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2429 Smokewood Pl Escondido, CA 92026

3 Beds 2 Baths 1,329 sqft Built 1987

$599,000

List Price

$2,400

$2.2K - $2.6K

Rent Est.

PROPERTY INFO

November 21, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1987
  • Price/Sqft : $450.71
  • 2 Days on Market
  • MLS # : 200052334
  • Updated Date : 11/21/2020 at 18:10
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,329 sqft
  • Baths : 2 full
Listing Agent

Renovation Realty

Listing Agent's Description

Welcome home. Gorgeous single story updated north Escondido home in a great cul-de-sac location. House features open and bright floor plan, brand new kitchen with new quartz counter tops, new cabinets, new stainless appliances and recessed lighting. New vinyl plank flooring throughout. All new interior paint. New carpet in bedrooms. New vanity in bathrooms. Easy care and drought tolerant landscaping. Serene and open outdoor courtyard. This home is a must see and the one to call Home !!

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: North Broadway

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550kPrice in $212k594k

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

Neighborhood: North Broadway

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q215001600170018001900200021002200230024002500260027002800Rent in $14342885

* 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
Reidy Creek Elementary School Primary Regular 654 29 6
Rincon Middle School Middle Regular 1,304 65 4
Escondido High School High Regular 2,493 107 6

Reidy Creek Elementary School

  • Education Level: Primary
  • # of students: 654
  • # of teachers: 29
6
GreatSchools Rating

Rincon Middle School

  • Education Level: Middle
  • # of students: 1,304
  • # of teachers: 65
4
GreatSchools Rating

Escondido High School

  • Education Level: High
  • # of students: 2,493
  • # of teachers: 107
6
GreatSchools Rating
 

$539,100$658,900$599,000

PURCHASE PRICE

$2,160$2,640$2,400

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,400
EXPENSES Loan Payment -$2,210
Property Tax -$607
Property Insurance -$61
Property Management Fees -$129
CASH FLOW
-$607

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.

$599,000

PROJECTED PRICE

$2,400

PROJECTED RENT

0.40%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.42%
Appreciation Year (1-5) 5.7%
Maintenance Year (1-5) 8.00%
Vacancy 4.80%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$164,485

INVESTMENT

$164,485

Down Payment
$149,750
Rehab Estimate
$5,750
Closing Costs
$8,985

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$2,210

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $149,750
Loan Amount $449,250
See What Happens When You Reinvest Cash Flow

2.17

YEARS SAVED

$10,084

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
  • $2,412

    COMP ESTIMATED VALUE
  • $1.82

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$2,3503$2,700
$2,700
RENT COMPS ANALYSIS
  • 2429 Smokewood Pl Escondido, CA 1
    • 3 beds 2 baths ∙ 1,329 Sqft ∙ Built 1987 3 beds 2 baths ∙ 1,329 Sqft ∙ Built 1987
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 1440 Timber Gln Escondido, CA 2
    • 3 beds 2 baths ∙ 1,349 Sqft ∙ Built 1989 3 beds 2 baths ∙ 1,349 Sqft ∙ Built 1989
    LEASED 10/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $1.74
    •  
  • 1808 Loreto Glen Escondido, CA 3
    • 3 beds 2 baths ∙ 1,426 Sqft ∙ Built 1990 3 beds 2 baths ∙ 1,426 Sqft ∙ Built 1990
    LEASED 01/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.89
    •  
PROPERTY LISTING DETAILS
Zora Urieff
1.619.729.7137
Renovation Realty
BESbswy