Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

6955 San Miguel Ave Lemon Grove, CA 91945

4 Beds 3 Baths 1,710 sqft Built 1997

$585,000

List Price

$2,770

$2.5K - $3K

Rent Est.

PROPERTY INFO

November 04, 2020 RECENTLY ADDED
FACTS
  • Built In 1997
  • Price/Sqft : $342.11
  • 6 Days on Market
  • MLS # : 200050648
  • Updated Date : 11/04/2020 at 00:11
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,710 sqft
  • Baths : 2 full , 1 half
Listing Agent

Jp Real Estate & Mortgage Inc.

Listing Agent's Description

Easy showing! Tenant moved out at the end of October 2020. Beautiful 4 bedrooms, and 2.5 baths, 2 stories, high ceiling, close to San Miguel Elementary school, and 94 freeway. Lots of natural lights, duel entry door, and laminate flooring. Make appointment to see it today.

SEE MORE

MARKET HIGHLIGHTS

  • Headquarters to several Fortune 500 companies: Amgen, Farmers Insurance, Walt Disney, Avery Dennison, Activision Blizzard, CBRE Group, Edison International, Molina Healthcare, First American Financial, Pacific Life, Qualcomm and Sempra Energy (Fortune, 2018)
  • Southern California produces more technology PhDs per year than any other region in the country and many of the higher educated students stay within Souther California contributing to readily available workforce skills making the area more attractive than Silicon Valley (BCG, 2018)
  • As part of Southern California area, San Diego market inherits all the benefits from the area.
  • Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 2018)
  • The area has major technology nodes of excellence: Los Angeles (Media and entertainment); Pasadena (High-tech engineering, data analytics); Riverside (Agtech, transportation/ distribution); San Diego (Healthcare, biotech, wireless communications); Irvine (Medtech, cyber security); El Segundo (Aerospace and defense IT, space transport) [BCG, 2018]
  • Southern California has 58.7% labor force participation rate; within this area, Los Angeles metro has 62.3% labor force participation rate (USMayors.org, 2018)
  • Southern California's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: Lemon Grove

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550kPrice in $187k594k

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

Neighborhood: Lemon Grove

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q214001600180020002200240026002800Rent in $12812885

* 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
San Miguel Elementary School Primary Regular 569 22 4
San Miguel Elementary School Middle Regular 569 22 4
Mount Miguel High School High Regular 1,483 68 4

San Miguel Elementary School

  • Education Level: Primary
  • # of students: 569
  • # of teachers: 22
4
GreatSchools Rating

San Miguel Elementary School

  • Education Level: Middle
  • # of students: 569
  • # of teachers: 22
4
GreatSchools Rating

Mount Miguel High School

  • Education Level: High
  • # of students: 1,483
  • # of teachers: 68
4
GreatSchools Rating
 

$526,500$643,500$585,000

PURCHASE PRICE

$2,493$3,047$2,770

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,770
EXPENSES Loan Payment -$2,158
Property Tax -$688
Property Insurance -$70
Property Management Fees -$129
CASH FLOW
-$275

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 12% of earned rent to cover both maintenance and periods of vacancy.

$585,000

PROJECTED PRICE

$2,770

PROJECTED RENT

0.47%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.15%
Appreciation Year (1-5) 7.1%
Maintenance Year (1-5) 8.00%
Vacancy 4.16%
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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$160,775

INVESTMENT

$160,775

Down Payment
$146,250
Rehab Estimate
$5,750
Closing Costs
$8,775

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$2,158

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $146,250
Loan Amount $438,750
See What Happens When You Reinvest Cash Flow

4.58

YEARS SAVED

$32,490

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,770

    LIST RENT
  • $1.62

    LIST RENT PER SQFT
  • $3,095

    COMP ESTIMATED VALUE
  • $1.81

    COMP AVG. RENT PER SQFT
Comps Range
$2,770
1$2,7702$2,7903$2,795
$2,795
RENT COMPS ANALYSIS
  • 6955 San Miguel Ave Lemon Grove, CA 1
    • 4 beds 3 baths ∙ 1,710 Sqft ∙ Built 1997 4 beds 3 baths ∙ 1,710 Sqft ∙ Built 1997
    • Rent
    • Rent Per SQFT
    •  
    • $2,770
    • $1.62
    •  
  • 7202 Jacmar Avenue San Diego, CA 2
    • 4 beds 2 baths ∙ 1,461 Sqft ∙ Built 1981 4 beds 2 baths ∙ 1,461 Sqft ∙ Built 1981
    LEASED 07/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,790
    • $1.91
    •  
  • 7508 Easthill Dr San Diego, CA 3
    • 3 beds 3 baths ∙ 1,632 Sqft ∙ Built 1991 3 beds 3 baths ∙ 1,632 Sqft ∙ Built 1991
    LEASED 03/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,795
    • $1.71
    •  
PROPERTY LISTING DETAILS
Jenny Pham
1.858.380.6840
Jp Real Estate & Mortgage Inc.
BESbswy