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548 Terra Lane El Cajon, CA 92019

4 Beds 2 Baths 1,991 sqft Built 1959

$639,900

List Price

$3,200

$3K - $3.5K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1959
  • Price/Sqft : $321.40
  • 13 Days on Market
  • MLS # : 200054449
  • Updated Date : 01/02/2021 at 14:59
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,991 sqft
  • Baths : 2 full
Listing Agent

Turner Real Estate

Listing Agent's Description

Large single story with granite counters, travertine flooring and stainless appliances. Both bathrooms have been remodeled and dual pane windows upgraded. Fireplace in the living room. The family room fireplace is only for decoration and is not vented. Central air with ceiling fans in all 4 bedrooms. Great neighborhood and close to schools.

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: Granite Hills

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700kPrice in $222k746k

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

Neighborhood: Granite Hills

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q216001800200022002400260028003000320034003600Rent in $15343601

* 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
Madison Avenue Elementary School Primary Regular 488 20 4
Montgomery Middle School Middle Magnet 815 32 4
Granite Hills High School High Regular 2,478 97 6

Madison Avenue Elementary School

  • Education Level: Primary
  • # of students: 488
  • # of teachers: 20
4
GreatSchools Rating

Montgomery Middle School

  • Education Level: Middle
  • # of students: 815
  • # of teachers: 32
4
GreatSchools Rating

Granite Hills High School

  • Education Level: High
  • # of students: 2,478
  • # of teachers: 97
6
GreatSchools Rating
 

$575,910$703,890$639,900

PURCHASE PRICE

$2,880$3,520$3,200

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,200
EXPENSES Loan Payment -$2,361
Property Tax -$647
Property Insurance -$77
Property Management Fees -$129
CASH FLOW
-$14

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.

$639,900

PROJECTED PRICE

$3,200

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.41%
Appreciation Year (1-5) 6.8%
Maintenance Year (1-5) 8.00%
Vacancy 5.56%
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

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$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$175,324

INVESTMENT

$175,324

Down Payment
$159,975
Rehab Estimate
$5,750
Closing Costs
$9,599

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,361

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $159,975
Loan Amount $479,925
See What Happens When You Reinvest Cash Flow

7.25

YEARS SAVED

$66,314

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
  • $3,564

    COMP ESTIMATED VALUE
  • $1.79

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$3,500
$3,500
RENT COMPS ANALYSIS
  • 548 Terra Lane El Cajon, CA 1
    • 4 beds 2 baths ∙ 1,991 Sqft ∙ Built 1959 4 beds 2 baths ∙ 1,991 Sqft ∙ Built 1959
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 1524 Merritt Drive El Cajon, CA 2
    • 3 beds 2 baths ∙ 1,957 Sqft ∙ Built 1951 3 beds 2 baths ∙ 1,957 Sqft ∙ Built 1951
    property image
    LEASED 12/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $1.79
    •  
PROPERTY LISTING DETAILS
David Turner
1.760.390.0768
Turner Real Estate
BESbswy