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7204 Waite Dr La Mesa, CA 91941

3 Beds 2 Baths 1,038 sqft Built 1953

$579,900

List Price

$2,110

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

January 01, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1953
  • Price/Sqft : $558.67
  • 4 Days on Market
  • MLS # : 200054874
  • Updated Date : 01/02/2021 at 00:28
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,038 sqft
  • Baths : 2 full
Listing Agent

Homesmart Realty West

Listing Agent's Description

VRP $549,900-$579,900. Must see remodeled home with no expense spared! New custom kitchen with beautiful quartz counter tops, new floors & stainless steel appliances. Master bedroom w/full bath. Living room w/new modern floors perfect for entertaining! Bathrooms have new modern tiled floors & showers, sinks, white wood cabinets, & brushed nickel lights / fixtures. Modern touches & newer windows throughout home. Large yard! VA ok!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
Vista La Mesa Elementary School Primary Regular 659 26 5
Vista La Mesa Elementary School Middle Regular 659 26 5
Mount Miguel High School High Regular 1,483 68 4

Vista La Mesa Elementary School

  • Education Level: Primary
  • # of students: 659
  • # of teachers: 26
5
GreatSchools Rating

Vista La Mesa Elementary School

  • Education Level: Middle
  • # of students: 659
  • # of teachers: 26
5
GreatSchools Rating

Mount Miguel High School

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

$521,910$637,890$579,900

PURCHASE PRICE

$1,899$2,321$2,110

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,110
EXPENSES Loan Payment -$2,140
Property Tax -$660
Property Insurance -$53
Property Management Fees -$129
CASH FLOW
-$872

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.

$579,900

PROJECTED PRICE

$2,110

PROJECTED RENT

0.36%

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$1.8M

PROJECTED ANNUAL CASH FLOW

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

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$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$159,424

INVESTMENT

$159,424

Down Payment
$144,975
Rehab Estimate
$5,750
Closing Costs
$8,699

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,140

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $144,975
Loan Amount $434,925
See What Happens When You Reinvest Cash Flow

0.42

YEARS SAVED

$613

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
  • $2,104

    COMP ESTIMATED VALUE
  • $2.03

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$1,9503$2,7004$2,950
$2,950
RENT COMPS ANALYSIS
  • 7204 Waite Dr La Mesa, CA 1
    • 3 beds 2 baths ∙ 1,038 Sqft ∙ Built 1953 3 beds 2 baths ∙ 1,038 Sqft ∙ Built 1953
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 6333 College Grove Way #12203 San Diego, CA 2
    • 3 beds 2 baths ∙ 1,024 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,024 Sqft ∙ Built 1973
    LEASED 03/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $1.90
    •  
  • 4108 Casita Way San Diego, CA 3
    • 3 beds 2 baths ∙ 1,323 Sqft ∙ Built 1960 3 beds 2 baths ∙ 1,323 Sqft ∙ Built 1960
    LEASED 04/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $2.04
    •  
  • 4383 Rolando Blvd San Diego, CA 4
    • 3 beds 2 baths ∙ 1,376 Sqft ∙ Built 1944 3 beds 2 baths ∙ 1,376 Sqft ∙ Built 1944
    LEASED 02/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $2.14
    •  
PROPERTY LISTING DETAILS
Miguel Molina
1.619.955.7551
Homesmart Realty West
BESbswy