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PROPERTY INFO
FACTS
- Single Family
- Built In 1948
- Price/Sqft : $719.24
- 4 Days on Market
- MLS # : ML81820916
- Updated Date : 11/20/2020 at 11:33
CONSTRUCTION
- Beds : 3
- Floor Size : 1,528 sqft
- Baths : 2 full
Listing Agent
The Jones Group-coast & Country Real Estate
Listing Agent's Description
Fantastic views of the Monterey Bay await you from this beautiful home, a private oasis offering serenity and comfort coupled with pristine views of the bay! Enjoy watching the sailboats go by with your morning coffee or the city lights on the bay in the evening. A great open floor plan with a light, bright modern kitchen opens to a private deck, perfect for gatherings with family and friends. The interior offers 3 bedroom and 2 baths, including hardwood floors, master suite with sitting area and his/hers walk-in closets. Working from home or need a space for distancing learning for the kids? A detached office adjacent to the garden area is perfect for the privacy you need, but just a few steps from the house. Whether a full-time or part-time home, this retreat is the epitome of quiet living by the Bay! Situated close to the Monterey Aquarium, Fishermans wharf, and restaurants, this is your place to call home!
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MARKET HIGHLIGHTS
- Santa Cruz is the headquarters to technology companies: Looker.com, Plantronics, FileOpen and major university system - University of California, Santa Cruz (Santa Cruz Economic Development, 2019)
- Santa Cruz is the 6th best city for future job growth (Forbes, 2019)
- North Central Coast, CA area contributes to 10.2% of California state economy i.e. Gross State Product (USMayors.org, 2018)
- North Central Coast, CA area has 62.2% labor force participation rate; within this area, Salinas, CA metro has 62.5% and Santa Cruz-Watsonville, CA metro has 61.8% labor force participation rate (USMayors.org, 2018)
PRICE & RENT TRENDS
Neighborhood: New Monterey
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: New Monterey
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $3,570 |
| EXPENSES | Loan Payment | -$4,055 |
| Property Tax | -$1,025 | |
| Property Insurance | -$63 | |
| Property Management Fees | -$139 | |
|
CASH FLOW
-$1,712
|
||
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.
$1,099,000
PROJECTED PRICE
$3,570
PROJECTED RENT
0.32%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 2.50% |
| Appreciation Year (1-5) | 4.1% |
| Maintenance Year (1-5) | 8.00% |
| Vacancy | 4.80% |
| 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
$296,985
LOAN DETAILS
$4,055
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 4.25% |
| Down Payment | $274,750 |
| Loan Amount | $824,250 |
0.08
YEARS SAVED
$59
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$3,570
LIST RENT -
$2.34
LIST RENT PER SQFT
-
$3,713
COMP ESTIMATED VALUE -
$2.43
COMP AVG. RENT PER SQFT
Comps Range
-
660 Irving Ave Monterey, CA 3
- 3 beds 2 baths ∙ 1,528 Sqft ∙ Built 1948 3 beds 2 baths ∙ 1,528 Sqft ∙ Built 1948
- Rent
- Rent Per SQFT
- $3,570
- $2.34
-
680 Scott St Monterey, CA 1
- 3 beds 2 baths ∙ 1,451 Sqft ∙ Built 1943 3 beds 2 baths ∙ 1,451 Sqft ∙ Built 1943
LEASED 11/11/20- Rent
- Rent Per SQFT
- $3,350
- $2.31
-
1060 Roosevelt St Monterey, CA 2
- 3 beds 2 baths ∙ 1,375 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,375 Sqft ∙ Built 1958
LEASED 11/06/20- Rent
- Rent Per SQFT
- $3,500
- $2.55
PROPERTY LISTING DETAILS
The Jones Group-coast & Country Real Estate
