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701 Archer St Monterey, CA 93940

3 Beds 3 Baths 1,897 sqft Built 1965

$1,149,999

List Price

$3,480

$3.2K - $3.7K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1965
  • Price/Sqft : $606.22
  • 18 Days on Market
  • MLS # : ML81824007
  • Updated Date : 01/09/2021 at 22:29
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,897 sqft
  • Baths : 2 full , 1 half
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

VIEWS OF MONTEREY BAY!! Welcome home to this beautiful 3 bedroom, 3 bath reverse floorplan with amazing views. Master bedroom and additional bedroom upstairs with a full bath in the hallway and downstairs you will find a bedroom and one full bathroom. Located on a corner lot with backyard featuring a Bocci Ball court and front patios & balcony for sipping that morning coffee or relaxing after a long day! Remodeled kitchen with stainless steel appliances, gas range, open floorplan concept with views from living room, dining area and kitchen. The backyard has a lemon tree, 2 apple trees, 2 pear trees and an apricot tree for those who love to grow their own fruit. Stroll down to Cannery Row, Monterey Bay Aquarium and the rec trail or relax by the fireplace on those cool evenings. The 2 car garage makes it nice to store all of your things and your car.

SEE MORE

MARKET HIGHLIGHTS

  • North Central Coast, CA area contributes to 10.2% of California state economy i.e. Gross State Product (USMayors.org, 2018)
  • Santa Cruz is the 6th best city for future job growth (Forbes, 2019)
  • North Central Coast, CA area has 62.2% labor force participation rate; within this area, Salinas, CA metro has 62.5% and Santa Cruz-Watsonville, CA metro has 61.8% labor force participation rate (USMayors.org, 2018)
  • Santa Cruz is the headquarters to technology companies: Looker.com, Plantronics, FileOpen and major university system - University of California, Santa Cruz (Santa Cruz Economic Development, 2019)

PRICE & RENT TRENDS

Neighborhood: New Monterey

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $245k857k

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

Neighborhood: New Monterey

NeighborhoodNIR Market*CityMarket2015Year20132019 Q220002200240026002800300032003400Rent in $18063467

* 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
Monte Vista Elementary School Primary Regular 349 15 6
Walter Colton Middle School Middle Regular 724 35 2
Monterey High School High Regular 1,246 60 7

Monte Vista Elementary School

  • Education Level: Primary
  • # of students: 349
  • # of teachers: 15
6
GreatSchools Rating

Walter Colton Middle School

  • Education Level: Middle
  • # of students: 724
  • # of teachers: 35
2
GreatSchools Rating

Monterey High School

  • Education Level: High
  • # of students: 1,246
  • # of teachers: 60
7
GreatSchools Rating
 

$1,034,999$1,264,999$1,149,999

PURCHASE PRICE

$3,132$3,828$3,480

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,480
EXPENSES Loan Payment -$3,994
Property Tax -$1,073
Property Insurance -$72
Property Management Fees -$136
CASH FLOW
-$1,795

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.

$1,149,999

PROJECTED PRICE

$3,480

PROJECTED RENT

0.30%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.50%
Appreciation Year (1-5) 4.1%
Maintenance Year (1-5) 8.00%
Vacancy 4.80%
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$3.0M

PROJECTED ANNUAL CASH FLOW

11530-$35k-$30k-$25k-$20k-$15k-$10k-$5.0k$0.0

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M$3.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$310,500

INVESTMENT

$310,500

Down Payment
$287,500
Rehab Estimate
$5,750
Closing Costs
$17,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 75% down payment or higher enables the proceeds from the asset to cover all costs.

$3,994

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $287,500
Loan Amount $862,499
See What Happens When You Reinvest Cash Flow

0

YEARS SAVED

$4

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
  • $3,453

    COMP ESTIMATED VALUE
  • $1.82

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$3,650
$3,650
RENT COMPS ANALYSIS
  • 701 Archer St Monterey, CA 1
    • 3 beds 3 baths ∙ 1,897 Sqft ∙ Built 1965 3 beds 3 baths ∙ 1,897 Sqft ∙ Built 1965
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 492 Larkin St Monterey, CA 2
    • 3 beds 3 baths ∙ 2,000 Sqft ∙ Built 1946 3 beds 3 baths ∙ 2,000 Sqft ∙ Built 1946
    property image
    LEASED 07/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,650
    • $1.83
    •  
PROPERTY LISTING DETAILS
Annette Boggs
Coldwell Banker Realty
BESbswy