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7222 Princeton Ave La Mesa, CA 91942

4 Beds 2 Baths 1,620 sqft Built 1947

$799,000

List Price

$3,210

$3K - $3.5K

Rent Est.

PROPERTY INFO

January 14, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1947
  • Price/Sqft : $493.21
  • 5 Days on Market
  • MLS # : 210000994
  • Updated Date : 01/14/2021 at 02:21
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,620 sqft
  • Baths : 2 full
Listing Agent

Pacific Sotheby's Int'l Realty

Listing Agent's Description

Beautiful 3 bedroom, 1 bath meticulously maintained home with an attached 1 bedroom studio downstairs with it's own entrance. In the main home there are features such as new flooring, large kitchen, updated bathroom, new HVAC system, new windows, new rain gutters, newly built deck, and the list goes on. Downstairs in the studio apartment features include a spacious living room, brand new kitchen with quartz countertops and stainless appliances, bedroom with sliding door to access private patio.

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
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
 

$719,100$878,900$799,000

PURCHASE PRICE

$2,889$3,531$3,210

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,210
EXPENSES Loan Payment -$2,775
Property Tax -$823
Property Insurance -$68
Property Management Fees -$129
CASH FLOW
-$585

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.

$799,000

PROJECTED PRICE

$3,210

PROJECTED RENT

0.40%

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$2.5M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$217,485

INVESTMENT

$217,485

Down Payment
$199,750
Rehab Estimate
$5,750
Closing Costs
$11,985

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$2,775

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $199,750
Loan Amount $599,250
See What Happens When You Reinvest Cash Flow

3.25

YEARS SAVED

$20,417

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
  • $3,333

    COMP ESTIMATED VALUE
  • $2.06

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$2,7003$2,7954$2,9505$3,000
$3,000
RENT COMPS ANALYSIS
  • 7222 Princeton Ave La Mesa, CA 1
    • 4 beds 2 baths ∙ 1,620 Sqft ∙ Built 1947 4 beds 2 baths ∙ 1,620 Sqft ∙ Built 1947
    • 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
    LEASED 04/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $2.04
    •  
  • 5841 Hughes St. San Diego, CA 3
    • 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1961
    LEASED 04/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,795
    • $2.00
    •  
  • 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
    •  
  • 5652 Campanile San Diego, CA 5
    • 4 beds 2 baths ∙ 1,462 Sqft ∙ Built 1963 4 beds 2 baths ∙ 1,462 Sqft ∙ Built 1963
    LEASED 07/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $2.05
    •  
PROPERTY LISTING DETAILS
Julie Boyadjian
1.619.250.1129
Pacific Sotheby's Int'l Realty
BESbswy