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6613 Mount Hope Dr San Jose, CA 95120

4 Beds 2 Baths 1,999 sqft Built 1967

INVESTimate

$1,495,000

List Price

$3,900

$3,650 - $4,150

Rent Est.

$1,606,677  ( +7.47%)   1 YR EST. FORECAST

PROPERTY INFO

August 22, 2020 RECENTLY ADDED
FACTS
  • Built In 1967
  • Price/Sqft : $747.87
  • 5 Days on Market
  • MLS # : ML81807396
  • Updated Date : 08/25/2020 at 14:48
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,999 sqft
  • Baths : 2 full
Listing Agent

Compass

Listing Agent's Description

Single story 4 bedroom/2 bathroom in approx.1999s.f with a lot of 8142s.f. New 50 year presidential composite roof, new sun tunnels, new double paned windows, new flooring, new front and back lawn and new paint inside and out. Perfect situation in the middle of the Shadowbrook 1 neighborhood and within close distance to local and private school and the Graystone Park. Served by top Almaden schools; Simmonds, Bret Harte and Leland. At the front is a formal living room and formal dining room. The en suite bedroom has a walk in closet and an upgraded tiled shower. The kitchen has an eating area and opens to a large family room with a brick fronted fireplace and a door to the lovely back garden. There is a patio cover, several seating areas, raised vegetable beds, a storage shed and extensive mood lighting for evening dining and entertaining. The extras here are whole house water softener, kitchen reverse osmosis system, 2 thermostat controlled attic fans and automatic sprinklers.

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Shadow Brook

NeighborhoodNIR Market*CityMarket2010Year20002019400k500k600k700k800k900k1000k1100k1200k1300k1400k1500k1600kPrice in $380k1665k

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

Neighborhood: Shadow Brook

NeighborhoodNIR Market*CityMarket2010Year20002019 Q22000220024002600280030003200340036003800400042004400Rent in $19074493

* 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
Simonds Elementary School Primary Regular 745 25 9
Bret Harte Middle School Middle Regular 1,215 52 8
Leland High School High Regular 1,784 71 9

Simonds Elementary School

  • Education Level: Primary
  • # of students: 745
  • # of teachers: 25
9
GreatSchools Rating

Bret Harte Middle School

  • Education Level: Middle
  • # of students: 1,215
  • # of teachers: 52
8
GreatSchools Rating

Leland High School

  • Education Level: High
  • # of students: 1,784
  • # of teachers: 71
9
GreatSchools Rating
 

$1,345,500$1,644,500$1,495,000

PURCHASE PRICE

$3,510$4,290$3,900

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$1.0M$2.0M$3.0M$4.0M

PROJECTED ANNUAL CASH FLOW

11530-$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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,900
EXPENSES Loan Payment -$5,516
Property Tax -$1,669
Property Insurance -$75
Property Management Fees -$152
CASH FLOW
-$3,513

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.

$1,495,000

PROJECTED PRICE

$3,900

PROJECTED RENT

0.26%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 5.00%
Appreciation Year (1-5) 7.47%
Maintenance Year (1-5) 8.00%
Vacancy 5.40%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$401,925

INVESTMENT

$401,925

Down Payment
$373,750
Rehab Estimate
$5,750
Closing Costs
$22,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$5,516

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $373,750
Loan Amount $1,121,250
See What Happens When You Reinvest Cash Flow

-0.17

YEARS SAVED

-$161

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $3,900

    LIST RENT
  • $1.95

    LIST RENT PER SQFT
  • $4,125

    COMP ESTIMATED VALUE
  • $2.06

    COMP AVG. RENT PER SQFT
Comps Range
$3,600
1$3,6002$3,8003$3,9004$4,100
$4,100
RENT COMPS ANALYSIS
  • 6613 Mount Hope Dr San Jose, 3
    • 4 beds 2 baths ∙ 1,999 Sqft ∙ Built 1967 4 beds 2 baths ∙ 1,999 Sqft ∙ Built 1967
    • Rent
    • Rent Per SQFT
    •  
    • $3,900
    • $1.95
    •  
  • Azule Ave San Jose, 1
    • 3 beds 3 baths ∙ 1,777 Sqft ∙ Built 1963 3 beds 3 baths ∙ 1,777 Sqft ∙ Built 1963
    LEASED 03/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,600
    • $2.03
    •  
  • 6121 Maree Ct San Jose, 2
    • 3 beds 2 baths ∙ 1,694 Sqft ∙ Built 1970 3 beds 2 baths ∙ 1,694 Sqft ∙ Built 1970
    LEASED 06/07/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,800
    • $2.24
    •  
  • 1014 Redmond Ct San Jose, 4
    • 4 beds 3 baths ∙ 2,139 Sqft ∙ Built 1967 4 beds 3 baths ∙ 2,139 Sqft ∙ Built 1967
    LEASED 08/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,100
    • $1.92
    •  
PROPERTY LISTING DETAILS
Lorraine Combs
Compass
BESbswy