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359 Manila Dr San Jose, CA 95119

4 Beds 3 Baths 1,782 sqft Built 1968

$1,169,000

List Price

$3,580

$3.3K - $3.8K

Rent Est.

PROPERTY INFO

November 21, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1968
  • Price/Sqft : $656.00
  • 3 Days on Market
  • MLS # : ML81821068
  • Updated Date : 11/21/2020 at 19:55
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,782 sqft
  • Baths : 3 full
Listing Agent

Intero Real Estate Services

Listing Agent's Description

Wonderful 4 bedroom home, in the Rancho Santa Teresa neighborhood, nestled along the Santa Teresa foothills directly across the street from Bernal Historic Park. Perfect location for hiking, walking & biking. This lovely home offers single story living with the master suite, two additional bedrooms, plus an additional full bath, located on the main floor. There is a fourth bedroom/bonus room and full bath upstairs, which open to a covered roof top lanai with beautiful foothill views. Eat in kitchen with rolling island opens to a spacious deck for al-fresco dining under the pergola. The cozy family room with wood burning fireplace and hardwood floors is the center of the home. Indoor laundry room and spacious garage with extra shelving, provides lots of storage. The large backyard is filled with native plants and a bubbling fountain. Close to schools, shopping, the Albertson Parkway trail, and Santa Teresa County Park Historic Area. Easy access to Hwy 85/101 and nearby shopping.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • San Jose metro has 67.6% labor force participation rate higher than the national rate 62.8% (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: Rancho Santa Teresa

NeighborhoodNIR Market*CityMarket2010Year20002019400k500k600k700k800k900k1000k1100k1200kPrice in $373k1220k

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

Neighborhood: Rancho Santa Teresa

NeighborhoodNIR Market*CityMarket2010Year20002019 Q218002000220024002600280030003200340036003800Rent in $17853804

* 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
Santa Teresa Elementary School Primary Regular 646 24 7
Bernal Intermediate School Middle Regular 807 36 7
Santa Teresa High School High Magnet 2,306 89 9

Santa Teresa Elementary School

  • Education Level: Primary
  • # of students: 646
  • # of teachers: 24
7
GreatSchools Rating

Bernal Intermediate School

  • Education Level: Middle
  • # of students: 807
  • # of teachers: 36
7
GreatSchools Rating

Santa Teresa High School

  • Education Level: High
  • # of students: 2,306
  • # of teachers: 89
9
GreatSchools Rating
 

$1,052,100$1,285,900$1,169,000

PURCHASE PRICE

$3,222$3,938$3,580

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,580
EXPENSES Loan Payment -$4,313
Property Tax -$1,411
Property Insurance -$70
Property Management Fees -$140
CASH FLOW
-$2,354

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.

$1,169,000

PROJECTED PRICE

$3,580

PROJECTED RENT

0.31%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 5.00%
Appreciation Year (1-5) 10.2%
Maintenance Year (1-5) 8.00%
Vacancy 5.19%
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$3.5M$4.0M

PROJECTED ANNUAL CASH FLOW

11530-$40k-$35k-$30k-$25k-$20k-$15k-$10k-$5.0k$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$315,535

INVESTMENT

$315,535

Down Payment
$292,250
Rehab Estimate
$5,750
Closing Costs
$17,535

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 80% down payment or higher enables the proceeds from the asset to cover all costs.

$4,313

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $292,250
Loan Amount $876,750
See What Happens When You Reinvest Cash Flow

-0.08

YEARS SAVED

-$25

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,580

    LIST RENT
  • $2.01

    LIST RENT PER SQFT
  • $3,876

    COMP ESTIMATED VALUE
  • $2.18

    COMP AVG. RENT PER SQFT
Comps Range
$3,250
1$3,2502$3,5803$3,6004$3,8805$4,000
$4,000
RENT COMPS ANALYSIS
  • 359 Manila Dr San Jose, CA 2
    • 4 beds 3 baths ∙ 1,782 Sqft ∙ Built 1968 4 beds 3 baths ∙ 1,782 Sqft ∙ Built 1968
    • Rent
    • Rent Per SQFT
    •  
    • $3,580
    • $2.01
    •  
  • 7320 Phinney Way San Jose, CA 1
    • 3 beds 2 baths ∙ 1,513 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,513 Sqft ∙ Built 1972
    LEASED 10/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,250
    • $2.15
    •  
  • 428 Sautner Dr San Jose, CA 3
    • 4 beds 2 baths ∙ 1,595 Sqft ∙ Built 1968 4 beds 2 baths ∙ 1,595 Sqft ∙ Built 1968
    LEASED 09/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,600
    • $2.26
    •  
  • 6373 Pearlroth Dr San Jose, CA 4
    • 4 beds 2 baths ∙ 1,826 Sqft ∙ Built 1976 4 beds 2 baths ∙ 1,826 Sqft ∙ Built 1976
    LEASED 09/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,880
    • $2.12
    •  
  • 5894 Paddon Cir San Jose, CA 5
    • 4 beds 2 baths ∙ 1,846 Sqft ∙ Built 1972 4 beds 2 baths ∙ 1,846 Sqft ∙ Built 1972
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,000
    • $2.17
    •  
PROPERTY LISTING DETAILS
Roger Malech
Intero Real Estate Services
BESbswy