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3212 Meridian Ave San Jose, CA 95124

4 Beds 1 Baths 1,140 sqft Built 1953

$870,000

List Price

$3,200

$3K - $3.5K

Rent Est.

PROPERTY INFO

November 01, 2020 RECENTLY ADDED
FACTS
  • Built In 1953
  • Price/Sqft : $763.16
  • 3 Days on Market
  • MLS # : BE40927745
  • Updated Date : 11/01/2020 at 10:28
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,140 sqft
  • Baths : 1 full
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

Wait no more! This very affordable home has what you are looking for, in a convenient location. 4 bedrooms, 1 baths with 1,140 sqft living space and plenty of space in front yard and back yard for any possible future expansion. Most of the interiors are recently upgraded. Move-in conditions! New and pretty bathroom. Newly installed laminated floors, baseboards, electric outlets and recess lights throughout the house. New garage door with a new access door on the side. New interior and exterior paints. New appliances in the kitchen. Short walking distance to restaurants, drug store, banks and many others. Hurry! It won't last!

SEE MORE

MARKET HIGHLIGHTS

  • San Jose metro has 67.6% labor force participation rate higher than the national rate 62.8% (USMayors.org, 2018)
  • San Jose metro's economy has been worth $282.2 billion in Gross Metro Product (GMP) in 2018 and is projected to grow to $298.6 billion in 2019. GMP measures the productivity of the metro. (USMayors.org, 2018)
  • San Jose metro employment growth has been at 2.2% in 2018 and predicted to grow at 1.9% in 2019 (USMayors.org, 2018)
  • San Jose metro contributes to 9% of California state's economy i.e. Gross State Product (USMayors.org, 2018)
  • Palo Alto, Redwood City, Mountain View and San Mateo together attracted around $11 billion in venture capital funding in 2019 making Silicon Valley still attractive to technology investments (Crunchbase News, 2020)

PRICE & RENT TRENDS

Neighborhood: Willow Glen South - Lincoln Glen

NeighborhoodNIR Market*CityMarket2010Year20002019400k500k600k700k800k900k1000k1100k1200k1300k1400k1500k1600kPrice in $380k1665k

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

Neighborhood: Willow Glen South - Lincoln Glen

NeighborhoodNIR Market*CityMarket2010Year20002019 Q22000220024002600280030003200340036003800400042004400Rent in $18854493

* 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
Schallenberger Elementary School Primary Regular 531 19 6
Willow Glen Middle School Middle Regular 1,259 57 6
Willow Glen High School High Regular 1,660 75 7

Schallenberger Elementary School

  • Education Level: Primary
  • # of students: 531
  • # of teachers: 19
6
GreatSchools Rating

Willow Glen Middle School

  • Education Level: Middle
  • # of students: 1,259
  • # of teachers: 57
6
GreatSchools Rating

Willow Glen High School

  • Education Level: High
  • # of students: 1,660
  • # of teachers: 75
7
GreatSchools Rating
 

$783,000$957,000$870,000

PURCHASE PRICE

$2,880$3,520$3,200

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,200
EXPENSES Loan Payment -$3,210
Property Tax -$971
Property Insurance -$55
Property Management Fees -$129
CASH FLOW
-$1,165

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.

$870,000

PROJECTED PRICE

$3,200

PROJECTED RENT

0.37%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 5.00%
Appreciation Year (1-5) 11.0%
Maintenance Year (1-5) 8.00%
Vacancy 5.40%
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$2.5M$3.0M

PROJECTED ANNUAL CASH FLOW

11530-$20k-$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$2.5M$3.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$236,300

INVESTMENT

$236,300

Down Payment
$217,500
Rehab Estimate
$5,750
Closing Costs
$13,050

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,210

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $217,500
Loan Amount $652,500
See What Happens When You Reinvest Cash Flow

0.42

YEARS SAVED

$1,626

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,200

    LIST RENT
  • $2.81

    LIST RENT PER SQFT
  • $3,201

    COMP ESTIMATED VALUE
  • $2.81

    COMP AVG. RENT PER SQFT
Comps Range
$3,200
1$3,2002$3,3503$3,4004$3,7505$3,950
$3,950
RENT COMPS ANALYSIS
  • 3212 Meridian Ave San Jose, CA 1
    • 4 beds 1 baths ∙ 1,140 Sqft ∙ Built 1953 4 beds 1 baths ∙ 1,140 Sqft ∙ Built 1953
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $2.81
    •  
  • 3119 Lowry Dr San Jose, CA 2
    • 3 beds 2 baths ∙ 1,270 Sqft ∙ Built 1960 3 beds 2 baths ∙ 1,270 Sqft ∙ Built 1960
    property image
    LEASED 07/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,350
    • $2.64
    •  
  • 2302 New Jersey Ave San Jose, CA 3
    • 3 beds 2 baths ∙ 1,210 Sqft ∙ Built 1963 3 beds 2 baths ∙ 1,210 Sqft ∙ Built 1963
    property image
    LEASED 04/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,400
    • $2.81
    •  
  • 1836 Rochelle Dr San Jose, CA 4
    • 3 beds 2 baths ∙ 1,300 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,300 Sqft ∙ Built 1959
    property image
    LEASED 09/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,750
    • $2.88
    •  
  • 1462 Revere Ave San Jose, CA 5
    • 4 beds 2 baths ∙ 1,363 Sqft ∙ Built 1956 4 beds 2 baths ∙ 1,363 Sqft ∙ Built 1956
    property image
    LEASED 09/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,950
    • $2.90
    •  
PROPERTY LISTING DETAILS
Josh Chen
Coldwell Banker Realty
BESbswy