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7342 Canton Dr Lemon Grove, CA 91945

3 Beds 2 Baths 1,843 sqft Built 1958

INVESTimate

$499,999

List Price

$3,650

$3,400 - $3,900

Rent Est.

$535,299  ( +7.06%)   1 YR EST. FORECAST

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
FACTS
  • Built In 1958
  • Price/Sqft : $271.30
  • 26 Days on Market
  • MLS # : 200036697
  • Updated Date : 08/24/2020 at 00:38
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,843 sqft
  • Baths : 2 full
Listing Agent

24/7 Realty Inc

Listing Agent's Description

Welcome to this Charming 3 bedroom 2 full bath adorable home! Upgraded kitchen with stainless steel appliances. Beautiful exposed beam ceilings in the living room and family room. Master bedroom is large with it’s own door to the back patio. Oversized 2 car garage. House had stucco and Tex-Cote for energy efficiency installed two weeks ago. Windows and slider doors replaced to energy efficient and PAID SOLAR!! that is 2 years old!! ALL paid in full, no lease/HERO/PACE loan.

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MARKET HIGHLIGHTS

  • 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)
  • 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]

PRICE & RENT TRENDS

Neighborhood: Lemon Grove

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550kPrice in $187k594k

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

Neighborhood: Lemon Grove

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q214001600180020002200240026002800Rent in $12812885

* 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
Monterey Heights Elementary School Primary Regular 464 18 4
Monterey Heights Elementary School Middle Regular 464 18 4
Mount Miguel High School High Regular 1,483 68 4

Monterey Heights Elementary School

  • Education Level: Primary
  • # of students: 464
  • # of teachers: 18
4
GreatSchools Rating

Monterey Heights Elementary School

  • Education Level: Middle
  • # of students: 464
  • # of teachers: 18
4
GreatSchools Rating

Mount Miguel High School

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

$449,999$549,999$499,999

PURCHASE PRICE

$3,285$4,015$3,650

RENT

DOWN PAYMENT
FINANCING

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$10k$20k$30k$40k$50k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,650
EXPENSES Loan Payment -$1,845
Property Tax -$585
Property Insurance -$74
Property Management Fees -$129
CASH FLOW
$1,017

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 12% of earned rent to cover both maintenance and periods of vacancy.

$499,999

PROJECTED PRICE

$3,650

PROJECTED RENT

0.73%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.15%
Appreciation Year (1-5) 7.06%
Maintenance Year (1-5) 8.00%
Vacancy 4.16%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$138,250

INVESTMENT

$138,250

Down Payment
$125,000
Rehab Estimate
$5,750
Closing Costs
$7,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$1,845

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $125,000
Loan Amount $374,999
See What Happens When You Reinvest Cash Flow

16.08

YEARS SAVED

$154,603

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
  • $4,939

    COMP ESTIMATED VALUE
  • $2.68

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$4,000
$4,000
RENT COMPS ANALYSIS
  • 7342 Canton Dr Lemon Grove, 1
    • 3 beds 2 baths ∙ 1,843 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,843 Sqft ∙ Built 1958
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 8871 Kelburn Ave Spring Valley, 2
    • 4 beds 3 baths ∙ 1,495 Sqft ∙ Built 1960 4 beds 3 baths ∙ 1,495 Sqft ∙ Built 1960
    LEASED 02/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,000
    • $2.68
    •  
PROPERTY LISTING DETAILS
Heather Wedmore
1.951.733.0017
24/7 Realty Inc
BESbswy