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646 Prospect St San Carlos, CA 94070

3 Beds 3 Baths 2,310 sqft Built 1989

$1,988,000

List Price

$5,760

$5.5K - $6K

Rent Est.

PROPERTY INFO

November 09, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1989
  • Price/Sqft : $860.61
  • 7 Days on Market
  • MLS # : ML81819607
  • Updated Date : 11/14/2020 at 09:51
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,310 sqft
  • Baths : 2 full , 1 half
Listing Agent

Hometown Realty A Janet Pepe Davis Agency

Listing Agent's Description

Gorgeous Modern Showplace Home in Private and Secluded Creekside Setting near all the amenities of Downtown! Fabulous Retreat in white glove condition with Voluptuous Penthouse Style Suite as the Principal Bedroom, Library/Office or 4th Bedroom, Soaring Ceilings in Living Room with stunning stacked brick stone fireplace wall, Dining with picture windows, Den or Breakfast Room that enjoy the sheltered creekside Patio with Fountain and decorative lighting, Bedroom and vacation right from home!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Howard Park

NeighborhoodNIR Market*CityMarket2010Year20002019500k600k700k800k900k1000k1100k1200k1300k1400k1500k1600k1700k1800kPrice in $450k1852k

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

Neighborhood: Howard Park

NeighborhoodNIR Market*CityMarket2010Year2000 Q32019 Q22000250030003500400045005000Rent in $17255455

* 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
Central Middle School Primary Regular 687 31 10
Central Middle School Middle Regular 687 31 10
Sequoia High School High Regular 2,135 109 6

Central Middle School

  • Education Level: Primary
  • # of students: 687
  • # of teachers: 31
10
GreatSchools Rating

Central Middle School

  • Education Level: Middle
  • # of students: 687
  • # of teachers: 31
10
GreatSchools Rating

Sequoia High School

  • Education Level: High
  • # of students: 2,135
  • # of teachers: 109
6
GreatSchools Rating
 

$1,789,200$2,186,800$1,988,000

PURCHASE PRICE

$5,184$6,336$5,760

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $5,760
EXPENSES Loan Payment -$7,335
Property Tax -$2,143
Property Insurance -$83
HOA -$95
Property Management Fees -$225
CASH FLOW
-$4,120

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.

$1,988,000

PROJECTED PRICE

$5,760

PROJECTED RENT

0.29%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.83%
Appreciation Year (1-5) 11.9%
Maintenance Year (1-5) 8.00%
Vacancy 5.92%
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$5.0M$6.0M$7.0M

PROJECTED ANNUAL CASH FLOW

11530-$70k-$60k-$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$5.0M$6.0M$7.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$532,570

INVESTMENT

$532,570

Down Payment
$497,000
Rehab Estimate
$5,750
Closing Costs
$29,820

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$7,335

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $497,000
Loan Amount $1,491,000
See What Happens When You Reinvest Cash Flow

-0.08

YEARS SAVED

-$85

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
  • $6,283

    COMP ESTIMATED VALUE
  • $2.72

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$5,2003$6,2404$6,800
$6,800
RENT COMPS ANALYSIS
  • 646 Prospect St San Carlos, CA 1
    • 3 beds 3 baths ∙ 2,310 Sqft ∙ Built 1989 3 beds 3 baths ∙ 2,310 Sqft ∙ Built 1989
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 11 Krista Ln San Carlos, CA 2
    • 3 beds 3 baths ∙ 2,230 Sqft ∙ Built 1972 3 beds 3 baths ∙ 2,230 Sqft ∙ Built 1972
    LEASED 12/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $5,200
    • $2.33
    •  
  • 1302 Academy Ave Belmont, CA 3
    • 4 beds 3 baths ∙ 2,120 Sqft ∙ Built 1971 4 beds 3 baths ∙ 2,120 Sqft ∙ Built 1971
    LEASED 09/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $6,240
    • $2.94
    •  
  • 21 Dover Ct San Carlos, CA 4
    • 4 beds 3 baths ∙ 2,350 Sqft ∙ Built 1988 4 beds 3 baths ∙ 2,350 Sqft ∙ Built 1988
    LEASED 05/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $6,800
    • $2.89
    •  
PROPERTY LISTING DETAILS
Janet Davis
Hometown Realty A Janet Pepe Davis Agency
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