Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

2482 Myrtle Beach Way Chula Vista, CA 91915

3 Beds 3 Baths 1,743 sqft Built 1998

$699,000

List Price

$2,700

$2.5K - $3K

Rent Est.

PROPERTY INFO

February 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1998
  • Price/Sqft : $401.03
  • 3 Days on Market
  • MLS # : 210003158
  • Updated Date : 02/05/2021 at 22:19
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,743 sqft
  • Baths : 2 full , 1 half
Listing Agent

Redfin Corporation

Listing Agent's Description

Come live your best life in this gorgeous, upgraded Eastlake home. Imagine yourself sitting on the front porch warmly greeting your neighbors like in days gone by. As you enter you will gaze upon soaring, two story ceilings with large windows adorned by shutters that allow natural light to bathe the interior. An open floor plan allows the living spaces to flow seamlessly together for ease of daily living and effortless entertaining.

SEE MORE

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: Eastlake Greens

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700kPrice in $236k746k

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

Neighborhood: Eastlake Greens

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q2160018002000220024002600280030003200Rent in $15523384

* 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
Eastlake Middle School Middle Regular 1,711 64 9
Eastlake High School High Regular 3,079 106 9

Eastlake Middle School

  • Education Level: Middle
  • # of students: 1,711
  • # of teachers: 64
9
GreatSchools Rating

Eastlake High School

  • Education Level: High
  • # of students: 3,079
  • # of teachers: 106
9
GreatSchools Rating
 

$629,100$768,900$699,000

PURCHASE PRICE

$2,430$2,970$2,700

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,700
EXPENSES Loan Payment -$2,428
Property Tax -$807
Property Insurance -$71
HOA -$80
Property Management Fees -$129
CASH FLOW
-$815

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.

$699,000

PROJECTED PRICE

$2,700

PROJECTED RENT

0.39%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.41%
Appreciation Year (1-5) 6.0%
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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$190,985

INVESTMENT

$190,985

Down Payment
$174,750
Rehab Estimate
$5,750
Closing Costs
$10,485

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,428

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $174,750
Loan Amount $524,250
See What Happens When You Reinvest Cash Flow

1.08

YEARS SAVED

$2,890

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,700

    LIST RENT
  • $1.55

    LIST RENT PER SQFT
  • $2,715

    COMP ESTIMATED VALUE
  • $1.56

    COMP AVG. RENT PER SQFT
Comps Range
$2,600
1$2,6002$2,7003$2,7504$2,8755$3,200
$3,200
RENT COMPS ANALYSIS
  • 2482 Myrtle Beach Way Chula Vista, CA 2
    • 3 beds 3 baths ∙ 1,743 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,743 Sqft ∙ Built 1998
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.55
    •  
  • 1665 Quest Lane Chula Vista, CA 1
    • 3 beds 3 baths ∙ 1,870 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,870 Sqft ∙ Built 2005
    LEASED 05/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.39
    •  
  • 1730 Cripple Creek Drive #2 Chula Vista, CA 3
    • 3 beds 2 baths ∙ 1,728 Sqft ∙ Built 2008 3 beds 2 baths ∙ 1,728 Sqft ∙ Built 2008
    LEASED 07/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $1.59
    •  
  • 1192 La Vida Court Chula Vista, CA 4
    • 4 beds 3 baths ∙ 1,690 Sqft ∙ Built 1989 4 beds 3 baths ∙ 1,690 Sqft ∙ Built 1989
    LEASED 03/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,875
    • $1.70
    •  
  • 1622 Falling Star Dr Chula Vista, CA 5
    • 4 beds 3 baths ∙ 2,061 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,061 Sqft ∙ Built 2005
    LEASED 02/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $1.55
    •  
PROPERTY LISTING DETAILS
Eva Lagunero
1.619.337.4922
Redfin Corporation
BESbswy