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575 N 16th St San Jose, CA 95112

3 Beds 2 Baths 1,460 sqft Built 1917

$1,098,888

List Price

$3,220

$3K - $3.5K

Rent Est.

PROPERTY INFO

November 26, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1917
  • Price/Sqft : $752.66
  • 5 Days on Market
  • MLS # : ML81819613
  • Updated Date : 11/27/2020 at 10:03
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,460 sqft
  • Baths : 2 full
Listing Agent

Exp Realty Of California Inc.

Listing Agent's Description

This lovely bright east facing home has been masterfully remodeled with the highest quality finishes and an incredible sense of style. Light & bright with high ceilings. Spectacular gourmet kitchen complete with top of the line appliances, beautiful cabinetry. The spacious master bedroom includes generous walk-In closet and ensuite bathroom. Numerous upgrades include smart thermostat/HVAC system, new washer/dryer, second freezer, whole house fan, newer roof, new water heater, solar tube, drip irrigation front and back, motion lighting, smart security cameras, and much more! The large basement provides ample storage and room for hobbies. The lovely outdoor entertaining area includes a garden complete w/ drip irrigation, abundant fruit trees. Potential to add a cottage or ADU. This classic, friendly neighborhood is a commuters dream close to kid-friendly parks, 87, 101, 680, 280 Minutes away from Light Rail and Caltrain. Get your finances ready. This master crafted home won't last long!

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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: East Northside

NeighborhoodNIR Market*CityMarket2010Year20002019400k500k600k700k800k900k1000k1100k1200kPrice in $307k1220k

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

Neighborhood: East Northside

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21400160018002000220024002600280030003200340036003800Rent in $12063804

* 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
Empire Gardens Elementary School Primary Regular 438 17 3
Burnett Middle School Middle Magnet 877 45 3
San Jose High Academy High Magnet 1,034 51 4

Empire Gardens Elementary School

  • Education Level: Primary
  • # of students: 438
  • # of teachers: 17
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
 

$988,999$1,208,777$1,098,888

PURCHASE PRICE

$2,898$3,542$3,220

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,220
EXPENSES Loan Payment -$4,054
Property Tax -$1,228
Property Insurance -$62
Property Management Fees -$129
CASH FLOW
-$2,254

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 12% of earned rent to cover both maintenance and periods of vacancy.

$1,098,888

PROJECTED PRICE

$3,220

PROJECTED RENT

0.29%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.84%
Appreciation Year (1-5) 13.6%
Maintenance Year (1-5) 8.00%
Vacancy 4.28%
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$2.5M$3.0M$3.5M$4.0M$4.5M

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$500k$1.0M$1.5M$2.0M$2.5M$3.0M$3.5M$4.0M$4.5M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$296,955

INVESTMENT

$296,955

Down Payment
$274,722
Rehab Estimate
$5,750
Closing Costs
$16,483

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$4,054

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $274,722
Loan Amount $824,166
See What Happens When You Reinvest Cash Flow

-0.08

YEARS SAVED

-$23

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
  • $3,095

    COMP ESTIMATED VALUE
  • $2.12

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$3,150
$3,150
RENT COMPS ANALYSIS
  • 575 N 16th St San Jose, CA 1
    • 3 beds 2 baths ∙ 1,460 Sqft ∙ Built 1917 3 beds 2 baths ∙ 1,460 Sqft ∙ Built 1917
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 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
    •  
PROPERTY LISTING DETAILS
Sean Cooper
Exp Realty Of California Inc.
BESbswy