K - $5K

Rent Est.

PROPERTY INFO

January 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1952
  • Price/Sqft : $1,105.00
  • 5 Days on Market
  • MLS # : ML81824800
  • Updated Date : 01/08/2021 at 15:08
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,600 sqft
  • Baths : 3 full
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

This designer-appointed home is introduced by colorful roses on a tree-lined street in the Woodside Plaza Neighborhood. Inside & out, this home is picture perfect. The open-concept floorpan begins in the living room, featuring 2 skylights, a focal-point fireplace & sunny windows looking out to the covered front porch. A formal dining area opens to the rear yard through French doors for al fresco enjoyment. The fully remodeled kitchen will meet the needs of any chef w/Carrara marble counters & subway-set tiled backsplashes & SS appliances. The bedroom wing offers 3 bedrooms & 3 fully remodeled baths incl. the Master Suite. A large family room w/outside access could equally serve as office space that is so desirable today. Added amenities include hardwood floors throughout, central AC, & a 1-car attached garage w/stacked laundry. The all NEW landscaping includes a new lush green lawn in the front yard, plus eco-friendly lawn, 2 water features & gardening space in the wonderful backyard.

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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: Woodside Terrace

NeighborhoodNIR Market*CityMarket2010Year20002019500k600k700k800k900k1000k1100k1200k1300k1400k1500k1600k1700kPrice in $445k1710k

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

Neighborhood: Woodside Terrace

NeighborhoodNIR Market*CityMarket2010Year2000 Q32019 Q22000250030003500400045005000Rent in $15235138

* 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
Henry Ford Elementary School Primary Regular 426 16 5
John F. Kennedy Middle School Middle Regular 728 36 5
Woodside High School High Magnet 1,815 106 7

Henry Ford Elementary School

  • Education Level: Primary
  • # of students: 426
  • # of teachers: 16
5
GreatSchools Rating

John F. Kennedy Middle School

  • Education Level: Middle
  • # of students: 728
  • # of teachers: 36
5
GreatSchools Rating

Woodside High School

  • Education Level: High
  • # of students: 1,815
  • # of teachers: 106
7
GreatSchools Rating
 

$1,591,200$1,944,800$1,768,000

PURCHASE PRICE

$4,302$5,258$4,780

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,780
EXPENSES Loan Payment -$6,141
Property Tax -$1,662
Property Insurance -$66
Property Management Fees -$186
CASH FLOW
-$3,275

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.

$1,768,000

PROJECTED PRICE

$4,780

PROJECTED RENT

0.27%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.83%
Appreciation Year (1-5) 14.9%
Maintenance Year (1-5) 8.00%
Vacancy 5.92%
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$7.0M

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$6.0M$7.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$474,270

INVESTMENT

$474,270

Down Payment
$442,000
Rehab Estimate
$5,750
Closing Costs
$26,520

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$6,141

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $442,000
Loan Amount $1,326,000
See What Happens When You Reinvest Cash Flow

-0.08

YEARS SAVED

-$19

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $4,780

    LIST RENT
  • $2.99

    LIST RENT PER SQFT
  • $4,756

    COMP ESTIMATED VALUE
  • $2.97

    COMP AVG. RENT PER SQFT
Comps Range
$3,950
1$3,9502$4,2003$4,7804$5,3005$5,300
$5,300
RENT COMPS ANALYSIS
  • 2424 Palm Ave Redwood City, CA 3
    • 3 beds 3 baths ∙ 1,600 Sqft ∙ Built 1952 3 beds 3 baths ∙ 1,600 Sqft ∙ Built 1952
    • Rent
    • Rent Per SQFT
    •  
    • $4,780
    • $2.99
    •  
  • 1002 King St Redwood City, CA 1
    • 3 beds 2 baths ∙ 1,420 Sqft ∙ Built 1942 3 beds 2 baths ∙ 1,420 Sqft ∙ Built 1942
    LEASED 09/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,950
    • $2.78
    •  
  • 3571 Altamont Way Redwood City, CA 2
    • 3 beds 2 baths ∙ 1,670 Sqft ∙ Built 1948 3 beds 2 baths ∙ 1,670 Sqft ∙ Built 1948
    LEASED 09/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,200
    • $2.51
    •  
  • 1746 Kentucky St Redwood City, CA 4
    • 3 beds 3 baths ∙ 1,670 Sqft ∙ Built 1950 3 beds 3 baths ∙ 1,670 Sqft ∙ Built 1950
    LEASED 10/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $5,300
    • $3.17
    •  
  • 1083 Alameda De Las Pulgas Redwood City, CA 5
    • 3 beds 2 baths ∙ 1,546 Sqft ∙ Built 1952 3 beds 2 baths ∙ 1,546 Sqft ∙ Built 1952
    LEASED 11/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $5,300
    • $3.43
    •  
PROPERTY LISTING DETAILS
Alan Canas
Coldwell Banker Realty
BESbswy