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434 Colfax Dr San Jose, CA 95123

3 Beds 2 Baths 1,195 sqft Built 1965

$870,000

List Price

$3,070

$2.8K - $3.3K

Rent Est.

PROPERTY INFO

November 18, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1965
  • Price/Sqft : $728.03
  • 5 Days on Market
  • MLS # : ML81820727
  • Updated Date : 11/18/2020 at 13:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,195 sqft
  • Baths : 2 full
Listing Agent

Re/max Santa Clara Valley

Listing Agent's Description

Home for the holidays? Picture your family making memories in this move-in ready 3 bedroom, 2 bath home located in a quiet (think working from home) neighborhood, close to shopping and freeways. Large yard and patio perfect for gardening, gathering, and playing kids. Entertaining is a breeze with the family room kitchen flowing to the rear yard. Upgrades include: new carpet, fresh paint throughout, kitchen refreshed, upgraded electrical including car charging in the garage, Pelican water softener/filtration system, and much, much more. Perfect for first time or move up buyers! Do not miss this outstanding opportunity.

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: Miner

NeighborhoodNIR Market*CityMarket2010Year20002019400k500k600k700k800k900k1000k1100k1200kPrice in $373k1220k

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

Neighborhood: Miner

NeighborhoodNIR Market*CityMarket2010Year20002019 Q218002000220024002600280030003200340036003800Rent in $17533804

* 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
Herman Intermediate School And Adventure Primary Regular 822 38 8
Herman Intermediate School And Adventure Middle Regular 822 38 8
Oak Grove High School High Magnet 1,903 78 6

Herman Intermediate School And Adventure

  • Education Level: Primary
  • # of students: 822
  • # of teachers: 38
8
GreatSchools Rating

Herman Intermediate School And Adventure

  • Education Level: Middle
  • # of students: 822
  • # of teachers: 38
8
GreatSchools Rating

Oak Grove High School

  • Education Level: High
  • # of students: 1,903
  • # of teachers: 78
6
GreatSchools Rating
 

$783,000$957,000$870,000

PURCHASE PRICE

$2,763$3,377$3,070

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,070
EXPENSES Loan Payment -$3,210
Property Tax -$1,050
Property Insurance -$56
Property Management Fees -$129
CASH FLOW
-$1,375

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.

$870,000

PROJECTED PRICE

$3,070

PROJECTED RENT

0.35%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 5.00%
Appreciation Year (1-5) 10.0%
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

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$236,300

INVESTMENT

$236,300

Down Payment
$217,500
Rehab Estimate
$5,750
Closing Costs
$13,050

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,210

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $217,500
Loan Amount $652,500
See What Happens When You Reinvest Cash Flow

0.17

YEARS SAVED

$189

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,070

    LIST RENT
  • $2.57

    LIST RENT PER SQFT
  • $3,107

    COMP ESTIMATED VALUE
  • $2.6

    COMP AVG. RENT PER SQFT
Comps Range
$3,070
1$3,0702$3,2953$3,6004$3,6905$3,900
$3,900
RENT COMPS ANALYSIS
  • 434 Colfax Dr San Jose, CA 1
    • 3 beds 2 baths ∙ 1,195 Sqft ∙ Built 1965 3 beds 2 baths ∙ 1,195 Sqft ∙ Built 1965
    • Rent
    • Rent Per SQFT
    •  
    • $3,070
    • $2.57
    •  
  • 5924 Mohawk Dr San Jose, CA 2
    • 3 beds 2 baths ∙ 1,173 Sqft ∙ Built 1967 3 beds 2 baths ∙ 1,173 Sqft ∙ Built 1967
    LEASED 06/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,295
    • $2.81
    •  
  • 6103 Vale Ct San Jose, CA 3
    • 4 beds 2 baths ∙ 1,410 Sqft ∙ Built 1968 4 beds 2 baths ∙ 1,410 Sqft ∙ Built 1968
    LEASED 07/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,600
    • $2.55
    •  
  • 185 Tulip Blossom Ct San Jose, CA 4
    • 3 beds 2 baths ∙ 1,520 Sqft ∙ Built 1976 3 beds 2 baths ∙ 1,520 Sqft ∙ Built 1976
    LEASED 10/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,690
    • $2.43
    •  
  • 6162 Blossom Ave San Jose, CA 5
    • 4 beds 2 baths ∙ 1,495 Sqft ∙ Built 1968 4 beds 2 baths ∙ 1,495 Sqft ∙ Built 1968
    LEASED 09/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,900
    • $2.61
    •  
PROPERTY LISTING DETAILS
Jerry Hill
Re/max Santa Clara Valley
BESbswy