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

3623 Morrie Dr San Jose, CA 95127

5 Beds 3 Baths 2,502 sqft Built 1979

INVESTimate

$1,350,000

List Price

$4,270

$4,020 - $4,520

Rent Est.

$1,510,110  ( +11.86%)   1 YR EST. FORECAST

PROPERTY INFO

August 19, 2020 RECENTLY ADDED
FACTS
  • Built In 1979
  • Price/Sqft : $539.57
  • 8 Days on Market
  • MLS # : ML81806801
  • Updated Date : 08/19/2020 at 14:35
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,502 sqft
  • Baths : 3 full
Listing Agent

Tuscana Properties

Listing Agent's Description

Unique and spacious 5 bedroom family home with large solar heated pool and jacuzzi, tennis court, outdoor BBQ, and a 3-car garage. Recently updated with fresh paint, carpet, and laminate flooring. Bathrooms and kitchen updated with newer cabinets, countertops and showers. Located in the foothills with lots of nature and trees surrounding the home on a large lot with views of the mountains.

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: Clayton North

NeighborhoodNIR Market*CityMarket2010Year20002019400k500k600k700k800k900k1000k1100k1200k1300k1400k1500k1600kPrice in $380k1665k

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

Neighborhood: Clayton North

NeighborhoodNIR Market*CityMarket2010Year20002019 Q22000220024002600280030003200340036003800400042004400Rent in $19074493

* 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
Mt. Pleasant High School High Regular 1,452 67 6

Mt. Pleasant High School

  • Education Level: High
  • # of students: 1,452
  • # of teachers: 67
6
GreatSchools Rating
 

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

PURCHASE PRICE

$3,843$4,697$4,270

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$1.0M$2.0M$3.0M$4.0M$5.0M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$1.0M$2.0M$3.0M$4.0M$5.0M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,270
EXPENSES Loan Payment -$4,981
Property Tax -$1,635
Property Insurance -$87
Property Management Fees -$167
CASH FLOW
-$2,600

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.

$1,350,000

PROJECTED PRICE

$4,270

PROJECTED RENT

0.32%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 5.00%
Appreciation Year (1-5) 11.86%
Maintenance Year (1-5) 8.00%
Vacancy 5.40%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$363,500

INVESTMENT

$363,500

Down Payment
$337,500
Rehab Estimate
$5,750
Closing Costs
$20,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 80% 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

-$5

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $4,270

    LIST RENT
  • $1.71

    LIST RENT PER SQFT
  • $4,353

    COMP ESTIMATED VALUE
  • $1.74

    COMP AVG. RENT PER SQFT
Comps Range
$3,995
1$3,9952$4,270
$4,270
RENT COMPS ANALYSIS
  • 3623 Morrie Dr San Jose, 2
    • 5 beds 3 baths ∙ 2,502 Sqft ∙ Built 1979 5 beds 3 baths ∙ 2,502 Sqft ∙ Built 1979
    • Rent
    • Rent Per SQFT
    •  
    • $4,270
    • $1.71
    •  
  • 2658 Primera Ct San Jose, 1
    • 4 beds 3 baths ∙ 2,300 Sqft ∙ Built 1969 4 beds 3 baths ∙ 2,300 Sqft ∙ Built 1969
    LEASED 02/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,995
    • $1.74
    •  
PROPERTY LISTING DETAILS
The Jamison Team
Tuscana Properties
BESbswy