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5993 Pilgrim Ave San Jose, CA 95129

3 Beds 2 Baths 1,185 sqft Built 1966

$1,795,000

List Price

$3,670

$3.4K - $3.9K

Rent Est.

PROPERTY INFO

November 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1966
  • Price/Sqft : $1,514.77
  • 4 Days on Market
  • MLS # : ML81820017
  • Updated Date : 11/12/2020 at 11:35
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,185 sqft
  • Baths : 2 full
Listing Agent

Berkshire Hathaway Homeservices Drysdale Prop

Listing Agent's Description

Location, Location, Location! Imagine the possibilities... remodel, expand, the choice is yours. Owned by one of the last original owners on the street, it's time to find a new owner to call this home. This single story property is nestled on a quiet & peaceful street in one of West San Jose's most desirable neighborhoods. Walk to top rated Cupertino Union Schools- Muir Elementary and Miller Middle as well as coveted Lynbrook High School. Some hardwood flooring, updated kitchen appliances, Central A/C, washer/dryer/fridge included. Conveniently located near Westgate & El Paseo de Saratoga Shopping Centers, Rainbow Park, 280 and 85 freeways and many major employers. This is an amazing opportunity to create your dream home! Don't let this slip away...

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Rainbow

NeighborhoodNIR Market*CityMarket2010Year20002019400k600k800k1000k1200k1400k1600k1800k2000k2200kPrice in $380k2222k

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

Neighborhood: Rainbow

NeighborhoodNIR Market*CityMarket2010Year20002019 Q22000220024002600280030003200340036003800400042004400Rent in $19074550

* 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
Muir Elementary School Primary Regular 443 17 9
Joaquin Miller Middle School Middle Regular 1,328 58 9
Lynbrook High School High Regular 1,853 77 10

Muir Elementary School

  • Education Level: Primary
  • # of students: 443
  • # of teachers: 17
9
GreatSchools Rating

Joaquin Miller Middle School

  • Education Level: Middle
  • # of students: 1,328
  • # of teachers: 58
9
GreatSchools Rating

Lynbrook High School

  • Education Level: High
  • # of students: 1,853
  • # of teachers: 77
10
GreatSchools Rating
 

$1,615,500$1,974,500$1,795,000

PURCHASE PRICE

$3,303$4,037$3,670

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,670
EXPENSES Loan Payment -$6,623
Property Tax -$2,022
Property Insurance -$56
Property Management Fees -$143
CASH FLOW
-$5,173

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.

$1,795,000

PROJECTED PRICE

$3,670

PROJECTED RENT

0.20%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 5.00%
Appreciation Year (1-5) 13.5%
Maintenance Year (1-5) 8.00%
Vacancy 5.40%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$1.0M$2.0M$3.0M$4.0M$5.0M$6.0M$7.0M

PROJECTED ANNUAL CASH FLOW

11530-$80k-$70k-$60k-$50k-$40k-$30k-$20k-$10k$0.0

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$1.0M$2.0M$3.0M$4.0M$5.0M$6.0M$7.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$481,425

INVESTMENT

$481,425

Down Payment
$448,750
Rehab Estimate
$5,750
Closing Costs
$26,925

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 100% down payment or higher enables the proceeds from the asset to cover all costs.

$6,623

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $448,750
Loan Amount $1,346,250
See What Happens When You Reinvest Cash Flow

-0.33

YEARS SAVED

$5,756

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,670

    LIST RENT
  • $3.1

    LIST RENT PER SQFT
  • $3,727

    COMP ESTIMATED VALUE
  • $3.15

    COMP AVG. RENT PER SQFT
Comps Range
$3,670
1$3,6702$3,8503$4,0004$4,1005$4,500
$4,500
RENT COMPS ANALYSIS
  • 5993 Pilgrim Ave San Jose, CA 1
    • 3 beds 2 baths ∙ 1,185 Sqft ∙ Built 1966 3 beds 2 baths ∙ 1,185 Sqft ∙ Built 1966
    • Rent
    • Rent Per SQFT
    •  
    • $3,670
    • $3.10
    •  
  • 1137 Craig Dr San Jose, CA 2
    • 3 beds 2 baths ∙ 1,193 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,193 Sqft ∙ Built 1959
    LEASED 05/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,850
    • $3.23
    •  
  • 6862 Westmoor Way San Jose, CA 3
    • 3 beds 2 baths ∙ 1,300 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,300 Sqft ∙ Built 1959
    LEASED 06/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,000
    • $3.08
    •  
  • 1426 Brook Glen Dr San Jose, CA 4
    • 3 beds 2 baths ∙ 1,247 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,247 Sqft ∙ Built 1958
    LEASED 10/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,100
    • $3.29
    •  
  • 1165 Johnson Ave San Jose, CA 5
    • 4 beds 3 baths ∙ 1,510 Sqft ∙ Built 1965 4 beds 3 baths ∙ 1,510 Sqft ∙ Built 1965
    LEASED 04/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,500
    • $2.98
    •  
PROPERTY LISTING DETAILS
Tricia Wray
Berkshire Hathaway Homeservices Drysdale Prop
BESbswy