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2535 Myrtle Ave San Diego, CA 92104

3 Beds 2 Baths 1,080 sqft Built 1926

$1,049,999

List Price

$3,310

$3.1K - $3.6K

Rent Est.

PROPERTY INFO

December 20, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1926
  • Price/Sqft : $972.22
  • 2 Days on Market
  • MLS # : 200054342
  • Updated Date : 12/19/2020 at 23:48
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,080 sqft
  • Baths : 2 full
Listing Agent

Big Block Realty, Inc.

Listing Agent's Description

3D-TOUR(https://tinyurl.com/ybz9a7u3) Welcome to this charming craftsman home 1 block from Balboa Park. This 3 bed, 2 bath home features wood flooring, brick fireplace, updated kitchen with granite counter tops wood cabinets, ALL stainless steel appliances and washer/dry are included! Central Forced A/C and Heat. New Roof. Close to downtown, airport, and walking distances to local restaurants and shops in North Park. ADU potential!

SEE MORE

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 Park

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600kPrice in $201k621k

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

Neighborhood: North Park

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q21600180020002200240026002800Rent in $15142982

* 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
Jefferson Elementary School Primary Regular 365 15 7
Roosevelt International Middle School Middle Magnet 961 48 4
San Diego High School High Unknown NA

Jefferson Elementary School

  • Education Level: Primary
  • # of students: 365
  • # of teachers: 15
7
GreatSchools Rating

Roosevelt International Middle School

  • Education Level: Middle
  • # of students: 961
  • # of teachers: 48
4
GreatSchools Rating

San Diego High School

  • Education Level: High
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$944,999$1,154,999$1,049,999

PURCHASE PRICE

$2,979$3,641$3,310

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,310
EXPENSES Loan Payment -$3,874
Property Tax -$1,020
Property Insurance -$54
Property Management Fees -$129
CASH FLOW
-$1,767

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.

$1,049,999

PROJECTED PRICE

$3,310

PROJECTED RENT

0.32%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.42%
Appreciation Year (1-5) 7.5%
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$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$10k$15k

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$284,000

INVESTMENT

$284,000

Down Payment
$262,500
Rehab Estimate
$5,750
Closing Costs
$15,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$3,874

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $262,500
Loan Amount $787,499
See What Happens When You Reinvest Cash Flow

0.17

YEARS SAVED

$165

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
  • $2.78

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$2,4953$2,7504$3,3505$3,700
$3,700
RENT COMPS ANALYSIS
  • 2535 Myrtle Ave San Diego, CA 1
    • 3 beds 2 baths ∙ 1,080 Sqft ∙ Built 1926 3 beds 2 baths ∙ 1,080 Sqft ∙ Built 1926
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 3941 9th Ave San Diego, CA 2
    • 3 beds 1 baths ∙ 900 Sqft ∙ Built 1913 3 beds 1 baths ∙ 900 Sqft ∙ Built 1913
    LEASED 05/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $2.77
    •  
  • 3704 A Arizona St #a San Diego, CA 3
    • 3 beds 2 baths ∙ 950 Sqft ∙ Built 1925 3 beds 2 baths ∙ 950 Sqft ∙ Built 1925
    LEASED 06/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $2.89
    •  
  • 3729 Indiana Street San Diego, CA 4
    • 3 beds 2 baths ∙ 1,228 Sqft ∙ Built 1924 3 beds 2 baths ∙ 1,228 Sqft ∙ Built 1924
    LEASED 06/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,350
    • $2.73
    •  
  • 3605 Texas St San Diego, CA 5
    • 3 beds 2 baths ∙ 1,358 Sqft ∙ Built 1931 3 beds 2 baths ∙ 1,358 Sqft ∙ Built 1931
    LEASED 06/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,700
    • $2.72
    •  
PROPERTY LISTING DETAILS
Issac Cardona
1.619.289.2038
Big Block Realty, Inc.
BESbswy