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5551 Nokomis St La Mesa, CA 91942

3 Beds 2 Baths 1,409 sqft Built 1974

$625,000

List Price

$2,600

$2.4K - $2.9K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 1974
  • Price/Sqft : $443.58
  • 12 Days on Market
  • MLS # : 200050789
  • Updated Date : 11/07/2020 at 04:07
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,409 sqft
  • Baths : 2 full
Listing Agent

Keller Williams La Jolla

Listing Agent's Description

Perched on a hill in the heart of La Mesa near Mt Helix, this great home boasts a solar system & roof that are less than 5 years old, updated kitchen & an automatic security gate at the base of the driveway. The over 1/3 acre lot is all usable & currently has full RV hookups (water, electric & sewer) for 2 RVs. Utilize it as is, or potentially build a workshop or Granny Flat w the existing utilities. Private backyard w covered patio, dual pane windows & well maintained home round out this one.

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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

Zip Code: 91942

ZipNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550kPrice in $198k594k

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

Zip Code: 91942

ZipNIR Market*CityMarket2010Year2000 Q42019 Q215001600170018001900200021002200230024002500260027002800Rent in $14692885

* 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
Northmont Elementary School Primary Regular 487 18 6
Parkway Middle School Middle Regular 737 26 7
Grossmont High School High Regular 2,394 92 7

Northmont Elementary School

  • Education Level: Primary
  • # of students: 487
  • # of teachers: 18
6
GreatSchools Rating

Parkway Middle School

  • Education Level: Middle
  • # of students: 737
  • # of teachers: 26
7
GreatSchools Rating

Grossmont High School

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

$562,500$687,500$625,000

PURCHASE PRICE

$2,340$2,860$2,600

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,600
EXPENSES Loan Payment -$2,306
Property Tax -$644
Property Insurance -$63
Property Management Fees -$129
CASH FLOW
-$542

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.

$625,000

PROJECTED PRICE

$2,600

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.42%
Appreciation Year (1-5) 7.2%
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

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k$10k$15k$20k

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$171,375

INVESTMENT

$171,375

Down Payment
$156,250
Rehab Estimate
$5,750
Closing Costs
$9,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$2,306

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $156,250
Loan Amount $468,750
See What Happens When You Reinvest Cash Flow

2.75

YEARS SAVED

$15,916

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
  • $2,610

    COMP ESTIMATED VALUE
  • $1.85

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$2,3003$2,4954$2,7505$3,000
$3,000
RENT COMPS ANALYSIS
  • 5551 Nokomis St La Mesa, CA 1
    • 3 beds 2 baths ∙ 1,409 Sqft ∙ Built 1974 3 beds 2 baths ∙ 1,409 Sqft ∙ Built 1974
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 8830 Fabienne Way La Mesa, CA 2
    • 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 1963 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 1963
    LEASED 10/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.92
    •  
  • 6350 Severin Dr. La Mesa, CA 3
    • 3 beds 2 baths ∙ 1,313 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,313 Sqft ∙ Built 1955
    LEASED 05/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $1.90
    •  
  • 8779 Van Horn La Mesa, CA 4
    • 3 beds 3 baths ∙ 1,485 Sqft ∙ Built 1975 3 beds 3 baths ∙ 1,485 Sqft ∙ Built 1975
    LEASED 06/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $1.85
    •  
  • 1159 Benjamin Pl El Cajon, CA 5
    • 4 beds 2 baths ∙ 1,722 Sqft ∙ Built 1967 4 beds 2 baths ∙ 1,722 Sqft ∙ Built 1967
    LEASED 02/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $1.74
    •  
PROPERTY LISTING DETAILS
Chad Trower
1.619.708.5792
Keller Williams La Jolla
BESbswy