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6985 Westleigh Pl San Diego, CA 92126

3 Beds 3 Baths 1,482 sqft Built 1988

$795,000

List Price

$2,800

$2.6K - $3.1K

Rent Est.

PROPERTY INFO

January 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1988
  • Price/Sqft : $536.44
  • 5 Days on Market
  • MLS # : 210000234
  • Updated Date : 01/06/2021 at 19:14
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,482 sqft
  • Baths : 2 full , 1 half
Listing Agent

Compass

Listing Agent's Description

Summerset Court is a quiet, family oriented neighborhood with a large park centered around the community. Located in the desired Mira Mesa area. This 3BD 2.5BA includes an open floor plan with vaulted ceilings, 2017 stainless steel appliances, and a large backyard with deck and retaining wall. Appealing low maintenance and water conserving landscape. Upgrades include fresh paint, remodeled cabinets in 2015, and new windows. This community is only 5 miles to UTC, 2.5 miles to the 805, 3 miles to the 15.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Mira Mesa

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700kPrice in $225k746k

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

Neighborhood: Mira Mesa

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q2160018002000220024002600280030003200Rent in $14823384

* 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
Hickman Elementary School Primary Regular 581 21 9
Challenger Middle School Middle Regular 990 39 9
Mira Mesa High School High Regular 2,453 106 9

Hickman Elementary School

  • Education Level: Primary
  • # of students: 581
  • # of teachers: 21
9
GreatSchools Rating

Challenger Middle School

  • Education Level: Middle
  • # of students: 990
  • # of teachers: 39
9
GreatSchools Rating

Mira Mesa High School

  • Education Level: High
  • # of students: 2,453
  • # of teachers: 106
9
GreatSchools Rating
 

$715,500$874,500$795,000

PURCHASE PRICE

$2,520$3,080$2,800

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,800
EXPENSES Loan Payment -$2,761
Property Tax -$778
Property Insurance -$64
HOA -$55
Property Management Fees -$129
CASH FLOW
-$987

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$795,000

PROJECTED PRICE

$2,800

PROJECTED RENT

0.35%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.41%
Appreciation Year (1-5) 7.4%
Maintenance Year (1-5) 8.00%
Vacancy 5.56%
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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$216,425

INVESTMENT

$216,425

Down Payment
$198,750
Rehab Estimate
$5,750
Closing Costs
$11,925

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$2,761

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $198,750
Loan Amount $596,250
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$2,158

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
  • $3,090

    COMP ESTIMATED VALUE
  • $2.09

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$2,7003$2,7004$3,2505$3,800
$3,800
RENT COMPS ANALYSIS
  • 6985 Westleigh Pl San Diego, CA 1
    • 3 beds 3 baths ∙ 1,482 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,482 Sqft ∙ Built 1988
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 7183 Canyon Hill Way San Diego, CA 2
    • 3 beds 2 baths ∙ 1,396 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,396 Sqft ∙ Built 1984
    property image
    LEASED 06/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.93
    •  
  • 7331 Dancy Rd San Diego, CA 3
    • 3 beds 2 baths ∙ 1,284 Sqft ∙ Built 1990 3 beds 2 baths ∙ 1,284 Sqft ∙ Built 1990
    property image
    LEASED 08/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $2.10
    •  
  • 10685 Glendover Lane San Diego, CA 4
    • 3 beds 3 baths ∙ 1,482 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,482 Sqft ∙ Built 1988
    property image
    LEASED 11/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,250
    • $2.19
    •  
  • 10541 Kemerton Rd San Diego, CA 5
    • 4 beds 3 baths ∙ 1,795 Sqft ∙ Built 1990 4 beds 3 baths ∙ 1,795 Sqft ∙ Built 1990
    property image
    LEASED 09/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,800
    • $2.12
    •  
PROPERTY LISTING DETAILS
Melissa Gutierrez
1.760.855.3081
Compass
BESbswy