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6234 Varney Dr. San Diego, CA 92114

5 Beds 3 Baths 1,788 sqft Built 1978

$649,900

List Price

$3,070

$2.8K - $3.3K

Rent Est.

PROPERTY INFO

November 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1978
  • Price/Sqft : $363.48
  • 5 Days on Market
  • MLS # : 200051390
  • Updated Date : 11/14/2020 at 19:40
CONSTRUCTION
  • Beds : 5
  • Floor Size : 1,788 sqft
  • Baths : 3 full
Listing Agent

Equity Ca R.e. National City

Listing Agent's Description

WELL MAINTAINED SINGLE STOREY HOME IN PARADISE HILLS WITH RARE 2 MASTER BEDROOMS. REFRESHED PAINT INSIDE WITH HIGH CEILING DESIGN WHICH MAKES THE HOME VERY SPACIOUS. ENJOY THE COVERED PATIO IN THE BACKYARD AND THE ENCLOSED FRONT YARD AREAS. CONVENIENTLY LOCATED TO MILITARY BASES AND CLOSE TO ALL. SAVE ON ELECTRIC BILL WITH THE LEASED SOLAR SYSTEM.

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Southeastern San Diego

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600kPrice in $179k621k

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

Neighborhood: Southeastern San Diego

ZipNIR Market*CityMarket2010Year2000 Q42019 Q214001600180020002200240026002800Rent in $13232982

* 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
Nye Elementary School Primary Regular 525 20 8
Knox Middle School Middle Regular 580 28 2
Lincoln High School High Regular 1,516 72 3

Nye Elementary School

  • Education Level: Primary
  • # of students: 525
  • # of teachers: 20
8
GreatSchools Rating

Knox Middle School

  • Education Level: Middle
  • # of students: 580
  • # of teachers: 28
2
GreatSchools Rating

Lincoln High School

  • Education Level: High
  • # of students: 1,516
  • # of teachers: 72
3
GreatSchools Rating
 

$584,910$714,890$649,900

PURCHASE PRICE

$2,763$3,377$3,070

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,070
EXPENSES Loan Payment -$2,398
Property Tax -$631
Property Insurance -$72
Property Management Fees -$129
CASH FLOW
-$160

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.

$649,900

PROJECTED PRICE

$3,070

PROJECTED RENT

0.47%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.15%
Appreciation Year (1-5) 6.8%
Maintenance Year (1-5) 8.00%
Vacancy 4.16%
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$30k$35k

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$177,974

INVESTMENT

$177,974

Down Payment
$162,475
Rehab Estimate
$5,750
Closing Costs
$9,749

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$2,398

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $162,475
Loan Amount $487,425
See What Happens When You Reinvest Cash Flow

6.08

YEARS SAVED

$52,620

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
  • $3,022

    COMP ESTIMATED VALUE
  • $1.69

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$2,6003$2,790
$2,790
RENT COMPS ANALYSIS
  • 6234 Varney Dr. San Diego, CA 1
    • 5 beds 3 baths ∙ 1,788 Sqft ∙ Built 1978 5 beds 3 baths ∙ 1,788 Sqft ∙ Built 1978
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 2336 Hampstead Way San Diego, CA 2
    • 4 beds 3 baths ∙ 1,771 Sqft ∙ Built 1981 4 beds 3 baths ∙ 1,771 Sqft ∙ Built 1981
    LEASED 02/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.47
    •  
  • 7202 Jacmar Avenue San Diego, CA 3
    • 4 beds 2 baths ∙ 1,461 Sqft ∙ Built 1981 4 beds 2 baths ∙ 1,461 Sqft ∙ Built 1981
    LEASED 07/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,790
    • $1.91
    •  
PROPERTY LISTING DETAILS
Chino Torres
1.619.995.5891
Equity Ca R.e. National City
BESbswy