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3028 Washington St Lemon Grove, CA 91945

3 Beds 2 Baths 1,136 sqft Built 1994

INVESTimate

$499,000

List Price

$2,240

$2,016 - $2,464

Rent Est.

$534,229  ( +7.06%)   1 YR EST. FORECAST

PROPERTY INFO

August 25, 2020 RECENTLY ADDED
FACTS
  • Built In 1994
  • Price/Sqft : $439.26
  • 2 Days on Market
  • MLS # : 200041089
  • Updated Date : 08/26/2020 at 08:56
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,136 sqft
  • Baths : 2 full
Listing Agent

Keller Williams-carmel Valley

Listing Agent's Description

Seller will entertain offers between $449,000 - $499,000. Perfect investment opportunity or starter home in a quiet neighborhood in Lemon Grove! Hasn't been on the market in over 15 years. Sold "as is" with great potential. Bring your buyers!

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MARKET HIGHLIGHTS

  • 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)
  • 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]

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
 

$449,100$548,900$499,000

PURCHASE PRICE

$2,016$2,464$2,240

RENT

DOWN PAYMENT
FINANCING

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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,240
EXPENSES Loan Payment -$1,841
Property Tax -$584
Property Insurance -$56
Property Management Fees -$129
CASH FLOW
-$370

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.

$499,000

PROJECTED PRICE

$2,240

PROJECTED RENT

0.45%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.15%
Appreciation Year (1-5) 7.06%
Maintenance Year (1-5) 8.00%
Vacancy 4.16%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$137,985

INVESTMENT

$137,985

Down Payment
$124,750
Rehab Estimate
$5,750
Closing Costs
$7,485

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,841

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $124,750
Loan Amount $374,250
See What Happens When You Reinvest Cash Flow

3.42

YEARS SAVED

$16,451

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
  • $2,204

    COMP ESTIMATED VALUE
  • $1.94

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$2,1753$2,488
$2,488
RENT COMPS ANALYSIS
  • 3028 Washington St Lemon Grove, 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
    •  
  • 2630 Central Spring Valley, 2
    • 4 beds 2 baths ∙ 1,200 Sqft ∙ Built 1975 4 beds 2 baths ∙ 1,200 Sqft ∙ Built 1975
    LEASED 03/19/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,175
    • $1.81
    •  
  • 2389 Ravenwood Drive Lemon Grove, 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
    •  
PROPERTY LISTING DETAILS
Angela Pennella
1.619.894.6150
Keller Williams-carmel Valley
BESbswy