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7155 Purdue Ave La Mesa, CA 91942

4 Beds 3 Baths 1,500 sqft Built 1965

$540,000

List Price

$2,970

$2.7K - $3.2K

Rent Est.

PROPERTY INFO

November 01, 2020 RECENTLY ADDED
FACTS
  • Built In 1965
  • Price/Sqft : $360.00
  • 4 Days on Market
  • MLS # : 200050446
  • Updated Date : 11/02/2020 at 21:44
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,500 sqft
  • Baths : 2 full , 1 half
Listing Agent

Exp Realty Of California Inc

Listing Agent's Description

Here is your chance to make it your own! Cute 4br, 2.5 bath home in the Academy Heights neighborhood of La Mesa. This area is in demand and for good reason - convenient location, great neighborhood & close proximity to all that La Mesa has to offer. The home features original hardwood flooring in many areas, dual paned windows, updated kitchen, huge family room with direct access to a large deck, large tiered lot and attached garage. Drive down the quiet, tree lined street and check it out! Don't miss it.

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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: 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
 

$486,000$594,000$540,000

PURCHASE PRICE

$2,673$3,267$2,970

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,970
EXPENSES Loan Payment -$1,992
Property Tax -$556
Property Insurance -$65
Property Management Fees -$129
CASH FLOW
$227

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.

$540,000

PROJECTED PRICE

$2,970

PROJECTED RENT

0.55%

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$500k$1.0M$1.5M$2.0M

PROJECTED ANNUAL CASH FLOW

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

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$148,850

INVESTMENT

$148,850

Down Payment
$135,000
Rehab Estimate
$5,750
Closing Costs
$8,100

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$1,992

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $135,000
Loan Amount $405,000
See What Happens When You Reinvest Cash Flow

9.67

YEARS SAVED

$87,420

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
  • $3,203

    COMP ESTIMATED VALUE
  • $2.14

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$2,7003$2,7504$2,7505$2,795
$2,795
RENT COMPS ANALYSIS
  • 7155 Purdue Ave La Mesa, CA 1
    • 4 beds 3 baths ∙ 1,500 Sqft ∙ Built 1965 4 beds 3 baths ∙ 1,500 Sqft ∙ Built 1965
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 4108 Casita Way San Diego, CA 2
    • 3 beds 2 baths ∙ 1,323 Sqft ∙ Built 1960 3 beds 2 baths ∙ 1,323 Sqft ∙ Built 1960
    property image
    LEASED 04/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $2.04
    •  
  • 7170 Hybeth Drive La Mesa, CA 3
    • 3 beds 2 baths ∙ 1,252 Sqft ∙ Built 1953 3 beds 2 baths ∙ 1,252 Sqft ∙ Built 1953
    property image
    LEASED 05/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $2.20
    •  
  • 8126 Fairview Ave. La Mesa, CA 4
    • 3 beds 2 baths ∙ 1,194 Sqft ∙ Built 1969 3 beds 2 baths ∙ 1,194 Sqft ∙ Built 1969
    property image
    LEASED 03/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $2.30
    •  
  • 5841 Hughes St. San Diego, CA 5
    • 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1961
    property image
    LEASED 04/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,795
    • $2.00
    •  
PROPERTY LISTING DETAILS
Niko Argeres
1.619.618.1966
Exp Realty Of California Inc
BESbswy