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660 Irving Ave Monterey, CA 93940

3 Beds 2 Baths 1,528 sqft Built 1948

$1,099,000

List Price

$3,570

$3.3K - $3.8K

Rent Est.

PROPERTY INFO

November 20, 2020 RECENTLY ADDED
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

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $245k857k

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

Neighborhood: New Monterey

NeighborhoodNIR Market*CityMarket2015Year20132019 Q220002200240026002800300032003400Rent in $18063467

* 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
Monte Vista Elementary School Primary Regular 349 15 6
Walter Colton Middle School Middle Regular 724 35 2
Monterey High School High Regular 1,246 60 7

Monte Vista Elementary School

  • Education Level: Primary
  • # of students: 349
  • # of teachers: 15
6
GreatSchools Rating

Walter Colton Middle School

  • Education Level: Middle
  • # of students: 724
  • # of teachers: 35
2
GreatSchools Rating

Monterey High School

  • Education Level: High
  • # of students: 1,246
  • # of teachers: 60
7
GreatSchools Rating
 

$989,100$1,208,900$1,099,000

PURCHASE PRICE

$3,213$3,927$3,570

RENT

DOWN PAYMENT
FINANCING

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

ASSUMPTIONS

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

PROJECTED ANNUAL CASH FLOW

11530-$30k-$25k-$20k-$15k-$10k-$5.0k$0.0

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M$3.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$296,985

INVESTMENT

$296,985

Down Payment
$274,750
Rehab Estimate
$5,750
Closing Costs
$16,485

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 75% down payment or higher enables the proceeds from the asset to cover all costs.

$4,055

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $274,750
Loan Amount $824,250
See What Happens When You Reinvest Cash Flow

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
$3,350
1$3,3502$3,5003$3,570
$3,570
RENT COMPS ANALYSIS
  • 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
Laurel Jaques
The Jones Group-coast & Country Real Estate
BESbswy