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3528 Texas Street San Diego, CA 92104

3 Beds 3 Baths 2,000 sqft Built 2020

INVESTimate

$1,350,000

List Price

$3,880

$3,630 - $4,130

Rent Est.

$1,451,115  ( +7.49%)   1 YR EST. FORECAST

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
August 24, 2020 RECENTLY ADDED
FACTS
  • Built In 2020
  • Price/Sqft : $675.00
  • 3 Days on Market
  • MLS # : 200040951
  • Updated Date : 08/25/2020 at 09:12
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,000 sqft
  • Baths : 3 full
Listing Agent

Berkshire Hathaway Homeservice

Listing Agent's Description

BRAND NEW CONSTRUCTION 1 BLOCK FROM MORLEY FIELD. THE ENTRYWAY COURTYARD, WILL LEAD YOU INTO A SURPRISING OPEN FLOOR PLAN WITH HIGH CEILINGS AND A COLLECTION OF DOUBLE GLASS DOORS OPENING TO PATIOS AND DECKS. Morley Field was named after John Morley, who served as a park superintendent in Balboa Park from 1911 to 1939. His guidance and inspiration for the cultivation of the park made for many of the beautiful gardens that are in the park today.

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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: 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
Jefferson Elementary School Primary Regular 365 15 7
Roosevelt International Middle School Middle Magnet 961 48 4
San Diego High School High Unknown NA

Jefferson Elementary School

  • Education Level: Primary
  • # of students: 365
  • # of teachers: 15
7
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
 

$1,215,000$1,485,000$1,350,000

PURCHASE PRICE

$3,492$4,268$3,880

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M$3.0M$3.5M$4.0M

PROJECTED ANNUAL CASH FLOW

11530-$40k-$30k-$20k-$10k$0.0

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M$3.0M$3.5M$4.0M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,880
EXPENSES Loan Payment -$4,981
Property Tax -$1,311
Property Insurance -$78
Property Management Fees -$129
CASH FLOW
-$2,619

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 8% of earned rent to cover both maintenance and periods of vacancy.

$1,350,000

PROJECTED PRICE

$3,880

PROJECTED RENT

0.29%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.42%
Appreciation Year (1-5) 7.49%
Maintenance Year (1-5) 3.00%
Vacancy 4.80%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$359,750

INVESTMENT

$359,750

Down Payment
$337,500
Rehab Estimate
$2,000
Closing Costs
$20,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 75% down payment or higher enables the proceeds from the asset to cover all costs.

$4,981

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $337,500
Loan Amount $1,012,500
See What Happens When You Reinvest Cash Flow

0.08

YEARS SAVED

$125

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
  • $4,800

    COMP ESTIMATED VALUE
  • $2.4

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$3,7503$4,995
$4,995
RENT COMPS ANALYSIS
  • 3528 Texas Street San Diego, 1
    • 3 beds 3 baths ∙ 2,000 Sqft ∙ Built 2020 3 beds 3 baths ∙ 2,000 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 1540 Robinson Ave San Diego, 2
    • 3 beds 4 baths ∙ 1,859 Sqft ∙ Built 2008 3 beds 4 baths ∙ 1,859 Sqft ∙ Built 2008
    LEASED 04/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,750
    • $2.02
    •  
  • 162 W Robinson San Diego, 3
    • 3 beds 5 baths ∙ 1,800 Sqft ∙ Built 2016 3 beds 5 baths ∙ 1,800 Sqft ∙ Built 2016
    LEASED 02/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,995
    • $2.78
    •  
PROPERTY LISTING DETAILS
Alex Deluna
1.619.813.7181
Berkshire Hathaway Homeservice
BESbswy