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313 Garden Grove Ln El Cajon, CA 92020

3 Beds 2 Baths 1,188 sqft Built 1960

$575,000

List Price

$2,270

$2K - $2.5K

Rent Est.

PROPERTY INFO

December 18, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1960
  • Price/Sqft : $484.01
  • 3 Days on Market
  • MLS # : 200054253
  • Updated Date : 12/19/2020 at 01:28
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,188 sqft
  • Baths : 2 full
Listing Agent

Exp Realty Of California Inc

Listing Agent's Description

Great 1 story home in Fletcher Hills located on a cul-de-sac street. This home features a remodeled kitchen with shaker wood cabinets, granite counters, stained concrete floors and a large fireplace with built-in shelving. Nice master bath with a walk in shower and Newer vanity. 2nd bath has a large tub. Huge lot with several fruit tree's. 2 Large sheds for storage. Close walk to Elementary and Junior High Schools.

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

Zip Code: 92020

ZipNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550kPrice in $187k594k

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

Zip Code: 92020

ZipNIR Market*CityMarket2010Year2000 Q42019 Q214001600180020002200240026002800Rent in $13542885

* 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
Northmont Elementary School Primary Regular 487 18 6
Parkway Middle School Middle Regular 737 26 7
West Hills High School High Regular 1,958 73 8

Northmont Elementary School

  • Education Level: Primary
  • # of students: 487
  • # of teachers: 18
6
GreatSchools Rating

Parkway Middle School

  • Education Level: Middle
  • # of students: 737
  • # of teachers: 26
7
GreatSchools Rating

West Hills High School

  • Education Level: High
  • # of students: 1,958
  • # of teachers: 73
8
GreatSchools Rating
 

$517,500$632,500$575,000

PURCHASE PRICE

$2,043$2,497$2,270

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,270
EXPENSES Loan Payment -$2,122
Property Tax -$551
Property Insurance -$57
Property Management Fees -$129
CASH FLOW
-$588

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.

$575,000

PROJECTED PRICE

$2,270

PROJECTED RENT

0.39%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.15%
Appreciation Year (1-5) 6.0%
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

PROJECTED ANNUAL CASH FLOW

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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$158,125

INVESTMENT

$158,125

Down Payment
$143,750
Rehab Estimate
$5,750
Closing Costs
$8,625

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,122

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $143,750
Loan Amount $431,250
See What Happens When You Reinvest Cash Flow

2.08

YEARS SAVED

$9,125

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
  • $2,162

    COMP ESTIMATED VALUE
  • $1.82

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$2,3503$2,495
$2,495
RENT COMPS ANALYSIS
  • 313 Garden Grove Ln El Cajon, CA 1
    • 3 beds 2 baths ∙ 1,188 Sqft ∙ Built 1960 3 beds 2 baths ∙ 1,188 Sqft ∙ Built 1960
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 5715 Baltimore Dr. ##44 La Mesa, CA 2
    • 3 beds 3 baths ∙ 1,385 Sqft ∙ Built 1979 3 beds 3 baths ∙ 1,385 Sqft ∙ Built 1979
    LEASED 02/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $1.70
    •  
  • 7807 Tommy Dr #54 San Diego, CA 3
    • 3 beds 2 baths ∙ 1,288 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,288 Sqft ∙ Built 1973
    LEASED 05/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $1.94
    •  
PROPERTY LISTING DETAILS
Dan Smith
Exp Realty Of California Inc
BESbswy