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3028 Washington St Lemon Grove, CA 91945

3 Beds 2 Baths 1,136 sqft Built 1994

$579,990

List Price

$2,260

$2K - $2.5K

Rent Est.

PROPERTY INFO

December 05, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1994
  • Price/Sqft : $510.55
  • 3 Days on Market
  • MLS # : 200053261
  • Updated Date : 12/05/2020 at 01:38
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,136 sqft
  • Baths : 2 full
Listing Agent

Big Block Realty, Inc.

Listing Agent's Description

Beautifully remodeled Lemon Grove 3bd 2 ba home. New roof, new deck, new AC, new fences, remodeled kitchen, bathrooms, new windows and flooring throughout, new interior and exterior paint, all new fixtures. Kitchen boasts of new quartz counter tops, SS appliances and opens to spacious living room and dining room areas Perfect for entertaining or just enjoying time together with the family. Large master bedroom with en suite bathroom. Back yard deck patio area & low maint landscaping. Close to all!

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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: Lemon Grove

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550kPrice in $187k594k

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

Neighborhood: Lemon Grove

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q214001600180020002200240026002800Rent in $12812885

* 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
Lemon Grove Academy For The Sciences And Humanities Primary Regular 1,244 51 6
Lemon Grove Academy For The Sciences And Humanities Middle Regular 1,244 51 6
Mount Miguel High School High Regular 1,483 68 4

Lemon Grove Academy For The Sciences And Humanities

  • Education Level: Primary
  • # of students: 1,244
  • # of teachers: 51
6
GreatSchools Rating

Lemon Grove Academy For The Sciences And Humanities

  • Education Level: Middle
  • # of students: 1,244
  • # of teachers: 51
6
GreatSchools Rating

Mount Miguel High School

  • Education Level: High
  • # of students: 1,483
  • # of teachers: 68
4
GreatSchools Rating
 

$521,991$637,989$579,990

PURCHASE PRICE

$2,034$2,486$2,260

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,260
EXPENSES Loan Payment -$2,140
Property Tax -$679
Property Insurance -$56
Property Management Fees -$129
CASH FLOW
-$744

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 12% of earned rent to cover both maintenance and periods of vacancy.

$579,990

PROJECTED PRICE

$2,260

PROJECTED RENT

0.39%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.15%
Appreciation Year (1-5) 7.1%
Maintenance Year (1-5) 8.00%
Vacancy 4.16%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$159,447

INVESTMENT

$159,447

Down Payment
$144,998
Rehab Estimate
$5,750
Closing Costs
$8,700

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,140

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $144,998
Loan Amount $434,993
See What Happens When You Reinvest Cash Flow

1.08

YEARS SAVED

$2,987

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
  • $2,257

    COMP ESTIMATED VALUE
  • $1.99

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$2,2003$2,4884$2,575
$2,575
RENT COMPS ANALYSIS
  • 3028 Washington St Lemon Grove, CA 1
    • 3 beds 2 baths ∙ 1,136 Sqft ∙ Built 1994 3 beds 2 baths ∙ 1,136 Sqft ∙ Built 1994
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 6333 College Grove Way #11203 San Diego, CA 2
    • 3 beds 2 baths ∙ 1,024 Sqft ∙ Built 1976 3 beds 2 baths ∙ 1,024 Sqft ∙ Built 1976
    LEASED 06/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $2.15
    •  
  • 2389 Ravenwood Drive Lemon Grove, CA 3
    • 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 1987 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 1987
    LEASED 03/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,488
    • $2.07
    •  
  • 3799 Kenwood Ct Spring Valley, CA 4
    • 3 beds 2 baths ∙ 1,481 Sqft ∙ Built 1987 3 beds 2 baths ∙ 1,481 Sqft ∙ Built 1987
    LEASED 06/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,575
    • $1.74
    •  
PROPERTY LISTING DETAILS
Alma Porras
1.619.247.1977
Big Block Realty, Inc.
BESbswy