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255 S 15th St San Jose, CA 95112

3 Beds 2 Baths 1,699 sqft Built 1902

$1,280,000

List Price

$3,940

$3.7K - $4.2K

Rent Est.

PROPERTY INFO

January 01, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1902
  • Price/Sqft : $753.38
  • 3 Days on Market
  • MLS # : ML81824359
  • Updated Date : 01/01/2021 at 10:24
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,699 sqft
  • Baths : 2 full
Listing Agent

Sereno Group

Listing Agent's Description

Naglee Park Beauty!! Charming 1902 Edwardian home expanded, updated, and remodeled with a perfect mix of charm, character, and modern conveniences! Recent upgrades include a 200 amp electrical panel, new HVAC system with air conditioning, and owned solar which equates to a minimal electric bill every month! The sunny room off of the entry is ideal as a playroom/home office and is not included in the bedroom count. Remodeled kitchen includes newer cabinets, soapstone counters, 5-burner gas range, farmhouse sink, and Fisher-Peykel appliances. Master suite retreat with remodeled bath, walk in closet, fireplace and access to deck. Jack and Jill bathroom features a beautiful stained glass window and clawfoot tub. The yard is a spectacular entertainment spot with a lush garden and built-in gas grill. Terrific semi-finished basement area ideal for many uses plus additional storage areas. Close to SJSU, downtown nightlife, theater, dining & major commute arteries.

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Naglee Park

NeighborhoodNIR Market*CityMarket2010Year20002019400k500k600k700k800k900k1000k1100k1200kPrice in $373k1220k

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

Neighborhood: Naglee Park

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21400160018002000220024002600280030003200340036003800Rent in $13143804

* 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
Horace Mann Elementary School Primary Magnet 516 19 3
Burnett Middle School Middle Magnet 877 45 3
San Jose High Academy High Magnet 1,034 51 4

Horace Mann Elementary School

  • Education Level: Primary
  • # of students: 516
  • # of teachers: 19
3
GreatSchools Rating

Burnett Middle School

  • Education Level: Middle
  • # of students: 877
  • # of teachers: 45
3
GreatSchools Rating

San Jose High Academy

  • Education Level: High
  • # of students: 1,034
  • # of teachers: 51
4
GreatSchools Rating
 

$1,152,000$1,408,000$1,280,000

PURCHASE PRICE

$3,546$4,334$3,940

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,940
EXPENSES Loan Payment -$4,723
Property Tax -$1,485
Property Insurance -$68
Property Management Fees -$154
CASH FLOW
-$2,489

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.

$1,280,000

PROJECTED PRICE

$3,940

PROJECTED RENT

0.31%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 5.00%
Appreciation Year (1-5) 12.9%
Maintenance Year (1-5) 8.00%
Vacancy 5.19%
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

PROJECTED ANNUAL CASH FLOW

11530-$45k-$40k-$35k-$30k-$25k-$20k-$15k-$10k-$5.0k$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$344,950

INVESTMENT

$344,950

Down Payment
$320,000
Rehab Estimate
$5,750
Closing Costs
$19,200

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$4,723

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $320,000
Loan Amount $960,000
See What Happens When You Reinvest Cash Flow

-0.08

YEARS SAVED

-$5

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
  • $4,273

    COMP ESTIMATED VALUE
  • $2.52

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$3,1503$4,070
$4,070
RENT COMPS ANALYSIS
  • 255 S 15th St San Jose, CA 1
    • 3 beds 2 baths ∙ 1,699 Sqft ∙ Built 1902 3 beds 2 baths ∙ 1,699 Sqft ∙ Built 1902
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 263 Washington St San Jose, CA 2
    • 3 beds 2 baths ∙ 1,486 Sqft ∙ Built 1918 3 beds 2 baths ∙ 1,486 Sqft ∙ Built 1918
    property image
    LEASED 06/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,150
    • $2.12
    •  
  • 837 Prevost St San Jose, CA 3
    • 4 beds 2 baths ∙ 1,400 Sqft ∙ Built 1900 4 beds 2 baths ∙ 1,400 Sqft ∙ Built 1900
    property image
    LEASED 12/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,070
    • $2.91
    •  
PROPERTY LISTING DETAILS
Nicolette Rodman Kelly
Sereno Group
BESbswy