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3204 Madison Ave San Diego, CA 92116

2 Beds 1 Baths 828 sqft Built 1930

$595,000

List Price

$2,110

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

November 07, 2020 RECENTLY ADDED
FACTS
  • Built In 1930
  • Price/Sqft : $718.60
  • 3 Days on Market
  • MLS # : 200051003
  • Updated Date : 11/06/2020 at 22:38
CONSTRUCTION
  • Beds : 2
  • Floor Size : 828 sqft
  • Baths : 1 full
Listing Agent

Joe Carta Realty

Listing Agent's Description

Vintage Spanish Bungalow in the Heart of Historic Normal Heights, 2 bed 1 bath, 828 square feet, upgraded flooring, decorative fireplace, on suite washer & Dryer, fenced yard for entertaining, ceiling fans, 1 car garage, 50x54 corner lot...A Landmark sign over over Adams Ave at Felton street identifies the district known as Normal Heights, Annual events include the Adams Ave Street fair, Adams Ave Unplugged, Adams Ave Roots Festival, Art Around Adams Ave talented musicians & artists are known to reside.

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MARKET HIGHLIGHTS

  • 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]
  • 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)

PRICE & RENT TRENDS

Neighborhood: Normal Heights

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $141k621k

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

Neighborhood: Normal Heights

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q214001600180020002200240026002800Rent in $12872982

* 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
Adams Elementary School Primary Regular 329 13 4
Wilson Middle School Middle Regular 621 30 3
Hoover High School High Regular 2,019 97 4

Adams Elementary School

  • Education Level: Primary
  • # of students: 329
  • # of teachers: 13
4
GreatSchools Rating

Wilson Middle School

  • Education Level: Middle
  • # of students: 621
  • # of teachers: 30
3
GreatSchools Rating

Hoover High School

  • Education Level: High
  • # of students: 2,019
  • # of teachers: 97
4
GreatSchools Rating
 

$535,500$654,500$595,000

PURCHASE PRICE

$1,899$2,321$2,110

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,110
EXPENSES Loan Payment -$2,195
Property Tax -$578
Property Insurance -$48
Property Management Fees -$129
CASH FLOW
-$840

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.

$595,000

PROJECTED PRICE

$2,110

PROJECTED RENT

0.35%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.42%
Appreciation Year (1-5) 9.4%
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$163,425

INVESTMENT

$163,425

Down Payment
$148,750
Rehab Estimate
$5,750
Closing Costs
$8,925

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,195

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $148,750
Loan Amount $446,250
See What Happens When You Reinvest Cash Flow

0.58

YEARS SAVED

$1,447

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
  • $2,116

    COMP ESTIMATED VALUE
  • $2.55

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$2,2503$2,495
$2,495
RENT COMPS ANALYSIS
  • 3204 Madison Ave San Diego, CA 1
    • 2 beds 1 baths ∙ 828 Sqft ∙ Built 1930 2 beds 1 baths ∙ 828 Sqft ∙ Built 1930
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 3465 Wightman St San Diego, CA 2
    • 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 3
    • 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
Joe Carta
1.619.227.0949
Joe Carta Realty
BESbswy