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623 Gretchen Rd. Chula Vista, CA 91910

3 Beds 2 Baths 1,726 sqft Built 1951

$729,500

List Price

$2,550

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

December 24, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1951
  • Price/Sqft : $422.65
  • 5 Days on Market
  • MLS # : 200054533
  • Updated Date : 12/26/2020 at 21:12
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,726 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Sd Metro

Listing Agent's Description

You'll love this family neighborhood! 3BR/2BA LARGE MBR and 18x17 Fam. Rm. with large trex deck leading to recently remodeled 15x35 pool with covered patio and BBQ area. Panoramic views of T.J., Coronado Islands & Downtown. Private Rd access to a rear yard large enough to build ADU. Check zoning tho! Hardwood floors in LR and DR. Fresh interior paint & recently carpeted bedrooms. Large 3 car tandem garage with workbench! No Mello Roos Tax. Great property for making family memories!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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]

PRICE & RENT TRENDS

Neighborhood: Hilltop

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550kPrice in $218k594k

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

Neighborhood: Hilltop

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q214001600180020002200240026002800Rent in $13762926

* 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
Hilltop Drive Elementary School Primary Regular 574 24 7
Hilltop Drive Elementary School Middle Regular 574 24 7
Hilltop High School High Magnet 2,174 80 7

Hilltop Drive Elementary School

  • Education Level: Primary
  • # of students: 574
  • # of teachers: 24
7
GreatSchools Rating

Hilltop Drive Elementary School

  • Education Level: Middle
  • # of students: 574
  • # of teachers: 24
7
GreatSchools Rating

Hilltop High School

  • Education Level: High
  • # of students: 2,174
  • # of teachers: 80
7
GreatSchools Rating
 

$656,550$802,450$729,500

PURCHASE PRICE

$2,295$2,805$2,550

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,550
EXPENSES Loan Payment -$2,692
Property Tax -$691
Property Insurance -$71
Property Management Fees -$129
CASH FLOW
-$1,032

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.

$729,500

PROJECTED PRICE

$2,550

PROJECTED RENT

0.35%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.42%
Appreciation Year (1-5) 6.2%
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-$15k-$10k-$5.0k$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$199,068

INVESTMENT

$199,068

Down Payment
$182,375
Rehab Estimate
$5,750
Closing Costs
$10,943

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$2,692

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $182,375
Loan Amount $547,125
See What Happens When You Reinvest Cash Flow

0.58

YEARS SAVED

$1,635

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
  • $2,485

    COMP ESTIMATED VALUE
  • $1.44

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$2,6003$2,700
$2,700
RENT COMPS ANALYSIS
  • 623 Gretchen Rd. Chula Vista, CA 1
    • 3 beds 2 baths ∙ 1,726 Sqft ∙ Built 1951 3 beds 2 baths ∙ 1,726 Sqft ∙ Built 1951
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 77 Flower St Chula Vista, CA 2
    • 3 beds 3 baths ∙ 1,998 Sqft ∙ Built 1960 3 beds 3 baths ∙ 1,998 Sqft ∙ Built 1960
    LEASED 03/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.30
    •  
  • 622 Dennis Ave. Chula Vista, CA 3
    • 3 beds 2 baths ∙ 1,704 Sqft ∙ Built 1960 3 beds 2 baths ∙ 1,704 Sqft ∙ Built 1960
    LEASED 11/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.58
    •  
PROPERTY LISTING DETAILS
Robert Fields
1.619.417.7479
Keller Williams Sd Metro
BESbswy