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3096 Forrester Court San Diego, CA 92123

3 Beds 2 Baths 1,200 sqft Built 1958

$670,000

List Price

$2,730

$2.5K - $3K

Rent Est.

PROPERTY INFO

December 03, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1958
  • Price/Sqft : $558.33
  • 5 Days on Market
  • MLS # : 200052985
  • Updated Date : 12/04/2020 at 20:11
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,200 sqft
  • Baths : 2 full
Listing Agent

Douglas Elliman Of California

Listing Agent's Description

LOCATION! Centrally located in the highly desirable neighborhood of Serra Mesa. Single Story home, sitting on a spacious corner lot with front and back yard space. Large second entertaining room, overlooks the private, fenced in backyard. Laminate Wood Flooring, New Recessed lighting, New Appliances, newly renovated Bathrooms, and large laundry room. Minutes to Freeways, Downtown San Diego, Beaches, Shopping, Restaurants and Schools! **Approximately 2,200 sq ft not permitted. Buyer to verify**

SEE MORE

MARKET HIGHLIGHTS

  • 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]
  • 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)

PRICE & RENT TRENDS

Neighborhood: Serra Mesa

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600kPrice in $222k641k

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

Neighborhood: Serra Mesa

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q21600180020002200240026002800Rent in $14212982

* 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
Cubberley Elementary School Primary Regular 165 7 7
Taft Middle School Middle Regular 489 26 5
Kearney High School High Magnet 322 16 6

Cubberley Elementary School

  • Education Level: Primary
  • # of students: 165
  • # of teachers: 7
7
GreatSchools Rating

Taft Middle School

  • Education Level: Middle
  • # of students: 489
  • # of teachers: 26
5
GreatSchools Rating

Kearney High School

  • Education Level: High
  • # of students: 322
  • # of teachers: 16
6
GreatSchools Rating
 

$603,000$737,000$670,000

PURCHASE PRICE

$2,457$3,003$2,730

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,730
EXPENSES Loan Payment -$2,472
Property Tax -$651
Property Insurance -$57
Property Management Fees -$129
CASH FLOW
-$579

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.

$670,000

PROJECTED PRICE

$2,730

PROJECTED RENT

0.41%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.42%
Appreciation Year (1-5) 7.6%
Maintenance Year (1-5) 8.00%
Vacancy 4.80%
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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$183,300

INVESTMENT

$183,300

Down Payment
$167,500
Rehab Estimate
$5,750
Closing Costs
$10,050

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,472

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $167,500
Loan Amount $502,500
See What Happens When You Reinvest Cash Flow

2.75

YEARS SAVED

$17,281

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,730

    LIST RENT
  • $2.28

    LIST RENT PER SQFT
  • $2,904

    COMP ESTIMATED VALUE
  • $2.42

    COMP AVG. RENT PER SQFT
Comps Range
$2,730
1$2,7302$2,7953$2,9004$3,300
$3,300
RENT COMPS ANALYSIS
  • 3096 Forrester Court San Diego, CA 1
    • 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 1958
    • Rent
    • Rent Per SQFT
    •  
    • $2,730
    • $2.28
    •  
  • 3591 Ruffin #226 San Diego, CA 2
    • 3 beds 2 baths ∙ 1,080 Sqft ∙ Built 1975 3 beds 2 baths ∙ 1,080 Sqft ∙ Built 1975
    LEASED 02/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,795
    • $2.59
    •  
  • 8971 Earhart San Diego, CA 3
    • 4 beds 2 baths ∙ 1,497 Sqft ∙ Built 1958 4 beds 2 baths ∙ 1,497 Sqft ∙ Built 1958
    LEASED 03/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $1.94
    •  
  • 8511 Fensmuir St San Diego, CA 4
    • 3 beds 2 baths ∙ 1,209 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,209 Sqft ∙ Built 1958
    LEASED 12/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $2.73
    •  
PROPERTY LISTING DETAILS
Kimberly Wright
1.858.281.8575
Douglas Elliman Of California
BESbswy