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3185 Polk Avenue San Diego, CA 92104

2 Beds 1 Baths 660 sqft Built 1925

$629,500

List Price

$2,040

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

January 10, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1925
  • Price/Sqft : $953.79
  • 2 Days on Market
  • MLS # : 210000642
  • Updated Date : 01/09/2021 at 23:14
CONSTRUCTION
  • Beds : 2
  • Floor Size : 660 sqft
  • Baths : 1 full
Listing Agent

Coldwell Banker West

Listing Agent's Description

Stroll through the heart of North Park to find this single-level updated Craftsman cottage boasting with curb appeal and functionality! This move-in ready charmer of a home boasts updated flooring, custom barn door, remodeled bathroom, double-paned windows, stainless-steel appliances, leased solar system, and beyond! Abundant natural light creates for open and bright living spaces throughout. Enjoy the indoor and outdoor dining experience in the private entertainer’s backyard. Off-street parking ...

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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: North Park

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600kPrice in $201k621k

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

Neighborhood: North Park

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q21600180020002200240026002800Rent in $15142982

* 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
Garfield Elementary School Primary Regular 321 13 8
Roosevelt International Middle School Middle Magnet 961 48 4
San Diego High School High Unknown NA

Garfield Elementary School

  • Education Level: Primary
  • # of students: 321
  • # of teachers: 13
8
GreatSchools Rating

Roosevelt International Middle School

  • Education Level: Middle
  • # of students: 961
  • # of teachers: 48
4
GreatSchools Rating

San Diego High School

  • Education Level: High
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$566,550$692,450$629,500

PURCHASE PRICE

$1,836$2,244$2,040

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,040
EXPENSES Loan Payment -$2,186
Property Tax -$612
Property Insurance -$44
Property Management Fees -$129
CASH FLOW
-$931

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.

$629,500

PROJECTED PRICE

$2,040

PROJECTED RENT

0.32%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.42%
Appreciation Year (1-5) 7.5%
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-$15k-$10k-$5.0k$0.0$5.0k$10k

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$172,568

INVESTMENT

$172,568

Down Payment
$157,375
Rehab Estimate
$5,750
Closing Costs
$9,443

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$2,186

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $157,375
Loan Amount $472,125
See What Happens When You Reinvest Cash Flow

0.33

YEARS SAVED

$324

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
  • $1,678

    COMP ESTIMATED VALUE
  • $2.54

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$1,8953$1,9504$2,2505$2,495
$2,495
RENT COMPS ANALYSIS
  • 3185 Polk Avenue San Diego, CA 1
    • 2 beds 1 baths ∙ 660 Sqft ∙ Built 1925 2 beds 1 baths ∙ 660 Sqft ∙ Built 1925
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 4033 Wilson Ave. San Diego, CA 2
    • 2 beds 1 baths ∙ 806 Sqft ∙ Built 1943 2 beds 1 baths ∙ 806 Sqft ∙ Built 1943
    LEASED 09/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $2.35
    •  
  • 4063 Dwight St San Diego, CA 3
    • 2 beds 1 baths ∙ 720 Sqft ∙ Built 1927 2 beds 1 baths ∙ 720 Sqft ∙ Built 1927
    LEASED 02/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $2.71
    •  
  • 3465 Wightman St San Diego, CA 4
    • 2 beds 1 baths ∙ 872 Sqft ∙ Built 1944 2 beds 1 baths ∙ 872 Sqft ∙ Built 1944
    LEASED 06/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $2.58
    •  
  • 4616 Cherokee Ave San Diego, CA 5
    • 2 beds 1 baths ∙ 985 Sqft ∙ Built 1939 2 beds 1 baths ∙ 985 Sqft ∙ Built 1939
    LEASED 07/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $2.53
    •  
PROPERTY LISTING DETAILS
Amy Odorisio
1.619.981.5465
Coldwell Banker West
BESbswy