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7010 Neri Drive La Mesa, CA 91942

2 Beds 1 Baths 854 sqft Built 1947

$549,900

List Price

$1,880

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

December 03, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1947
  • Price/Sqft : $643.91
  • 4 Days on Market
  • MLS # : 200053143
  • Updated Date : 12/03/2020 at 21:38
CONSTRUCTION
  • Beds : 2
  • Floor Size : 854 sqft
  • Baths : 1 full
Listing Agent

Big Block Realty, Inc.

Listing Agent's Description

Great curb appeal - Light & Bright interior - Hardwood floors - Dual pane windows. Attached garage with large lot. Entertainers delight - fantastic landscaping - multiple patio areas. Custom storage sheds. Kids sand box, firepit and fruit trees. Leased solar panels. Central heat and air conditioning. This is a turn key property.

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: La Mesa

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550kPrice in $210k594k

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

Neighborhood: La Mesa

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q215001600170018001900200021002200230024002500260027002800Rent in $14702885

* 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
Rolando Elementary School Primary Regular 561 18 4
La Mesa Middle School Middle Regular 950 34 7
Mount Miguel High School High Regular 1,483 68 4

Rolando Elementary School

  • Education Level: Primary
  • # of students: 561
  • # of teachers: 18
4
GreatSchools Rating

La Mesa Middle School

  • Education Level: Middle
  • # of students: 950
  • # of teachers: 34
7
GreatSchools Rating

Mount Miguel High School

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

$494,910$604,890$549,900

PURCHASE PRICE

$1,692$2,068$1,880

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,880
EXPENSES Loan Payment -$2,029
Property Tax -$567
Property Insurance -$49
Property Management Fees -$129
CASH FLOW
-$893

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.

$549,900

PROJECTED PRICE

$1,880

PROJECTED RENT

0.34%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.42%
Appreciation Year (1-5) 6.9%
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$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

PROJECTED ANNUAL CASH FLOW

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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$151,474

INVESTMENT

$151,474

Down Payment
$137,475
Rehab Estimate
$5,750
Closing Costs
$8,249

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$2,029

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $137,475
Loan Amount $412,425
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$187

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
  • $1,876

    COMP ESTIMATED VALUE
  • $2.2

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$1,8953$1,8954$1,900
$1,900
RENT COMPS ANALYSIS
  • 7010 Neri Drive La Mesa, CA 1
    • 2 beds 1 baths ∙ 854 Sqft ∙ Built 1947 2 beds 1 baths ∙ 854 Sqft ∙ Built 1947
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 4932 Baltimore Dr. La Mesa, CA 2
    • 2 beds 1 baths ∙ 874 Sqft ∙ Built 1948 2 beds 1 baths ∙ 874 Sqft ∙ Built 1948
    LEASED 06/09/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $2.17
    •  
  • 4431 Olive Ave La Mesa, Ca, CA 3
    • 2 beds 1 baths ∙ 870 Sqft ∙ Built 1943 2 beds 1 baths ∙ 870 Sqft ∙ Built 1943
    LEASED 03/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $2.18
    •  
  • 6230 Stanley Ave San Diego, CA 4
    • 2 beds 1 baths ∙ 850 Sqft ∙ Built 1959 2 beds 1 baths ∙ 850 Sqft ∙ Built 1959
    LEASED 08/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $2.24
    •  
PROPERTY LISTING DETAILS
Gail Siler
1.619.980.4659
Big Block Realty, Inc.
BESbswy