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PROPERTY INFO
FACTS
- Built In 1950
- Price/Sqft : $1,935.74
- 7 Days on Market
- MLS # : ML81817504
- Updated Date : 10/30/2020 at 16:00
CONSTRUCTION
- Beds : 3
- Floor Size : 1,027 sqft
- Baths : 1 full
Listing Agent
Deleon Realty
Listing Agent's Description
Set on a spacious corner lot of 8,500 square feet in the desirable Midtown neighborhood, this 3-bedroom, 1-bathroom home offers bright interiors, a great backyard, and a location close to everything Palo Alto has to offer. Contemporary styling and a well-manicured front yard give this home outstanding curb appeal, while inside, new paint, walls of glass, and vaulted ceilings create a fresh, inviting atmosphere. Enjoy the expansive living room, craft delicious meals in the kitchen with stainless-steel appliances, and entertain guests with ease in the backyard with a deck and lush lawn. Just steps to Mitchell Park, this home is also within walking distance of top-ranked schools Fairmeadow Elementary and JLS Middle. Plus, you will be just a short drive to the excitement of California Avenue, The Village at San Antonio Center, and US 101 for Bay Area commuting.
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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: South of Midtown
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: South of Midtown
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $3,970 |
| EXPENSES | Loan Payment | -$7,335 |
| Property Tax | -$2,052 | |
| Property Insurance | -$52 | |
| Property Management Fees | -$155 | |
|
CASH FLOW
-$5,624
|
||
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.
$1,988,000
PROJECTED PRICE
$3,970
PROJECTED RENT
0.20%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 5.00% |
| Appreciation Year (1-5) | 10.6% |
| Maintenance Year (1-5) | 8.00% |
| Vacancy | 5.40% |
| Length of Stay Years | 2 |
PROJECTED ACCUMULATED WEALTH
30 YEAR PROJECTION
- Cash Flow
- Appreciation
- Principal
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
TOTAL CASH OUT OF POCKET
INVESTMENT
$532,570
LOAN DETAILS
$7,335
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 4.25% |
| Down Payment | $497,000 |
| Loan Amount | $1,491,000 |
-0.33
YEARS SAVED
$4,326
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
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$0
LIST RENT -
$0
LIST RENT PER SQFT
-
$3,972
COMP ESTIMATED VALUE -
$3.87
COMP AVG. RENT PER SQFT
Comps Range
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3545 Ramona St Palo Alto, CA 1
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- Rent
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- $0
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3326 Emerson St Palo Alto, CA 2
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LEASED 10/27/20- Rent
- Rent Per SQFT
- $3,800
- $3.70
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3569 Laguna Ave Palo Alto, CA 3
- 3 beds 1 baths ∙ 1,020 Sqft ∙ Built 1950 3 beds 1 baths ∙ 1,020 Sqft ∙ Built 1950
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LEASED 08/31/20- Rent
- Rent Per SQFT
- $4,200
- $4.12
-
2470 Betlo Mountain View, CA 4
- 3 beds 2 baths ∙ 1,216 Sqft ∙ Built 1970 3 beds 2 baths ∙ 1,216 Sqft ∙ Built 1970
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LEASED 07/18/20- Rent
- Rent Per SQFT
- $4,300
- $3.54
-
275 Lassen Ave Mountain View, CA 5
- 3 beds 2 baths ∙ 1,280 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,280 Sqft ∙ Built 1955
![property image]()
LEASED 05/07/19- Rent
- Rent Per SQFT
- $5,267
- $4.11
PROPERTY LISTING DETAILS
Deleon Realty
