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4202 Illinois San Diego, CA 92104

2 Beds 2 Baths 912 sqft Built 1924

INVESTimate

$750,000

List Price

$2,320

$2,088 - $2,552

Rent Est.

$806,175  ( +7.49%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 1924
  • Price/Sqft : $822.37
  • 17 Days on Market
  • MLS # : 200038539
  • Updated Date : 08/18/2020 at 00:03
CONSTRUCTION
  • Beds : 2
  • Floor Size : 912 sqft
  • Baths : 2 full
Listing Agent

Coldwell Banker West

Listing Agent's Description

Don't miss your opportunity to live in heart of the trendy North Park Community. This 1925 bungalow with detached studio guest house in back, paid off solar panels, new windows, appliances, and HVAC is located just 2 blocks to 30th street. Prime investment opportunity live in one and rent the other. Or rent them both. Both units currently have long terms tenants on month-to-month agreements.

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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
Garfield Elementary School Primary Regular 321 13 8
Roosevelt International Middle School Middle Magnet 961 48 4
San Diego High School High Unknown NA

Garfield Elementary School

  • Education Level: Primary
  • # of students: 321
  • # of teachers: 13
8
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
 

$675,000$825,000$750,000

PURCHASE PRICE

$2,088$2,552$2,320

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$500k$1.0M$1.5M$2.0M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,320
EXPENSES Loan Payment -$2,767
Property Tax -$734
Property Insurance -$50
Property Management Fees -$129
CASH FLOW
-$1,360

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.

$750,000

PROJECTED PRICE

$2,320

PROJECTED RENT

0.31%

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) 8.00%
Vacancy 4.80%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$204,500

INVESTMENT

$204,500

Down Payment
$187,500
Rehab Estimate
$5,750
Closing Costs
$11,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,767

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $187,500
Loan Amount $562,500
See What Happens When You Reinvest Cash Flow

0.17

YEARS SAVED

$89

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,320

    LIST RENT
  • $2.54

    LIST RENT PER SQFT
  • $2,289

    COMP ESTIMATED VALUE
  • $2.51

    COMP AVG. RENT PER SQFT
Comps Range
$2,150
1$2,1502$2,2503$2,3204$2,495
$2,495
RENT COMPS ANALYSIS
  • 4202 Illinois San Diego, 3
    • 2 beds 2 baths ∙ 912 Sqft ∙ Built 1924 2 beds 2 baths ∙ 912 Sqft ∙ Built 1924
    • Rent
    • Rent Per SQFT
    •  
    • $2,320
    • $2.54
    •  
  • 3573 31st Street San Diego, 1
    • 2 beds 1 baths ∙ 890 Sqft ∙ Built 1935 2 beds 1 baths ∙ 890 Sqft ∙ Built 1935
    LEASED 03/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $2.42
    •  
  • 3465 Wightman St San Diego, 2
    • 2 beds 1 baths ∙ 872 Sqft ∙ Built 1944 2 beds 1 baths ∙ 872 Sqft ∙ Built 1944
    LEASED 06/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $2.58
    •  
  • 4616 Cherokee Ave San Diego, 4
    • 2 beds 1 baths ∙ 985 Sqft ∙ Built 1939 2 beds 1 baths ∙ 985 Sqft ∙ Built 1939
    LEASED 07/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $2.53
    •  
PROPERTY LISTING DETAILS
Sacha Nash
1.619.757.3838
Coldwell Banker West
BESbswy