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3240 Lemon Ln Lemon Grove, CA 91945

3 Beds 2 Baths 1,584 sqft Built 1970

INVESTimate

$535,000

List Price

$2,790

$2,540 - $3,040

Rent Est.

$572,771  ( +7.06%)   1 YR EST. FORECAST

PROPERTY INFO

August 23, 2020 RECENTLY ADDED
FACTS
  • Built In 1970
  • Price/Sqft : $337.75
  • 5 Days on Market
  • MLS # : 200040810
  • Updated Date : 08/23/2020 at 04:06
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,584 sqft
  • Baths : 2 full
Listing Agent

Team Metro

Listing Agent's Description

Professional pics soon. FHA/VA welcome here. Move in ready home on a quiet cul de sac. Large family room with a fireplace. dual pane windows, recessed lighting added in the master bedroom, Air conditioning, attached 2 car garage, alley access with a gate large enough for a trailer. Private back yard with a mature garden ready for your green thumb.

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MARKET HIGHLIGHTS

  • 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)
  • 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]

PRICE & RENT TRENDS

Neighborhood: Lemon Grove

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550kPrice in $187k594k

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

Neighborhood: Lemon Grove

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q214001600180020002200240026002800Rent in $12812885

* 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
Lemon Grove Academy For The Sciences And Humanities Primary Regular 1,244 51 6
Lemon Grove Academy For The Sciences And Humanities Middle Regular 1,244 51 6
Mount Miguel High School High Regular 1,483 68 4

Lemon Grove Academy For The Sciences And Humanities

  • Education Level: Primary
  • # of students: 1,244
  • # of teachers: 51
6
GreatSchools Rating

Lemon Grove Academy For The Sciences And Humanities

  • Education Level: Middle
  • # of students: 1,244
  • # of teachers: 51
6
GreatSchools Rating

Mount Miguel High School

  • Education Level: High
  • # of students: 1,483
  • # of teachers: 68
4
GreatSchools Rating
 

$481,500$588,500$535,000

PURCHASE PRICE

$2,511$3,069$2,790

RENT

DOWN PAYMENT
FINANCING

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$1.8M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k$25k$30k

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,790
EXPENSES Loan Payment -$1,974
Property Tax -$626
Property Insurance -$67
Property Management Fees -$129
CASH FLOW
-$6

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.

$535,000

PROJECTED PRICE

$2,790

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.15%
Appreciation Year (1-5) 7.06%
Maintenance Year (1-5) 8.00%
Vacancy 4.16%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$147,525

INVESTMENT

$147,525

Down Payment
$133,750
Rehab Estimate
$5,750
Closing Costs
$8,025

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,974

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $133,750
Loan Amount $401,250
See What Happens When You Reinvest Cash Flow

7.33

YEARS SAVED

$57,091

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
  • $3,184

    COMP ESTIMATED VALUE
  • $2.01

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$2,7503$3,000
$3,000
RENT COMPS ANALYSIS
  • 3240 Lemon Ln Lemon Grove, 1
    • 3 beds 2 baths ∙ 1,584 Sqft ∙ Built 1970 3 beds 2 baths ∙ 1,584 Sqft ∙ Built 1970
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 7170 Hybeth Drive La Mesa, 2
    • 3 beds 2 baths ∙ 1,252 Sqft ∙ Built 1953 3 beds 2 baths ∙ 1,252 Sqft ∙ Built 1953
    property image
    LEASED 05/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $2.20
    •  
  • 4009 Aragon Dr San Diego, 3
    • 4 beds 2 baths ∙ 1,648 Sqft ∙ Built 1955 4 beds 2 baths ∙ 1,648 Sqft ∙ Built 1955
    property image
    LEASED 03/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $1.82
    •  
PROPERTY LISTING DETAILS
Lee Schwartz
1.619.778.8888
Team Metro
BESbswy