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308 E James Chula Vista, CA 91910

3 Beds 2 Baths 1,374 sqft Built 1962

INVESTimate

$550,000

List Price

$2,330

$2,097 - $2,563

Rent Est.

$583,935  ( +6.17%)   1 YR EST. FORECAST

PROPERTY INFO

August 25, 2020 RECENTLY ADDED
FACTS
  • Built In 1962
  • Price/Sqft : $400.29
  • 3 Days on Market
  • MLS # : 200041027
  • Updated Date : 08/25/2020 at 09:12
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,374 sqft
  • Baths : 2 full
Listing Agent

Coldwell Banker West

Listing Agent's Description

This 3 bedroom 2 bath home is located in the wonderful neighborhood of The Hilltop Estates. Property features newer roof & water heater. Nice size kitchen with plenty of cabinet space! Ample sized dining room. Corner fireplace in living room, ceiling fans in all bedrooms, large closets throughout the house, large backyard patio with covered awning. Close to shopping & freeways without the noise! Just three miles to the J Street Pier and a 21 minute drive to the San Diego Airport! Hurry, won't last!

SEE MORE

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: Hilltop

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550kPrice in $218k594k

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

Neighborhood: Hilltop

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q214001600180020002200240026002800Rent in $13762926

* 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
Halecrest Elementary School Primary Regular 516 22 7
Halecrest Elementary School Middle Regular 516 22 7
Hilltop High School High Magnet 2,174 80 7

Halecrest Elementary School

  • Education Level: Primary
  • # of students: 516
  • # of teachers: 22
7
GreatSchools Rating

Halecrest Elementary School

  • Education Level: Middle
  • # of students: 516
  • # of teachers: 22
7
GreatSchools Rating

Hilltop High School

  • Education Level: High
  • # of students: 2,174
  • # of teachers: 80
7
GreatSchools Rating
 

$495,000$605,000$550,000

PURCHASE PRICE

$2,097$2,563$2,330

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$1.6M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,330
EXPENSES Loan Payment -$2,029
Property Tax -$521
Property Insurance -$62
Property Management Fees -$129
CASH FLOW
-$411

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.

$550,000

PROJECTED PRICE

$2,330

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.42%
Appreciation Year (1-5) 6.17%
Maintenance Year (1-5) 8.00%
Vacancy 4.80%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$151,500

INVESTMENT

$151,500

Down Payment
$137,500
Rehab Estimate
$5,750
Closing Costs
$8,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,029

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $137,500
Loan Amount $412,500
See What Happens When You Reinvest Cash Flow

3.5

YEARS SAVED

$19,098

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $2,330

    LIST RENT
  • $1.7

    LIST RENT PER SQFT
  • $2,446

    COMP ESTIMATED VALUE
  • $1.78

    COMP AVG. RENT PER SQFT
Comps Range
$2,200
1$2,2002$2,2003$2,3304$2,400
$2,400
RENT COMPS ANALYSIS
  • 308 E James Chula Vista, 3
    • 3 beds 2 baths ∙ 1,374 Sqft ∙ Built 1962 3 beds 2 baths ∙ 1,374 Sqft ∙ Built 1962
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,330
    • $1.70
    •  
  • 781 Dennis Ave Chula Vista, 1
    • 3 beds 2 baths ∙ 1,208 Sqft ∙ Built 1956 3 beds 2 baths ∙ 1,208 Sqft ∙ Built 1956
    property image
    LEASED 03/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.82
    •  
  • 575 Fifield Street Chula Vista, 2
    • 3 beds 2 baths ∙ 1,344 Sqft ∙ Built 1965 3 beds 2 baths ∙ 1,344 Sqft ∙ Built 1965
    property image
    LEASED 03/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.64
    •  
  • 600 Sheffield Ct. #26 Chula Vista, 4
    • 3 beds 2 baths ∙ 1,275 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,275 Sqft ∙ Built 1972
    property image
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.88
    •  
PROPERTY LISTING DETAILS
Theresa Codinha
1.619.987.4717
Coldwell Banker West
BESbswy