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6972 Avalon Way Lemon Grove, CA 91945

3 Beds 2 Baths 1,634 sqft Built 2015

$610,000

List Price

$2,780

$2.5K - $3K

Rent Est.

PROPERTY INFO

January 15, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2015
  • Price/Sqft : $373.32
  • 4 Days on Market
  • MLS # : 210001149
  • Updated Date : 01/16/2021 at 04:33
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,634 sqft
  • Baths : 2 full
Listing Agent

Simon Properties R.e.

Listing Agent's Description

Beautiful single story home that is open and airy with the great room feel that's close to downtown, freeways 805-94-125-54, and 5, shopping, trolley and bus line. This 6 new year home has been upgraded with wood flooring throughout, tile in laundry room and baths, new master bath shower glass and whirlpool tub, upgraded hall bath with new tile and shower glass, ceiling fans in bedrooms, and finished garage with tankless water heater. If you're looking for a great family home your search has ended.

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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 Altos Elementary School Primary Regular 428 17 6
San Altos Elementary School Middle Regular 428 17 6
Mount Miguel High School High Regular 1,483 68 4

San Altos Elementary School

  • Education Level: Primary
  • # of students: 428
  • # of teachers: 17
6
GreatSchools Rating

San Altos Elementary School

  • Education Level: Middle
  • # of students: 428
  • # of teachers: 17
6
GreatSchools Rating

Mount Miguel High School

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

$549,000$671,000$610,000

PURCHASE PRICE

$2,502$3,058$2,780

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,780
EXPENSES Loan Payment -$2,119
Property Tax -$660
Property Insurance -$68
HOA -$135
Property Management Fees -$129
CASH FLOW
-$331

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.

$610,000

PROJECTED PRICE

$2,780

PROJECTED RENT

0.46%

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$167,400

INVESTMENT

$167,400

Down Payment
$152,500
Rehab Estimate
$5,750
Closing Costs
$9,150

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$2,119

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $152,500
Loan Amount $457,500
See What Happens When You Reinvest Cash Flow

4

YEARS SAVED

$22,491

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $0

    LIST RENT
  • $0

    LIST RENT PER SQFT
  • $2,810

    COMP ESTIMATED VALUE
  • $1.72

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$2,500
$2,500
RENT COMPS ANALYSIS
  • 6972 Avalon Way Lemon Grove, CA 1
    • 3 beds 2 baths ∙ 1,634 Sqft ∙ Built 2015 3 beds 2 baths ∙ 1,634 Sqft ∙ Built 2015
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 425 S Meadowbrook Dr #122 San Diego, CA 2
    • 3 beds 3 baths ∙ 1,452 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,452 Sqft ∙ Built 2007
    property image
    LEASED 08/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.72
    •  
PROPERTY LISTING DETAILS
Robin Simon
1.619.248.2197
Simon Properties R.e.
BESbswy