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701 28th Ave San Mateo, CA 94403

3 Beds 2 Baths 1,480 sqft Built 1945

INVESTimate

$1,689,000

List Price

$4,740

$4,490 - $4,990

Rent Est.

$1,885,600  ( +11.64%)   1 YR EST. FORECAST

PROPERTY INFO

August 20, 2020 RECENTLY ADDED
FACTS
  • Built In 1945
  • Price/Sqft : $1,141.22
  • 7 Days on Market
  • MLS # : ML81806994
  • Updated Date : 08/25/2020 at 10:56
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,480 sqft
  • Baths : 2 full
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

Fresh updates,location,& picture-perfect curb appeal it all here at this enchanting home ready to move right in and enjoy.A classic white picket fence frames verdant lawn & a covered brick porch that awaits outdoor lingering.Beautiful hardwood & laminate wood floors extend throughout,recessed lights & solar tubes illuminate the spaces,& the newly painted palette is ready for any personal style of belongings.Complementing the formal living & dining rooms is the updated kitchen.There are 3 beds and 2 baths extending off a central family room that could also serve todays work-from-home or distance learning needs. The finished attic is perfect for optional 4th bedroom,great home office,or playroom.Practically across the street though is Beresford Park with its amazing community vegetable garden,playground,rec center,& basketball courts for future enjoyment. With all the exciting amenities at Hillsdale just blocks away,this is indeed the perfect place to call home for today & the future.

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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: Terrace Gardens

NeighborhoodNIR Market*CityMarket2010Year20002019500k600k700k800k900k1000k1100k1200k1300k1400k1500k1600kPrice in $438k1650k

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

Neighborhood: Terrace Gardens

NeighborhoodNIR Market*CityMarket2010Year2000 Q32019 Q2220024002600280030003200340036003800400042004400460048005000Rent in $21575135

* 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
Meadow Heights Elementary School Primary Regular 348 15 5
Abbott Middle School Middle Magnet 802 38 5

Meadow Heights Elementary School

  • Education Level: Primary
  • # of students: 348
  • # of teachers: 15
5
GreatSchools Rating

Abbott Middle School

  • Education Level: Middle
  • # of students: 802
  • # of teachers: 38
5
GreatSchools Rating
 

$1,520,100$1,857,900$1,689,000

PURCHASE PRICE

$4,266$5,214$4,740

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$5.0M$6.0M

PROJECTED ANNUAL CASH FLOW

11530-$60k-$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$5.0M$6.0M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,740
EXPENSES Loan Payment -$6,232
Property Tax -$1,807
Property Insurance -$63
Property Management Fees -$185
CASH FLOW
-$3,546

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.

$1,689,000

PROJECTED PRICE

$4,740

PROJECTED RENT

0.28%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.83%
Appreciation Year (1-5) 11.64%
Maintenance Year (1-5) 8.00%
Vacancy 5.92%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$453,335

INVESTMENT

$453,335

Down Payment
$422,250
Rehab Estimate
$5,750
Closing Costs
$25,335

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$6,232

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $422,250
Loan Amount $1,266,750
See What Happens When You Reinvest Cash Flow

-0.08

YEARS SAVED

-$81

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $4,740

    LIST RENT
  • $3.2

    LIST RENT PER SQFT
  • $4,729

    COMP ESTIMATED VALUE
  • $3.2

    COMP AVG. RENT PER SQFT
Comps Range
$4,000
1$4,0002$4,3703$4,7404$5,1005$5,500
$5,500
RENT COMPS ANALYSIS
  • 701 28th Ave San Mateo, 3
    • 3 beds 2 baths ∙ 1,480 Sqft ∙ Built 1945 3 beds 2 baths ∙ 1,480 Sqft ∙ Built 1945
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $4,740
    • $3.20
    •  
  • 1231 Alameda De La Plugas St San Mateo, 1
    • 3 beds 1 baths ∙ 1,270 Sqft ∙ Built 1945 3 beds 1 baths ∙ 1,270 Sqft ∙ Built 1945
    property image
    LEASED 04/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,000
    • $3.15
    •  
  • 1424 S B St Front House San Mateo, 2
    • 3 beds 2 baths ∙ 1,350 Sqft ∙ Built 1937 3 beds 2 baths ∙ 1,350 Sqft ∙ Built 1937
    property image
    LEASED 05/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,370
    • $3.24
    •  
  • 3729 Sky Ct San Mateo, 4
    • 3 beds 2 baths ∙ 1,590 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,590 Sqft ∙ Built 1957
    property image
    LEASED 08/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $5,100
    • $3.21
    •  
  • 2920 Sunset Ter San Mateo, 5
    • 3 beds 1 baths ∙ 1,730 Sqft ∙ Built 1951 3 beds 1 baths ∙ 1,730 Sqft ∙ Built 1951
    property image
    LEASED 06/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $5,500
    • $3.18
    •  
PROPERTY LISTING DETAILS
Cameron Thompson
Coldwell Banker Realty
BESbswy