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440 Iris St Redwood City, CA 94062

3 Beds 2 Baths 1,210 sqft Built 1951

$1,500,000

List Price

$3,850

$3.6K - $4.1K

Rent Est.

PROPERTY INFO

November 14, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1951
  • Price/Sqft : $1,239.67
  • 2 Days on Market
  • MLS # : ML81820005
  • Updated Date : 11/14/2020 at 12:57
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,210 sqft
  • Baths : 1 full , 1 half
Listing Agent

Intero Real Estate Services

Listing Agent's Description

Opportunity knocks. In the heart of coveted Mount Carmel neighborhood and on a tree lined street, this classic 3 bedroom and 1.5 bath ranch style home has been well loved and in the same family for decades. Hardwood floors are a hidden treasure under the carpet and the expansive backyard offer fabulous opportunities and features well established trees including a citrus tree. The attached 2 car garage has a half bath, laundry area and plenty of storage. The stamped concrete driveway accentuates the fabulous expansive front yard. Here is your opportunity to be in the center of it all including the vibrant downtown RWC area, nearby schools and enjoy all the fabulous attractions that this fine area has to offer.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Redwood City

NeighborhoodNIR Market*CityMarket2010Year20002019400k500k600k700k800k900k1000k1100k1200k1300k1400kPrice in $392k1433k

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

Neighborhood: Redwood City

ZipNIR Market*CityMarket2010Year2000 Q32019 Q220002500300035004000450050005500Rent in $17055971

* 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
John Gill Elementary School Primary Regular 408 16 6
John F. Kennedy Middle School Middle Regular 728 36 5
Sequoia High School High Regular 2,135 109 6

John Gill Elementary School

  • Education Level: Primary
  • # of students: 408
  • # of teachers: 16
6
GreatSchools Rating

John F. Kennedy Middle School

  • Education Level: Middle
  • # of students: 728
  • # of teachers: 36
5
GreatSchools Rating

Sequoia High School

  • Education Level: High
  • # of students: 2,135
  • # of teachers: 109
6
GreatSchools Rating
 

$1,350,000$1,650,000$1,500,000

PURCHASE PRICE

$3,465$4,235$3,850

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,850
EXPENSES Loan Payment -$5,534
Property Tax -$1,375
Property Insurance -$56
Property Management Fees -$150
CASH FLOW
-$3,266

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$1,500,000

PROJECTED PRICE

$3,850

PROJECTED RENT

0.26%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 5.00%
Appreciation Year (1-5) 9.4%
Maintenance Year (1-5) 8.00%
Vacancy 5.61%
Length of Stay Years 2

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-$50k-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$403,250

INVESTMENT

$403,250

Down Payment
$375,000
Rehab Estimate
$5,750
Closing Costs
$22,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 100% down payment or higher enables the proceeds from the asset to cover all costs.

$5,534

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $375,000
Loan Amount $1,125,000
See What Happens When You Reinvest Cash Flow

-0.08

YEARS SAVED

-$76

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
  • $3,860

    COMP ESTIMATED VALUE
  • $3.19

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$3,8003$4,0004$4,2005$4,275
$4,275
RENT COMPS ANALYSIS
  • 440 Iris St Redwood City, CA 1
    • 3 beds 2 baths ∙ 1,210 Sqft ∙ Built 1951 3 beds 2 baths ∙ 1,210 Sqft ∙ Built 1951
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 1808 Harding Ave Redwood City, CA 2
    • 3 beds 2 baths ∙ 1,210 Sqft ∙ Built 1954 3 beds 2 baths ∙ 1,210 Sqft ∙ Built 1954
    property image
    LEASED 11/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,800
    • $3.14
    •  
  • 940 Taft St Redwood City, CA 3
    • 3 beds 1 baths ∙ 1,170 Sqft ∙ Built 1950 3 beds 1 baths ∙ 1,170 Sqft ∙ Built 1950
    property image
    LEASED 05/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,000
    • $3.42
    •  
  • 1124 Grand St Redwood City, CA 4
    • 3 beds 2 baths ∙ 1,350 Sqft ∙ Built 1953 3 beds 2 baths ∙ 1,350 Sqft ∙ Built 1953
    property image
    LEASED 06/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,200
    • $3.11
    •  
  • 1552 Roosevelt Ave Redwood City, CA 5
    • 3 beds 2 baths ∙ 1,385 Sqft ∙ Built 1960 3 beds 2 baths ∙ 1,385 Sqft ∙ Built 1960
    property image
    LEASED 11/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,275
    • $3.09
    •  
PROPERTY LISTING DETAILS
Vicki Ferrando
Intero Real Estate Services
BESbswy