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505 S 16th St San Jose, CA 95112

3 Beds 2 Baths 1,449 sqft Built 1920

$1,150,000

List Price

$3,460

$3.2K - $3.7K

Rent Est.

PROPERTY INFO

December 04, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1920
  • Price/Sqft : $793.65
  • 5 Days on Market
  • MLS # : ML81822006
  • Updated Date : 12/05/2020 at 12:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,449 sqft
  • Baths : 2 full
Listing Agent

Sereno Group

Listing Agent's Description

This beautiful vintage treasure sits on a large lot with lovely views of William Street Park. It is located on a highly desirable street in coveted Naglee Park. There is fresh paint throughout, hardwood floors and double pane windows. The living room and dining room are light and bright with large windows, french doors & soffit ceilings. This home is full of charm and character! The house has a beautiful patio area that wraps around the side and front of the home for your outdoor enjoyment. There is an attached laundry room and a 1/4 basement, as well as an extra room with large windows that could be used as an office or eating area. Off of the main hall are three bedrooms and two full baths, one of which is attached to the master bedroom. There is a detached 2 car garage and a nice storage shed behind it. The location is ideally situated close to SJSU, Downtown SJ and the proposed Google campus. Easy access to HWYS 101, 280, 87 and 680. Truly a lovely home in a lovely neighborhood!

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Naglee Park

NeighborhoodNIR Market*CityMarket2010Year20002019400k500k600k700k800k900k1000k1100k1200kPrice in $373k1220k

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

Neighborhood: Naglee Park

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21400160018002000220024002600280030003200340036003800Rent in $13143804

* 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
Horace Mann Elementary School Primary Magnet 516 19 3
Burnett Middle School Middle Magnet 877 45 3
San Jose High Academy High Magnet 1,034 51 4

Horace Mann Elementary School

  • Education Level: Primary
  • # of students: 516
  • # of teachers: 19
3
GreatSchools Rating

Burnett Middle School

  • Education Level: Middle
  • # of students: 877
  • # of teachers: 45
3
GreatSchools Rating

San Jose High Academy

  • Education Level: High
  • # of students: 1,034
  • # of teachers: 51
4
GreatSchools Rating
 

$1,035,000$1,265,000$1,150,000

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 -$4,243
Property Tax -$1,334
Property Insurance -$62
Property Management Fees -$135
CASH FLOW
-$2,314

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.

$1,150,000

PROJECTED PRICE

$3,460

PROJECTED RENT

0.30%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 5.00%
Appreciation Year (1-5) 12.9%
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$1.0M$2.0M$3.0M$4.0M

PROJECTED ANNUAL CASH FLOW

11530-$40k-$35k-$30k-$25k-$20k-$15k-$10k-$5.0k$0.0

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$1.0M$2.0M$3.0M$4.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$310,500

INVESTMENT

$310,500

Down Payment
$287,500
Rehab Estimate
$5,750
Closing Costs
$17,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 80% down payment or higher enables the proceeds from the asset to cover all costs.

$4,243

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $287,500
Loan Amount $862,500
See What Happens When You Reinvest Cash Flow

-0.08

YEARS SAVED

-$21

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,460

    LIST RENT
  • $2.39

    LIST RENT PER SQFT
  • $3,463

    COMP ESTIMATED VALUE
  • $2.39

    COMP AVG. RENT PER SQFT
Comps Range
$2,800
1$2,8002$3,1503$3,4604$4,070
$4,070
RENT COMPS ANALYSIS
  • 505 S 16th St San Jose, CA 3
    • 3 beds 2 baths ∙ 1,449 Sqft ∙ Built 1920 3 beds 2 baths ∙ 1,449 Sqft ∙ Built 1920
    • Rent
    • Rent Per SQFT
    •  
    • $3,460
    • $2.39
    •  
  • 275 S 22nd St San Jose, CA 1
    • 3 beds 1 baths ∙ 1,310 Sqft ∙ Built 1915 3 beds 1 baths ∙ 1,310 Sqft ∙ Built 1915
    LEASED 06/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $2.14
    •  
  • 263 Washington St San Jose, CA 2
    • 3 beds 2 baths ∙ 1,486 Sqft ∙ Built 1918 3 beds 2 baths ∙ 1,486 Sqft ∙ Built 1918
    LEASED 06/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,150
    • $2.12
    •  
  • 837 Prevost St San Jose, CA 4
    • 4 beds 2 baths ∙ 1,400 Sqft ∙ Built 1900 4 beds 2 baths ∙ 1,400 Sqft ∙ Built 1900
    LEASED 12/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,070
    • $2.91
    •  
PROPERTY LISTING DETAILS
Julie Thomas
Sereno Group
BESbswy