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4894 Garfield St La Mesa, CA 91941

3 Beds 2 Baths 2,022 sqft Built 1946

$785,000

List Price

$3,460

$3.2K - $3.7K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 03, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1946
  • Price/Sqft : $388.23
  • 5 Days on Market
  • MLS # : 210005506
  • Updated Date : 03/06/2021 at 17:06
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,022 sqft
  • Baths : 2 full
Listing Agent

Dwell Well Realty

Listing Agent's Description

La Mesa’s Darling is on the market! Character and charm await in this spacious home. Huge shabby chic kitchen with farmhouse sink, quartz countertops, beadboard trim, vintage range, pecan hardwood floors, walk-in pantry, and new window shutters. Light and bright family room with bay window seat overlooking the award-winning landscape. Large living room with paneled upgraded windows, custom shutters, and cozy fireplace. Dedicated dining room, large interior laundry room, and built-in desk/study area. Master bedroom with walk-in closet, vaulted ceiling, ensuite bath with maple countertops, and clawfoot tub. Welcoming entry with a wrap-around porch, covered back patio, arbor walkway, tree swing, vinyl fence,

SEE MORE

MARKET HIGHLIGHTS

  • 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]
  • 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)

PRICE & RENT TRENDS

Neighborhood: La Mesa

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550kPrice in $210k594k

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

Neighborhood: La Mesa

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q215001600170018001900200021002200230024002500260027002800Rent in $14702885

* 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
La Mesa Middle School Middle Regular 950 34 7
Grossmont High School High Regular 2,394 92 7
Grossmont High School High Unknown NA

La Mesa Middle School

  • Education Level: Middle
  • # of students: 950
  • # of teachers: 34
7
GreatSchools Rating

Grossmont High School

  • Education Level: High
  • # of students: 2,394
  • # of teachers: 92
7
GreatSchools Rating

Grossmont High School

  • Education Level: High
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$706,500$863,500$785,000

PURCHASE PRICE

$3,114$3,806$3,460

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,460
EXPENSES Loan Payment -$2,727
Property Tax -$809
Property Insurance -$78
Property Management Fees -$129
CASH FLOW
-$282

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.

$785,000

PROJECTED PRICE

$3,460

PROJECTED RENT

0.44%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.42%
Appreciation Year (1-5) 6.9%
Maintenance Year (1-5) 8.00%
Vacancy 4.80%
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

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k$20k$25k$30k$35k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$213,775

INVESTMENT

$213,775

Down Payment
$196,250
Rehab Estimate
$5,750
Closing Costs
$11,775

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$2,727

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $196,250
Loan Amount $588,750
See What Happens When You Reinvest Cash Flow

5.25

YEARS SAVED

$43,220

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
  • $3,751

    COMP ESTIMATED VALUE
  • $1.86

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$3,5003$3,895
$3,895
RENT COMPS ANALYSIS
  • 4894 Garfield St La Mesa, CA 1
    • 3 beds 2 baths ∙ 2,022 Sqft ∙ Built 1946 3 beds 2 baths ∙ 2,022 Sqft ∙ Built 1946
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 9324 Carmichael Dr La Mesa, CA 2
    • 3 beds 3 baths ∙ 2,300 Sqft ∙ Built 1957 3 beds 3 baths ∙ 2,300 Sqft ∙ Built 1957
    LEASED 11/18/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $1.52
    •  
  • 6122 Nagel St La Mesa, CA 3
    • 4 beds 2 baths ∙ 1,776 Sqft ∙ Built 1953 4 beds 2 baths ∙ 1,776 Sqft ∙ Built 1953
    LEASED 08/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,895
    • $2.19
    •  
PROPERTY LISTING DETAILS
Alisa Edwards
1.619.309.9644
Dwell Well Realty
1.866.250.5610
San Diego MLS ( SDMLS)
MLS #: 210005506
Last Updated: 03/06/2021
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