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388 Calle Cerro Morgan Hill, CA 95037

4 Beds 3 Baths 2,040 sqft Built 1998

$999,000

List Price

$3,780

$3.5K - $4K

Rent Est.

PROPERTY INFO

October 29, 2020 RECENTLY ADDED
FACTS
  • Built In 1998
  • Price/Sqft : $489.71
  • 6 Days on Market
  • MLS # : ML81814658
  • Updated Date : 11/02/2020 at 09:33
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,040 sqft
  • Baths : 3 full
Listing Agent

Redefine Real Estate

Listing Agent's Description

Welcome to Cerro Verde, a highly desirable Morgan Hill neighborhood, located within walking distance to charming downtown Morgan Hill. This bright & airy floor-plan encompasses 4 bedrooms, 2 bathrooms with 2,040 sqft of living space. The new contemporary kitchen includes white shaker cabinetry, stainless steel appliances and quartz countertops. Ground floor bedroom and full bath perfect for guests or in-laws. This home encompasses engineered hardwood flooring, dual paned windows, recessed lighting, brand new bathrooms, modern staircase railing, high ceilings and more. This move-in ready home won't last long!

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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

Zip Code: 95037

ZipNIR Market*CityMarket2010Year20002019400k500k600k700k800k900k1000k1100k1200kPrice in $373k1220k

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

Zip Code: 95037

ZipNIR 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
El Toro Elementary School Primary Regular 475 18 3
Martin Murphy Middle School Middle Regular 479 20 6
Ann Sobrato High School High Regular 1,451 62 8

El Toro Elementary School

  • Education Level: Primary
  • # of students: 475
  • # of teachers: 18
3
GreatSchools Rating

Martin Murphy Middle School

  • Education Level: Middle
  • # of students: 479
  • # of teachers: 20
6
GreatSchools Rating

Ann Sobrato High School

  • Education Level: High
  • # of students: 1,451
  • # of teachers: 62
8
GreatSchools Rating
 

$899,100$1,098,900$999,000

PURCHASE PRICE

$3,402$4,158$3,780

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,780
EXPENSES Loan Payment -$3,686
Property Tax -$1,011
Property Insurance -$76
HOA -$145
Property Management Fees -$147
CASH FLOW
-$1,286

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.

$999,000

PROJECTED PRICE

$3,780

PROJECTED RENT

0.38%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 5.00%
Appreciation Year (1-5) 8.6%
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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$270,485

INVESTMENT

$270,485

Down Payment
$249,750
Rehab Estimate
$5,750
Closing Costs
$14,985

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$3,686

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $249,750
Loan Amount $749,250
See What Happens When You Reinvest Cash Flow

0.58

YEARS SAVED

$2,673

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,780

    LIST RENT
  • $1.85

    LIST RENT PER SQFT
  • $4,049

    COMP ESTIMATED VALUE
  • $1.98

    COMP AVG. RENT PER SQFT
Comps Range
$3,780
1$3,7802$4,0003$4,100
$4,100
RENT COMPS ANALYSIS
  • 388 Calle Cerro Morgan Hill, CA 1
    • 4 beds 3 baths ∙ 2,040 Sqft ∙ Built 1998 4 beds 3 baths ∙ 2,040 Sqft ∙ Built 1998
    • Rent
    • Rent Per SQFT
    •  
    • $3,780
    • $1.85
    •  
  • 17825 Calle Hermosa Morgan Hill, CA 2
    • 4 beds 3 baths ∙ 2,034 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,034 Sqft ∙ Built 2005
    LEASED 09/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,000
    • $1.97
    •  
  • 105 Mathilda Ct Morgan Hill, CA 3
    • 3 beds 3 baths ∙ 2,049 Sqft ∙ Built 1979 3 beds 3 baths ∙ 2,049 Sqft ∙ Built 1979
    LEASED 04/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,100
    • $2.00
    •  
PROPERTY LISTING DETAILS
Christina Khosrowabadi
Redefine Real Estate
BESbswy