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5557 Forbes Avenue San Diego, CA 92120

3 Beds 2 Baths 1,125 sqft Built 1957

$639,000

List Price

$2,670

$2.4K - $2.9K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 1957
  • Price/Sqft : $568.00
  • 15 Days on Market
  • MLS # : 200050165
  • Updated Date : 10/29/2020 at 20:10
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,125 sqft
  • Baths : 2 full
Listing Agent

Big Block Realty, Inc.

Listing Agent's Description

Beautiful home located in the highly sought-after community of Allied Gardens. Home features 3 bedrooms, 2 bathrooms with many upgrades and ample natural light throughout. The spacious backyard includes artificial turf and pavers perfect for entertaining. Located walking distance to shopping, restaurants, parks, and highly rated schools.

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Allied Gardens

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600kPrice in $221k621k

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

Neighborhood: Allied Gardens

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q21600180020002200240026002800Rent in $14572982

* 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
Marvin Elementary School Primary Regular 404 16 10
Lewis Middle School Middle Regular 1,042 41 7
Henry High School High Regular 2,437 97 9

Marvin Elementary School

  • Education Level: Primary
  • # of students: 404
  • # of teachers: 16
10
GreatSchools Rating

Lewis Middle School

  • Education Level: Middle
  • # of students: 1,042
  • # of teachers: 41
7
GreatSchools Rating

Henry High School

  • Education Level: High
  • # of students: 2,437
  • # of teachers: 97
9
GreatSchools Rating
 

$575,100$702,900$639,000

PURCHASE PRICE

$2,403$2,937$2,670

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,670
EXPENSES Loan Payment -$2,358
Property Tax -$621
Property Insurance -$56
Property Management Fees -$129
CASH FLOW
-$493

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.

$639,000

PROJECTED PRICE

$2,670

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.42%
Appreciation Year (1-5) 6.6%
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$25k

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$175,085

INVESTMENT

$175,085

Down Payment
$159,750
Rehab Estimate
$5,750
Closing Costs
$9,585

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$2,358

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $159,750
Loan Amount $479,250
See What Happens When You Reinvest Cash Flow

3.33

YEARS SAVED

$20,783

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,670

    LIST RENT
  • $2.37

    LIST RENT PER SQFT
  • $2,824

    COMP ESTIMATED VALUE
  • $2.51

    COMP AVG. RENT PER SQFT
Comps Range
$2,650
1$2,6502$2,6703$2,865
$2,865
RENT COMPS ANALYSIS
  • 5557 Forbes Avenue San Diego, CA 2
    • 3 beds 2 baths ∙ 1,125 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,125 Sqft ∙ Built 1957
    • Rent
    • Rent Per SQFT
    •  
    • $2,670
    • $2.37
    •  
  • 4830 Elsa Rd San Diego, CA 1
    • 3 beds 2 baths ∙ 1,097 Sqft ∙ Built 1956 3 beds 2 baths ∙ 1,097 Sqft ∙ Built 1956
    LEASED 02/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $2.42
    •  
  • 6464 49th Street San Diego, CA 3
    • 3 beds 1 baths ∙ 1,100 Sqft ∙ Built 1955 3 beds 1 baths ∙ 1,100 Sqft ∙ Built 1955
    LEASED 05/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,865
    • $2.60
    •  
PROPERTY LISTING DETAILS
Kevin Silverstein
1.619.203.7041
Big Block Realty, Inc.
BESbswy