Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

3221 Erie St San Diego, CA 92117

4 Beds 3 Baths 2,157 sqft Built 1973

$1,057,900

List Price

$4,010

$3.8K - $4.3K

Rent Est.

PROPERTY INFO

November 22, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1973
  • Price/Sqft : $490.45
  • 2 Days on Market
  • MLS # : 200052353
  • Updated Date : 11/21/2020 at 23:22
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,157 sqft
  • Baths : 2 full , 1 half
Listing Agent

Active Realty

Listing Agent's Description

Beautiful 4 bedroom, 2.5 bathroom, 2 story home with stunning hills views on a cul-de-sac street in the community of Bay Park in San Diego! Enjoy drought-friendly landscaping, a double-door entry to the open floor plan, and a wrap-around wooden deck. The main living area offers laminate wood flooring, an inviting fireplace, a wet bar, and sliding doors to the outdoor patio. Kitchen features include light wood cabinetry, a stainless steel refrigerator, breakfast nook, and a dining room. Terraced back yard.

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: Bay Park

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700k750k800kPrice in $233k804k

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

Neighborhood: Bay Park

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q218002000220024002600280030003200Rent in $16273384

* 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
Toler Elementary School Primary Regular 249 10 7
Marston Middle School Middle Regular 739 31 6
Clairemont High School High Regular 1,067 55 6

Toler Elementary School

  • Education Level: Primary
  • # of students: 249
  • # of teachers: 10
7
GreatSchools Rating

Marston Middle School

  • Education Level: Middle
  • # of students: 739
  • # of teachers: 31
6
GreatSchools Rating

Clairemont High School

  • Education Level: High
  • # of students: 1,067
  • # of teachers: 55
6
GreatSchools Rating
 

$952,110$1,163,690$1,057,900

PURCHASE PRICE

$3,609$4,411$4,010

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,010
EXPENSES Loan Payment -$3,903
Property Tax -$1,028
Property Insurance -$81
Property Management Fees -$129
CASH FLOW
-$1,131

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$1,057,900

PROJECTED PRICE

$4,010

PROJECTED RENT

0.38%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.41%
Appreciation Year (1-5) 7.5%
Maintenance Year (1-5) 8.00%
Vacancy 5.56%
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-$10k$0.0$10k$20k$30k

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$286,094

INVESTMENT

$286,094

Down Payment
$264,475
Rehab Estimate
$5,750
Closing Costs
$15,869

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,903

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $264,475
Loan Amount $793,425
See What Happens When You Reinvest Cash Flow

1.67

YEARS SAVED

$12,203

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
  • $4,136

    COMP ESTIMATED VALUE
  • $1.92

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$3,4953$3,8254$3,8955$4,000
$4,000
RENT COMPS ANALYSIS
  • 3221 Erie St San Diego, CA 1
    • 4 beds 3 baths ∙ 2,157 Sqft ∙ Built 1973 4 beds 3 baths ∙ 2,157 Sqft ∙ Built 1973
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 3644 Princeton Ave San Diego, CA 2
    • 3 beds 3 baths ∙ 1,830 Sqft ∙ Built 1993 3 beds 3 baths ∙ 1,830 Sqft ∙ Built 1993
    property image
    LEASED 12/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,495
    • $1.91
    •  
  • 4640 Huron Ave San Diego, CA 3
    • 4 beds 3 baths ∙ 2,062 Sqft ∙ Built 1953 4 beds 3 baths ∙ 2,062 Sqft ∙ Built 1953
    property image
    LEASED 04/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,825
    • $1.85
    •  
  • 3220 Wheat Street San Diego, CA 4
    • 4 beds 3 baths ∙ 2,016 Sqft ∙ Built 1965 4 beds 3 baths ∙ 2,016 Sqft ∙ Built 1965
    property image
    LEASED 05/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,895
    • $1.93
    •  
  • 3772 Vista De La Bahia San Diego, CA 5
    • 3 beds 3 baths ∙ 2,023 Sqft ∙ Built 1968 3 beds 3 baths ∙ 2,023 Sqft ∙ Built 1968
    property image
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,000
    • $1.98
    •  
PROPERTY LISTING DETAILS
Justin Tye
1.619.333.2721
Active Realty
BESbswy