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PROPERTY INFO
FACTS
- Single Family
- Built In 1964
- Price/Sqft : $792.06
- 5 Days on Market
- MLS # : ML81825697
- Updated Date : 01/14/2021 at 22:30
CONSTRUCTION
- Beds : 3
- Floor Size : 1,260 sqft
- Baths : 2 full , 1 half
Listing Agent
Corcoran Global Living
Listing Agent's Description
Located within minutes to the ocean, 656 Forest Lake Dr. offers an excellent setup with 3 bedrooms on one floor and an open floor plan living area on another. Great for entertaining, downstairs you'll find a spacious living room and dining room area which connect to the backyard patio through a sliding glass door. The kitchen overlooks the dining room and features a breakfast bar perfect for enjoying your morning coffee. Highlighting this warm and inviting space are hardwood floors and a brick fireplace. A half bath and dedicated laundry area complete the first floor. Upstairs, the master bedroom features partial ocean views and an ensuite bathroom, while a full bathroom with bathtub serves the other two rooms. Outside, a large backyard creates the perfect space for barbecuing, gardening, playing, and relaxing. Located close to shops, restaurants, beaches, and freeways, this home is the ideal Pacifica home.
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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: Westview-Pacific Highlands
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Westview-Pacific Highlands
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $3,950 |
| EXPENSES | Loan Payment | -$3,466 |
| Property Tax | -$1,101 | |
| Property Insurance | -$58 | |
| HOA | -$30 | |
| Property Management Fees | -$154 | |
|
CASH FLOW
-$859
|
||
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.
$998,000
PROJECTED PRICE
$3,950
PROJECTED RENT
0.40%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 5.00% |
| Appreciation Year (1-5) | 13.9% |
| Maintenance Year (1-5) | 8.00% |
| Vacancy | 5.61% |
| Length of Stay Years | 2 |
PROJECTED ACCUMULATED WEALTH
30 YEAR PROJECTION
- Cash Flow
- Appreciation
- Principal
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
TOTAL CASH OUT OF POCKET
INVESTMENT
$270,220
LOAN DETAILS
$3,466
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 3.75% |
| Down Payment | $249,500 |
| Loan Amount | $748,500 |
1.67
YEARS SAVED
$11,355
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$3,950
LIST RENT -
$3.13
LIST RENT PER SQFT
-
$3,922
COMP ESTIMATED VALUE -
$3.11
COMP AVG. RENT PER SQFT
Comps Range
-
656 Forest Lake Dr Pacifica, CA 5
- 3 beds 3 baths ∙ 1,260 Sqft ∙ Built 1964 3 beds 3 baths ∙ 1,260 Sqft ∙ Built 1964
![property image]()
- Rent
- Rent Per SQFT
- $3,950
- $3.13
-
120 Simpson Dr Daly City, CA 1
- 3 beds 1 baths ∙ 1,100 Sqft ∙ Built 1969 3 beds 1 baths ∙ 1,100 Sqft ∙ Built 1969
![property image]()
LEASED 05/31/20- Rent
- Rent Per SQFT
- $3,200
- $2.91
-
621 Forest Lake Dr Pacifica, CA 2
- 3 beds 1 baths ∙ 1,110 Sqft ∙ Built 1964 3 beds 1 baths ∙ 1,110 Sqft ∙ Built 1964
![property image]()
LEASED 12/22/19- Rent
- Rent Per SQFT
- $3,570
- $3.22
-
115 Paradise Dr Pacifica, CA 3
- 3 beds 1 baths ∙ 1,110 Sqft ∙ Built 1967 3 beds 1 baths ∙ 1,110 Sqft ∙ Built 1967
![property image]()
LEASED 03/12/20- Rent
- Rent Per SQFT
- $3,600
- $3.24
-
198 Canterbury Ave Daly City, CA 4
- 3 beds 1 baths ∙ 1,170 Sqft ∙ Built 1967 3 beds 1 baths ∙ 1,170 Sqft ∙ Built 1967
![property image]()
LEASED 07/22/20- Rent
- Rent Per SQFT
- $3,600
- $3.08
PROPERTY LISTING DETAILS
Corcoran Global Living
