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7337 Melotte St San Diego, CA 92119

4 Beds 2 Baths 2,096 sqft Built 1971

$925,000

List Price

$2,960

$2.7K - $3.2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 04, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1971
  • Price/Sqft : $441.32
  • 4 Days on Market
  • MLS # : 210005611
  • Updated Date : 03/04/2021 at 15:57
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,096 sqft
  • Baths : 2 full
Listing Agent

Mission Realty Group

Listing Agent's Description

Absolutely exquisite 4 bedrooms, 2 bathroom home in the highly sought-after desired location of San Carlos! Step in to this open, bright & expansive single story home to find open concept living at it’s finest. The incredible chef’s kitchen boasts custom cabinetry, quartz counter-tops, subway tiles accent backsplash & eat in center island. Large master suite has been elegantly remodeled w/dual sinks & gorgeous custom shower. New luxury wood flooring flows throughout. Centrally located in a desirable neighborhood within walking distance of Mission Trails, Cowles Mountain, Tuxedo Park, & Mission Trails Golf Course. Great schools and close to shopping, entertainment and freeway access.

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: San Carlos

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700kPrice in $233k746k

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

Neighborhood: San Carlos

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q218002000220024002600280030003200Rent in $16273384

* 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
Dailard Elementary School Primary Regular 534 20 8
Pershing Middle School Middle Regular 701 32 7
Henry High School High Regular 2,437 97 9

Dailard Elementary School

  • Education Level: Primary
  • # of students: 534
  • # of teachers: 20
8
GreatSchools Rating

Pershing Middle School

  • Education Level: Middle
  • # of students: 701
  • # of teachers: 32
7
GreatSchools Rating

Henry High School

  • Education Level: High
  • # of students: 2,437
  • # of teachers: 97
9
GreatSchools Rating
 

$832,500$1,017,500$925,000

PURCHASE PRICE

$2,664$3,256$2,960

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,960
EXPENSES Loan Payment -$3,213
Property Tax -$916
Property Insurance -$80
Property Management Fees -$129
CASH FLOW
-$1,378

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$925,000

PROJECTED PRICE

$2,960

PROJECTED RENT

0.32%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.41%
Appreciation Year (1-5) 5.8%
Maintenance Year (1-5) 8.00%
Vacancy 5.56%
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-$20k-$15k-$10k-$5.0k$0.0$5.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$250,875

INVESTMENT

$250,875

Down Payment
$231,250
Rehab Estimate
$5,750
Closing Costs
$13,875

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,213

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $231,250
Loan Amount $693,750
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$203

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $2,960

    LIST RENT
  • $1.41

    LIST RENT PER SQFT
  • $3,102

    COMP ESTIMATED VALUE
  • $1.48

    COMP AVG. RENT PER SQFT
Comps Range
$2,960
1$2,9602$3,0003$3,2004$3,3505$3,700
$3,700
RENT COMPS ANALYSIS
  • 7337 Melotte St San Diego, CA 1
    • 4 beds 2 baths ∙ 2,096 Sqft ∙ Built 1971 4 beds 2 baths ∙ 2,096 Sqft ∙ Built 1971
    • Rent
    • Rent Per SQFT
    •  
    • $2,960
    • $1.41
    •  
  • 7415 Rondel San Carlos, CA 2
    • 3 beds 4 baths ∙ 2,061 Sqft ∙ Built 1981 3 beds 4 baths ∙ 2,061 Sqft ∙ Built 1981
    LEASED 10/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $1.46
    •  
  • 6259 Oakridge San Diego, CA 3
    • 4 beds 3 baths ∙ 2,271 Sqft ∙ Built 1972 4 beds 3 baths ∙ 2,271 Sqft ∙ Built 1972
    LEASED 09/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $1.41
    •  
  • 6919 Birchcreek Rd San Carlos, CA 4
    • 4 beds 3 baths ∙ 2,359 Sqft ∙ Built 1981 4 beds 3 baths ∙ 2,359 Sqft ∙ Built 1981
    LEASED 02/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,350
    • $1.42
    •  
  • 6861 Hyde Park Dr. San Diego, CA 5
    • 4 beds 3 baths ∙ 2,271 Sqft ∙ Built 1978 4 beds 3 baths ∙ 2,271 Sqft ∙ Built 1978
    LEASED 01/09/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,700
    • $1.63
    •  
PROPERTY LISTING DETAILS
Daniel Buksa
1.619.368.8371
Mission Realty Group
1.866.250.5610
San Diego MLS ( SDMLS)
MLS #: 210005611
Last Updated: 03/04/2021
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