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6424 Montego Ct San Jose, CA 95120

4 Beds 3 Baths 2,219 sqft Built 1971

$1,425,000

List Price

$4,110

$3.9K - $4.4K

Rent Est.

PROPERTY INFO

November 07, 2020 RECENTLY ADDED
FACTS
  • Built In 1971
  • Price/Sqft : $642.18
  • 3 Days on Market
  • MLS # : ML81819255
  • Updated Date : 11/06/2020 at 15:15
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,219 sqft
  • Baths : 2 full , 1 half
Listing Agent

Intero Real Estate Services

Listing Agent's Description

Dont Miss Your Opportunity On This Spacious Almaden Valley Home. Great location, Almaden Valley Schools. This Home has 4 bedrooms, 2.5 baths, 2219 Sq Ft. The home will need some TLC. Master Bathroom is a clean slate, thus you can design it and make it your own. Bring your ideas for totally reinventing the kitchen into your own Gourmet Kitchen. This home is being sold as-is with no repairs. Home features: Dual Pane Windows, Skylight, Central A/C, Formal Dining Room, Separate Living Room as well as private Family Room. Plenty of room for those that are working from home or family with special needs for distance learning. Enjoy your private serene backyard backing up to open space. Design your own outside deck for entertaining family and friends. This could definitely be a spectacular home on a great lot.

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MARKET HIGHLIGHTS

  • 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)
  • San Jose metro has 67.6% labor force participation rate higher than the national rate 62.8% (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: Montego

NeighborhoodNIR Market*CityMarket2010Year20002019400k500k600k700k800k900k1000k1100k1200k1300k1400k1500k1600kPrice in $380k1670k

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

Neighborhood: Montego

NeighborhoodNIR Market*CityMarket2010Year20002019 Q220002200240026002800300032003400360038004000420044004600Rent in $19074726

* 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
Simonds Elementary School Primary Regular 745 25 9
Castillero Middle School Middle Regular 1,222 54 6
Pioneer High School High Regular 1,570 67 9

Simonds Elementary School

  • Education Level: Primary
  • # of students: 745
  • # of teachers: 25
9
GreatSchools Rating

Castillero Middle School

  • Education Level: Middle
  • # of students: 1,222
  • # of teachers: 54
6
GreatSchools Rating

Pioneer High School

  • Education Level: High
  • # of students: 1,570
  • # of teachers: 67
9
GreatSchools Rating
 

$1,282,500$1,567,500$1,425,000

PURCHASE PRICE

$3,699$4,521$4,110

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,110
EXPENSES Loan Payment -$5,258
Property Tax -$1,591
Property Insurance -$81
HOA -$345
Property Management Fees -$160
CASH FLOW
-$3,325

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.

$1,425,000

PROJECTED PRICE

$4,110

PROJECTED RENT

0.29%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 5.00%
Appreciation Year (1-5) 9.2%
Maintenance Year (1-5) 8.00%
Vacancy 5.40%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$1.0M$2.0M$3.0M$4.0M

PROJECTED ANNUAL CASH FLOW

11530-$50k-$40k-$30k-$20k-$10k$0.0

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$1.0M$2.0M$3.0M$4.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$383,375

INVESTMENT

$383,375

Down Payment
$356,250
Rehab Estimate
$5,750
Closing Costs
$21,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 100% down payment or higher enables the proceeds from the asset to cover all costs.

$5,258

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $356,250
Loan Amount $1,068,750
See What Happens When You Reinvest Cash Flow

-0.17

YEARS SAVED

-$164

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $4,110

    LIST RENT
  • $1.85

    LIST RENT PER SQFT
  • COMP ESTIMATED VALUE
  • COMP AVG. RENT PER SQFT
Comps Range
$4,110
1$4,110
$4,110
RENT COMPS ANALYSIS
  • 6424 Montego Ct San Jose, CA
    • 4 beds 3 baths ∙ 2,219 Sqft ∙ Built 1971 4 beds 3 baths ∙ 2,219 Sqft ∙ Built 1971
    • Rent
    • Rent Per SQFT
    •  
    • $4,110
    • $1.85
    •  
PROPERTY LISTING DETAILS
Mehernaz Farsi
Intero Real Estate Services
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