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656 Forest Lake Dr Pacifica, CA 94044

3 Beds 3 Baths 1,260 sqft Built 1964

$998,000

List Price

$3,950

$3.7K - $4.2K

Rent Est.

PROPERTY INFO

January 14, 2021 RECENTLY ADDED
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

NeighborhoodNIR Market*CityMarket2010Year20002019400k500k600k700k800k900k1000k1100k1200k1300kPrice in $341k1381k

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

Neighborhood: Westview-Pacific Highlands

NeighborhoodNIR Market*CityMarket2010Year2000 Q32019 Q2160018002000220024002600280030003200340036003800400042004400Rent in $15144566

* 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
Ocean Shore Elementary School Primary Regular 414 17 8
Ocean Shore Elementary School Middle Regular 414 17 8
Terra Nova High School High Regular 1,037 46 8

Ocean Shore Elementary School

  • Education Level: Primary
  • # of students: 414
  • # of teachers: 17
8
GreatSchools Rating

Ocean Shore Elementary School

  • Education Level: Middle
  • # of students: 414
  • # of teachers: 17
8
GreatSchools Rating

Terra Nova High School

  • Education Level: High
  • # of students: 1,037
  • # of teachers: 46
8
GreatSchools Rating
 

$898,200$1,097,800$998,000

PURCHASE PRICE

$3,555$4,345$3,950

RENT

DOWN PAYMENT
FINANCING

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

ASSUMPTIONS

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
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M$3.0M$3.5M$4.0M

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$2.5M$3.0M$3.5M$4.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$270,220

INVESTMENT

$270,220

Down Payment
$249,500
Rehab Estimate
$5,750
Closing Costs
$14,970

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,466

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $249,500
Loan Amount $748,500
See What Happens When You Reinvest Cash Flow

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
$3,200
1$3,2002$3,5703$3,6004$3,6005$3,950
$3,950
RENT COMPS ANALYSIS
  • 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
Frank Villanueva
Corcoran Global Living
BESbswy