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623 Rowley Way Ramona, CA 92065

4 Beds 3 Baths 2,294 sqft Built 2000

$669,000

List Price

$2,850

$2.6K - $3.1K

Rent Est.

PROPERTY INFO

January 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2000
  • Price/Sqft : $291.63
  • 7 Days on Market
  • MLS # : 210000777
  • Updated Date : 01/15/2021 at 21:09
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,294 sqft
  • Baths : 2 full , 1 half
Listing Agent

Redfin Corporation

Listing Agent's Description

Move-in ready, 2-story, home at the end of a cul-de-sac and sitting on a half-acre lot features great curb appeal, new exterior paint, a spacious floorplan, new windows, high ceilings, a custom paint scheme, and PAID Solar Panels! This home has a formal living room and dining area, currently being used as an office. The family room features a beautiful stone fireplace and has sliding glass door access to the backyard.

SEE MORE

MARKET HIGHLIGHTS

  • 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]
  • 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)

PRICE & RENT TRENDS

Neighborhood: Ramona

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550kPrice in $210k594k

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

Neighborhood: Ramona

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q214001600180020002200240026002800Rent in $13692885

* 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
Hanson Elementary School Primary Regular 544 20 4
Olive Peirce Middle School Middle Regular 847 33 6
Ramona High School High Regular 1,689 63 7

Hanson Elementary School

  • Education Level: Primary
  • # of students: 544
  • # of teachers: 20
4
GreatSchools Rating

Olive Peirce Middle School

  • Education Level: Middle
  • # of students: 847
  • # of teachers: 33
6
GreatSchools Rating

Ramona High School

  • Education Level: High
  • # of students: 1,689
  • # of teachers: 63
7
GreatSchools Rating
 

$602,100$735,900$669,000

PURCHASE PRICE

$2,565$3,135$2,850

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,850
EXPENSES Loan Payment -$2,324
Property Tax -$679
Property Insurance -$85
Property Management Fees -$129
CASH FLOW
-$367

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.

$669,000

PROJECTED PRICE

$2,850

PROJECTED RENT

0.43%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.42%
Appreciation Year (1-5) 7.5%
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-$5.0k$0.0$5.0k$10k$15k$20k$25k

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$183,035

INVESTMENT

$183,035

Down Payment
$167,250
Rehab Estimate
$5,750
Closing Costs
$10,035

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$2,324

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $167,250
Loan Amount $501,750
See What Happens When You Reinvest Cash Flow

4.17

YEARS SAVED

$26,073

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
  • $2,913

    COMP ESTIMATED VALUE
  • $1.27

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$2,995
$2,995
RENT COMPS ANALYSIS
  • 623 Rowley Way Ramona, CA 1
    • 4 beds 3 baths ∙ 2,294 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,294 Sqft ∙ Built 2000
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 1508 Sara Marie Pl Ramona, CA 2
    • 4 beds 3 baths ∙ 2,354 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,354 Sqft ∙ Built 2007
    LEASED 06/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,995
    • $1.27
    •  
PROPERTY LISTING DETAILS
Kelly Dickerson
1.949.244.6651
Redfin Corporation
BESbswy