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2833 Paradise Ridge Ct Chula Vista, CA 91915

4 Beds 4 Baths 3,529 sqft Built 2004

$875,000

List Price

$3,930

$3.7K - $4.2K

Rent Est.

PROPERTY INFO

November 11, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2004
  • Price/Sqft : $247.95
  • 5 Days on Market
  • MLS # : 200051353
  • Updated Date : 11/12/2020 at 00:04
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,529 sqft
  • Baths : 3 full , 1 half
Listing Agent

Berkshire Hathaway Homeservice

Listing Agent's Description

Privacy galore at this single story home on over 1/4 acre in the gated community of ColRich at Eastlake Vistas. Open space and mountain views from back yard. Close proximity to Otay Lake reservoir, Mountain Hawk Park & Salt Creek Elementary w access to amenities at 2 community pools/clubhouses. Tropical, gated courtyard with pavers and fountain at entry. Oversized master bedroom with 2nd story retreat, and private patio access off bedroom. Extra long driveway with room for 6 cars!

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 Vistas

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700kPrice in $236k746k

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

Neighborhood: Eastlake Vistas

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q2160018002000220024002600280030003200340036003800Rent in $15523864

* 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
Salt Creek Elementary School Primary Regular 978 40 10
Salt Creek Elementary School Middle Regular 978 40 10
Eastlake High School High Regular 3,079 106 9

Salt Creek Elementary School

  • Education Level: Primary
  • # of students: 978
  • # of teachers: 40
10
GreatSchools Rating

Salt Creek Elementary School

  • Education Level: Middle
  • # of students: 978
  • # of teachers: 40
10
GreatSchools Rating

Eastlake High School

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

$787,500$962,500$875,000

PURCHASE PRICE

$3,537$4,323$3,930

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,930
EXPENSES Loan Payment -$3,228
Property Tax -$1,054
Property Insurance -$116
HOA -$198
Property Management Fees -$129
CASH FLOW
-$795

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.

$875,000

PROJECTED PRICE

$3,930

PROJECTED RENT

0.45%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.41%
Appreciation Year (1-5) 7.8%
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$2.5M

PROJECTED ANNUAL CASH FLOW

11530-$10k$0.0$10k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$237,625

INVESTMENT

$237,625

Down Payment
$218,750
Rehab Estimate
$5,750
Closing Costs
$13,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,228

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $218,750
Loan Amount $656,250
See What Happens When You Reinvest Cash Flow

2.25

YEARS SAVED

$15,813

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
  • $4,376

    COMP ESTIMATED VALUE
  • $1.24

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$4,000
$4,000
RENT COMPS ANALYSIS
  • 2833 Paradise Ridge Ct Chula Vista, CA 1
    • 4 beds 4 baths ∙ 3,529 Sqft ∙ Built 2004 4 beds 4 baths ∙ 3,529 Sqft ∙ Built 2004
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 1378 S Creekside Dr Chula Vista, CA 2
    • 4 beds 5 baths ∙ 3,218 Sqft ∙ Built 2001 4 beds 5 baths ∙ 3,218 Sqft ∙ Built 2001
    LEASED 06/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,000
    • $1.24
    •  
PROPERTY LISTING DETAILS
Kristina Nunez
1.619.847.4971
Berkshire Hathaway Homeservice
BESbswy