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607 Palm Ave South San Francisco, CA 94080

4 Beds 3 Baths 1,380 sqft Built 1948

$998,000

List Price

$3,390

$3.1K - $3.6K

Rent Est.

PROPERTY INFO

October 30, 2020 RECENTLY ADDED
FACTS
  • Built In 1948
  • Price/Sqft : $723.19
  • 5 Days on Market
  • MLS # : ML81818204
  • Updated Date : 10/31/2020 at 10:33
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,380 sqft
  • Baths : 2 full , 1 half
Listing Agent

Penna Realty

Listing Agent's Description

First time on market. Two homes on one lot, conveniently located just minutes to San Francisco and South San Francisco's biotech capital of the world. 607 Palm is a 1,280 sq.ft. 2 BR, 1-1/2 BA home constructed in 1948 with full basement, 2 car tandem garage. 606 Tamarack Lane is a 1,000 sq.ft. 2 BR, 1 BA home with full basement, 2+ car garage. Great for savvy investor. To be sold as is.

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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: Parkway Terrace

NeighborhoodNIR Market*CityMarket2010Year20002019400k500k600k700k800k900k1000k1100k1200k1300kPrice in $392k1383k

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

Neighborhood: Parkway Terrace

NeighborhoodNIR Market*CityMarket2010Year2000 Q32019 Q218002000220024002600280030003200340036003800400042004400Rent in $17464566

* 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
Spruce Elementary School Primary Regular 652 29 3
Parkway Heights Middle School Middle Regular 628 28 4
South San Francisco High School High Regular 1,403 58 6

Spruce Elementary School

  • Education Level: Primary
  • # of students: 652
  • # of teachers: 29
3
GreatSchools Rating

Parkway Heights Middle School

  • Education Level: Middle
  • # of students: 628
  • # of teachers: 28
4
GreatSchools Rating

South San Francisco High School

  • Education Level: High
  • # of students: 1,403
  • # of teachers: 58
6
GreatSchools Rating
 

$898,200$1,097,800$998,000

PURCHASE PRICE

$3,051$3,729$3,390

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,390
EXPENSES Loan Payment -$3,682
Property Tax -$1,006
Property Insurance -$60
Property Management Fees -$132
CASH FLOW
-$1,491

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$998,000

PROJECTED PRICE

$3,390

PROJECTED RENT

0.34%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 5.00%
Appreciation Year (1-5) 11.0%
Maintenance Year (1-5) 8.00%
Vacancy 5.61%
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

PROJECTED ANNUAL CASH FLOW

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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$270,220

INVESTMENT

$270,220

Down Payment
$249,500
Rehab Estimate
$5,750
Closing Costs
$14,970

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 75% down payment or higher enables the proceeds from the asset to cover all costs.

$3,682

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $249,500
Loan Amount $748,500
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$524

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,390

    LIST RENT
  • $2.46

    LIST RENT PER SQFT
  • $4,218

    COMP ESTIMATED VALUE
  • $3.06

    COMP AVG. RENT PER SQFT
Comps Range
$3,390
1$3,3902$3,6003$3,9004$4,200
$4,200
RENT COMPS ANALYSIS
  • 607 Palm Ave South San Francisco, CA 1
    • 4 beds 3 baths ∙ 1,380 Sqft ∙ Built 1948 4 beds 3 baths ∙ 1,380 Sqft ∙ Built 1948
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,390
    • $2.46
    •  
  • 136 Casey Dr South San Francisco, CA 2
    • 3 beds 2 baths ∙ 1,300 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,300 Sqft ∙ Built 1955
    property image
    LEASED 02/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,600
    • $2.77
    •  
  • 210 Northwood Dr South San Francisco, CA 3
    • 3 beds 2 baths ∙ 1,270 Sqft ∙ Built 1947 3 beds 2 baths ∙ 1,270 Sqft ∙ Built 1947
    property image
    LEASED 07/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,900
    • $3.07
    •  
  • 26 School St South San, CA 4
    • 3 beds 2 baths ∙ 1,260 Sqft ∙ Built 1944 3 beds 2 baths ∙ 1,260 Sqft ∙ Built 1944
    property image
    LEASED 10/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,200
    • $3.33
    •  
PROPERTY LISTING DETAILS
John Penna
Penna Realty
BESbswy