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7123 Plank Ave El Cerrito, CA 94530

3 Beds 2 Baths 1,281 sqft Built 1957

INVESTimate

$879,000

List Price

$3,270

$3,020 - $3,520

Rent Est.

$962,241  ( +9.47%)   1 YR EST. FORECAST

PROPERTY INFO

August 19, 2020 RECENTLY ADDED
FACTS
  • Built In 1957
  • Price/Sqft : $686.18
  • 8 Days on Market
  • MLS # : EB40917378
  • Updated Date : 08/20/2020 at 10:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,281 sqft
  • Baths : 2 full
Listing Agent

Red Oak Realty

Listing Agent's Description

Located centrally in a coveted El Cerrito cul-de-sac, sits 7123 Plank Avenue. This stately level-in home has been lovingly updated with an inviting layout and designer touches. The wood and beam pitched ceiling, and wrap around brick fireplace, are hallmark mid-century features for the living room and kitchen. The kitchen underwent an extensive renovation in 2020, including all new stainless steel appliances. The spacious patio, located off the dining room, is a welcoming extension of the indoor space and a perfect place to entertain and play. Conveniently located blocks to a trailhead at Hillside Natural Area for a leisurely hike, nearby to public transportation, restaurants, and zoned for top-performing Madera Elementary School (any interested parties should verify the school district and availability, as attendance is not guaranteed).

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PRICE & RENT TRENDS

Neighborhood: El Cerrito

NeighborhoodNIR Market*CityMarket2010Year20002019300k400k500k600k700k800k900k1000kPrice in $273k1078k

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

Neighborhood: El Cerrito

NeighborhoodNIR Market*CityMarket2010Year20012019 Q218002000220024002600280030003200340036003800Rent in $16713863

* 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
Madera Elementary School Primary Regular 519 18 7
Madera Elementary School Middle Regular 519 18 7
El Cerrito High School High Regular 1,364 55 5

Madera Elementary School

  • Education Level: Primary
  • # of students: 519
  • # of teachers: 18
7
GreatSchools Rating

Madera Elementary School

  • Education Level: Middle
  • # of students: 519
  • # of teachers: 18
7
GreatSchools Rating

El Cerrito High School

  • Education Level: High
  • # of students: 1,364
  • # of teachers: 55
5
GreatSchools Rating
 

$791,100$966,900$879,000

PURCHASE PRICE

$2,943$3,597$3,270

RENT

DOWN PAYMENT
FINANCING

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-$20k-$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$3.0M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,270
EXPENSES Loan Payment -$3,243
Property Tax -$1,034
Property Insurance -$58
Property Management Fees -$160
CASH FLOW
-$1,226

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.

$879,000

PROJECTED PRICE

$3,270

PROJECTED RENT

0.37%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 5.00%
Appreciation Year (1-5) 9.47%
Maintenance Year (1-5) 8.00%
Vacancy 5.09%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$238,685

INVESTMENT

$238,685

Down Payment
$219,750
Rehab Estimate
$5,750
Closing Costs
$13,185

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,243

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $219,750
Loan Amount $659,250
See What Happens When You Reinvest Cash Flow

0.42

YEARS SAVED

$1,295

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
  • $3,335

    COMP ESTIMATED VALUE
  • $2.6

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$3,3503$3,4754$3,950
$3,950
RENT COMPS ANALYSIS
  • 7123 Plank Ave El Cerrito, 1
    • 3 beds 2 baths ∙ 1,281 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,281 Sqft ∙ Built 1957
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 812 Liberty St El Cerrito, 2
    • 3 beds 2 baths ∙ 1,570 Sqft ∙ Built 1939 3 beds 2 baths ∙ 1,570 Sqft ∙ Built 1939
    property image
    LEASED 04/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,350
    • $2.13
    •  
  • 3936 Potrero Ave Richmond, 3
    • 4 beds 2 baths ∙ 1,204 Sqft ∙ Built 1972 4 beds 2 baths ∙ 1,204 Sqft ∙ Built 1972
    property image
    LEASED 11/25/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,475
    • $2.89
    •  
  • 7 Arlington Ave Kensington, 4
    • 3 beds 1 baths ∙ 1,416 Sqft ∙ Built 1949 3 beds 1 baths ∙ 1,416 Sqft ∙ Built 1949
    property image
    LEASED 05/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,950
    • $2.79
    •  
PROPERTY LISTING DETAILS
Alissa Custer
Red Oak Realty
BESbswy