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428 Joey Ave El Cajon, CA 92020

3 Beds 2 Baths 1,118 sqft Built 1957

$475,000

List Price

$2,290

$2.1K - $2.5K

Rent Est.

PROPERTY INFO

February 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1957
  • Price/Sqft : $424.87
  • 2 Days on Market
  • MLS # : 210003900
  • Updated Date : 02/13/2021 at 17:48
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,118 sqft
  • Baths : 2 full
Listing Agent

Prestera Real Estate

Listing Agent's Description

Classic mid-century pool home waiting for your updates and remodeling! Solid bones, great open floor plan, large backyard with sparkling pool awaits! Needs updating, and cosmetic fixing, garage with work bench, enclosed patio and nice front porch. On the north-side of Joey, sits below the 8, quiet inside. Please see 3-D tour attached, freshly painted and clean, ready for some new owner love! This will go fast, so DO NOT DELAY!! Go today! Agents/brokers pls see confidential remarks 4 COVID safe showings!

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MARKET HIGHLIGHTS

  • 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]
  • 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)

PRICE & RENT TRENDS

Neighborhood: El Cajon

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550kPrice in $170k594k

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

Neighborhood: El Cajon

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q214001600180020002200240026002800Rent in $13462885

* 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
Naranca Elementary School Primary Regular 817 34 2
Cajon Valley Middle School Middle Regular 882 39 3
El Cajon Valley High School High Regular 1,720 80 4

Naranca Elementary School

  • Education Level: Primary
  • # of students: 817
  • # of teachers: 34
2
GreatSchools Rating

Cajon Valley Middle School

  • Education Level: Middle
  • # of students: 882
  • # of teachers: 39
3
GreatSchools Rating

El Cajon Valley High School

  • Education Level: High
  • # of students: 1,720
  • # of teachers: 80
4
GreatSchools Rating
 

$427,500$522,500$475,000

PURCHASE PRICE

$2,061$2,519$2,290

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,290
EXPENSES Loan Payment -$1,650
Property Tax -$482
Property Insurance -$55
Property Management Fees -$129
CASH FLOW
-$27

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 12% of earned rent to cover both maintenance and periods of vacancy.

$475,000

PROJECTED PRICE

$2,290

PROJECTED RENT

0.48%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.15%
Appreciation Year (1-5) 7.0%
Maintenance Year (1-5) 8.00%
Vacancy 4.16%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$131,625

INVESTMENT

$131,625

Down Payment
$118,750
Rehab Estimate
$5,750
Closing Costs
$7,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,650

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $118,750
Loan Amount $356,250
See What Happens When You Reinvest Cash Flow

6.92

YEARS SAVED

$39,559

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $0

    LIST RENT
  • $0

    LIST RENT PER SQFT
  • $2,419

    COMP ESTIMATED VALUE
  • $2.16

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$2,1003$2,3004$2,400
$2,400
RENT COMPS ANALYSIS
  • 428 Joey Ave El Cajon, CA 1
    • 3 beds 2 baths ∙ 1,118 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,118 Sqft ∙ Built 1957
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 701 Hillsview Road El Cajon, CA 2
    • 3 beds 2 baths ∙ 1,000 Sqft ∙ Built 1952 3 beds 2 baths ∙ 1,000 Sqft ∙ Built 1952
    LEASED 02/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $2.10
    •  
  • 1628 Summertime Dr El Cajon, CA 3
    • 3 beds 2 baths ∙ 1,136 Sqft ∙ Built 1974 3 beds 2 baths ∙ 1,136 Sqft ∙ Built 1974
    LEASED 09/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $2.02
    •  
  • 1378 Ivory Ct El Cajon, CA 4
    • 3 beds 2 baths ∙ 1,014 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,014 Sqft ∙ Built 1958
    LEASED 10/28/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $2.37
    •  
PROPERTY LISTING DETAILS
Marc Prestera
1.619.200.6300
Prestera Real Estate
BESbswy