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3015 Leigh Ave San Jose, CA 95124

3 Beds 2 Baths 1,260 sqft Built 1955

$985,000

List Price

$3,460

$3.2K - $3.7K

Rent Est.

PROPERTY INFO

November 16, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1955
  • Price/Sqft : $781.75
  • 7 Days on Market
  • MLS # : BE40929438
  • Updated Date : 11/17/2020 at 10:10
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,260 sqft
  • Baths : 2 full
Listing Agent

Compass

Listing Agent's Description

Classic Cambrian Park ranch style home on a spacious corner lot! Casual open living space with a great room feel. Living room features wood burning brick fireplace, custom shelving & firewood holder. Bright skylight in the dining area that opens. Expanded kitchen to include extra cabinets, pantry, gas range & garden window. Master bedroom has access to the backyard, barn door to the bathroom. Large utility room inside the home for added storage needs. Several system upgrades; copper wrapped piping, electrical, main sewer line, furnace & insulated ductwork, double pane windows, radiant barrier in attic, reverse osmosis water filtration system, pre-heat primer pump, added insulation in attic/walls, roof 2013, steel reinforced front door, all new interior paint, recessed lighting, all new carpet & vinyl wood planked floor in kitchen & dining area. Fully fenced yard, privacy gate to driveway. Backyard features patio, large side yard, & many fruit trees! Great Cambrian schools!

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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: Cambrian

NeighborhoodNIR Market*CityMarket2010Year20002019400k500k600k700k800k900k1000k1100k1200k1300k1400k1500k1600kPrice in $380k1665k

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

Neighborhood: Cambrian

NeighborhoodNIR Market*CityMarket2010Year20002019 Q22000220024002600280030003200340036003800400042004400Rent in $19074493

* 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
Sartorette Elementary School Primary Regular 515 21 6
Price Middle School Middle Regular 1,102 43 7
Branham High School High Regular 1,468 62 9

Sartorette Elementary School

  • Education Level: Primary
  • # of students: 515
  • # of teachers: 21
6
GreatSchools Rating

Price Middle School

  • Education Level: Middle
  • # of students: 1,102
  • # of teachers: 43
7
GreatSchools Rating

Branham High School

  • Education Level: High
  • # of students: 1,468
  • # of teachers: 62
9
GreatSchools Rating
 

$886,500$1,083,500$985,000

PURCHASE PRICE

$3,114$3,806$3,460

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,460
EXPENSES Loan Payment -$3,634
Property Tax -$1,130
Property Insurance -$58
Property Management Fees -$135
CASH FLOW
-$1,497

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.

$985,000

PROJECTED PRICE

$3,460

PROJECTED RENT

0.35%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 5.00%
Appreciation Year (1-5) 11.6%
Maintenance Year (1-5) 8.00%
Vacancy 5.40%
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$3.5M

PROJECTED ANNUAL CASH FLOW

11530-$25k-$20k-$15k-$10k-$5.0k$0.0$5.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M$3.0M$3.5M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$266,775

INVESTMENT

$266,775

Down Payment
$246,250
Rehab Estimate
$5,750
Closing Costs
$14,775

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 75% down payment or higher enables the proceeds from the asset to cover all costs.

$3,634

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $246,250
Loan Amount $738,750
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$412

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
  • $3,465

    COMP ESTIMATED VALUE
  • $2.75

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$3,4003$3,5504$3,8005$4,000
$4,000
RENT COMPS ANALYSIS
  • 3015 Leigh Ave San Jose, CA 1
    • 3 beds 2 baths ∙ 1,260 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,260 Sqft ∙ Built 1955
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 2302 New Jersey Ave San Jose, CA 2
    • 3 beds 2 baths ∙ 1,210 Sqft ∙ Built 1963 3 beds 2 baths ∙ 1,210 Sqft ∙ Built 1963
    LEASED 04/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,400
    • $2.81
    •  
  • 1836 Rochelle Dr San Jose, CA 3
    • 3 beds 2 baths ∙ 1,300 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,300 Sqft ∙ Built 1959
    LEASED 11/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,550
    • $2.73
    •  
  • 2154 Casa Mia Dr San Jose, CA 4
    • 3 beds 2 baths ∙ 1,427 Sqft ∙ Built 1956 3 beds 2 baths ∙ 1,427 Sqft ∙ Built 1956
    LEASED 07/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,800
    • $2.66
    •  
  • 1514 San Joaquin Ave San Jose, CA 5
    • 3 beds 3 baths ∙ 1,430 Sqft ∙ Built 1954 3 beds 3 baths ∙ 1,430 Sqft ∙ Built 1954
    LEASED 10/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,000
    • $2.80
    •  
PROPERTY LISTING DETAILS
Jessica Johnson
Compass
BESbswy