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56 Southmar Ct San Jose, CA 95138

4 Beds 2 Baths 1,355 sqft Built 1982

INVESTimate

$975,000

List Price

$3,210

$2,960 - $3,460

Rent Est.

$1,066,650  ( +9.40%)   1 YR EST. FORECAST

PROPERTY INFO

August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 1982
  • Price/Sqft : $719.56
  • 7 Days on Market
  • MLS # : ML81807060
  • Updated Date : 08/24/2020 at 00:24
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,355 sqft
  • Baths : 2 full
Listing Agent

Premier Realty Associates

Listing Agent's Description

Welcome home to your enclosed "fortress-like" spacious 4 Bd / 2 Bth Santa Teresa home in the charming Silver Leaf neighborhood. This home is airy and bright with vaulted ceilings. It has been freshly painted and nicely updated! It features one of the largest lots in the neighborhood, which provides plenty of safe space for children to roam and play - while the adults entertain! The kitchen includes a breakfast bar, granite countertops and white cabinetry which adds a beautiful touch. The natural stone tiles and recessed lighting create a pleasant atmosphere. Enjoy the privacy of the open-air atrium to sip on coffee or a glass of wine. Energy efficient features: newly installed whole house fan for quick cooling, dual pane windows and plantation shutters throughout. Newly built 12'W x 8'L premium shed! Walking distance to Silver Leaf Park, close to Light Rail, Caltrain, Hwy 85 /101 & Coyote Creek Park. Please see our 3D tour @ https://my.matterport.com/show/?m=YbVTg5xeJmo&mls=1

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Silver Leaf

NeighborhoodNIR Market*CityMarket2010Year20002019400k500k600k700k800k900k1000k1100k1200kPrice in $362k1220k

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

Neighborhood: Silver Leaf

NeighborhoodNIR Market*CityMarket2010Year20002019 Q218002000220024002600280030003200340036003800Rent in $17853804

* 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
Bernal Intermediate School Middle Regular 807 36 7
Oak Grove High School High Magnet 1,903 78 6

Bernal Intermediate School

  • Education Level: Middle
  • # of students: 807
  • # of teachers: 36
7
GreatSchools Rating

Oak Grove High School

  • Education Level: High
  • # of students: 1,903
  • # of teachers: 78
6
GreatSchools Rating
 

$877,500$1,072,500$975,000

PURCHASE PRICE

$2,889$3,531$3,210

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M$3.0M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M$3.0M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,210
EXPENSES Loan Payment -$3,597
Property Tax -$1,181
Property Insurance -$60
Property Management Fees -$129
CASH FLOW
-$1,757

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.

$975,000

PROJECTED PRICE

$3,210

PROJECTED RENT

0.33%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 5.00%
Appreciation Year (1-5) 9.40%
Maintenance Year (1-5) 8.00%
Vacancy 5.19%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$264,125

INVESTMENT

$264,125

Down Payment
$243,750
Rehab Estimate
$5,750
Closing Costs
$14,625

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,597

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $243,750
Loan Amount $731,250
See What Happens When You Reinvest Cash Flow

0

YEARS SAVED

$51

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,210

    LIST RENT
  • $2.37

    LIST RENT PER SQFT
  • $2,930

    COMP ESTIMATED VALUE
  • $2.16

    COMP AVG. RENT PER SQFT
Comps Range
$3,100
1$3,1002$3,2103$3,2504$3,5505$3,650
$3,650
RENT COMPS ANALYSIS
  • 56 Southmar Ct San Jose, 2
    • 4 beds 2 baths ∙ 1,355 Sqft ∙ Built 1982 4 beds 2 baths ∙ 1,355 Sqft ∙ Built 1982
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,210
    • $2.37
    •  
  • 48 Cheltenham Way San Jose, 1
    • 3 beds 2 baths ∙ 1,457 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,457 Sqft ∙ Built 1972
    property image
    LEASED 07/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,100
    • $2.13
    •  
  • 7320 Phinney Way San Jose, 3
    • 3 beds 2 baths ∙ 1,513 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,513 Sqft ∙ Built 1972
    property image
    LEASED 10/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,250
    • $2.15
    •  
  • 436 Knollcrest Ave San Jose, 4
    • 3 beds 3 baths ∙ 1,653 Sqft ∙ Built 1997 3 beds 3 baths ∙ 1,653 Sqft ∙ Built 1997
    property image
    LEASED 02/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,550
    • $2.15
    •  
  • 427 Chelsea Xing San Jose, 5
    • 4 beds 3 baths ∙ 1,643 Sqft ∙ Built 1998 4 beds 3 baths ∙ 1,643 Sqft ∙ Built 1998
    property image
    LEASED 11/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,650
    • $2.22
    •  
PROPERTY LISTING DETAILS
Daniel King
Premier Realty Associates
BESbswy