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6322 Lake Leven Dr La Mesa, CA 92119

3 Beds 3 Baths 2,058 sqft Built 1969

$832,000

List Price

$3,020

$2.8K - $3.3K

Rent Est.

PROPERTY INFO

November 14, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1969
  • Price/Sqft : $404.28
  • 4 Days on Market
  • MLS # : 200051432
  • Updated Date : 11/14/2020 at 21:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,058 sqft
  • Baths : 3 full
Listing Agent

Q1 Real Estate

Listing Agent's Description

Located In The Desired SAN CARLOS Neighborhood Close To Lake Murray, Cowels Mnt, I-8/125, & 10Mins from DT LA MESA; This Gorgeous Home Has EVERYTHING You Are Looking For w/ Laminate Wood Flooring Throughout & Plush Carpet In The Sun Room! Quaint Gourmet Kitchen w/ Granite Counter Tops, Stainless Steel Appliances, And Plenty Of Cabinet Space. Huge Living & Family Room Area w/ Tiled Gas Fireplace, Wood Beam Vaulted Ceilings, And Skylights w/ Plenty Of Natural Lighting. Large Master Suite w/ Walk-In Closet.

SEE MORE

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: Lake Murray

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700kPrice in $233k746k

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

Neighborhood: Lake Murray

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q2160018002000220024002600280030003200Rent in $15663384

* 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
Benchley Weinberger Elementary School Primary Magnet 559 21 9
Pershing Middle School Middle Regular 701 32 7
Henry High School High Regular 2,437 97 9

Benchley Weinberger Elementary School

  • Education Level: Primary
  • # of students: 559
  • # of teachers: 21
9
GreatSchools Rating

Pershing Middle School

  • Education Level: Middle
  • # of students: 701
  • # of teachers: 32
7
GreatSchools Rating

Henry High School

  • Education Level: High
  • # of students: 2,437
  • # of teachers: 97
9
GreatSchools Rating
 

$748,800$915,200$832,000

PURCHASE PRICE

$2,718$3,322$3,020

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,020
EXPENSES Loan Payment -$3,070
Property Tax -$824
Property Insurance -$79
Property Management Fees -$129
CASH FLOW
-$1,082

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.

$832,000

PROJECTED PRICE

$3,020

PROJECTED RENT

0.36%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.41%
Appreciation Year (1-5) 5.8%
Maintenance Year (1-5) 8.00%
Vacancy 5.56%
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-$20k-$15k-$10k-$5.0k$0.0$5.0k$10k$15k$20k

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$226,230

INVESTMENT

$226,230

Down Payment
$208,000
Rehab Estimate
$5,750
Closing Costs
$12,480

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,070

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $208,000
Loan Amount $624,000
See What Happens When You Reinvest Cash Flow

0.83

YEARS SAVED

$3,260

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,020

    LIST RENT
  • $1.47

    LIST RENT PER SQFT
  • $3,046

    COMP ESTIMATED VALUE
  • $1.48

    COMP AVG. RENT PER SQFT
Comps Range
$3,000
1$3,0002$3,0203$3,2004$3,2005$3,350
$3,350
RENT COMPS ANALYSIS
  • 6322 Lake Leven Dr La Mesa, CA 2
    • 3 beds 3 baths ∙ 2,058 Sqft ∙ Built 1969 3 beds 3 baths ∙ 2,058 Sqft ∙ Built 1969
    • Rent
    • Rent Per SQFT
    •  
    • $3,020
    • $1.47
    •  
  • 7415 Rondel San Carlos, CA 1
    • 3 beds 4 baths ∙ 2,061 Sqft ∙ Built 1981 3 beds 4 baths ∙ 2,061 Sqft ∙ Built 1981
    LEASED 10/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $1.46
    •  
  • 7844 Lake Tahoe Ave San Diego, CA 3
    • 4 beds 2 baths ∙ 1,961 Sqft ∙ Built 1968 4 beds 2 baths ∙ 1,961 Sqft ∙ Built 1968
    LEASED 07/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $1.63
    •  
  • 6259 Oakridge San Diego, CA 4
    • 4 beds 3 baths ∙ 2,271 Sqft ∙ Built 1972 4 beds 3 baths ∙ 2,271 Sqft ∙ Built 1972
    LEASED 09/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $1.41
    •  
  • 6919 Birchcreek Rd San Carlos, CA 5
    • 4 beds 3 baths ∙ 2,359 Sqft ∙ Built 1981 4 beds 3 baths ∙ 2,359 Sqft ∙ Built 1981
    LEASED 02/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,350
    • $1.42
    •  
PROPERTY LISTING DETAILS
Kyle Stamps
1.850.685.0267
Q1 Real Estate
BESbswy