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747 Lyndon St Monterey, CA 93940

3 Beds 3 Baths 1,534 sqft Built 1961

$975,000

List Price

$3,480

$3.2K - $3.7K

Rent Est.

PROPERTY INFO

November 25, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1961
  • Price/Sqft : $635.59
  • 5 Days on Market
  • MLS # : ML81820899
  • Updated Date : 11/25/2020 at 12:29
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,534 sqft
  • Baths : 2 full , 1 half
Listing Agent

Sotheby's Int'l Realty-rancho

Listing Agent's Description

Located just minutes to Cannery Row and the Monterey Bay, this warm and inviting single level home offers over 1,500 sq. ft. of living space that makes sense. You may find yourself spending hours on end with a cup of coffee or glass of wine enjoying captivating views of the ocean and the setting sun over the Pacific, cooking delectable meals in the gourmet kitchen or relaxing throughout the day on the sun-drenched back patio. Additional features include open floor plan living with three bedrooms and two and a half baths, wood floors, a separate office/study that could easily be converted to a fourth bedroom and easy access to the back patio area where friends and family can gather and socialize safely. Great location near world famous aquarium and golf courses, award winning restaurants and wineries, hiking and recreation trails and beaches.

SEE MORE

MARKET HIGHLIGHTS

  • North Central Coast, CA area has 62.2% labor force participation rate; within this area, Salinas, CA metro has 62.5% and Santa Cruz-Watsonville, CA metro has 61.8% labor force participation rate (USMayors.org, 2018)
  • Santa Cruz is the headquarters to technology companies: Looker.com, Plantronics, FileOpen and major university system - University of California, Santa Cruz (Santa Cruz Economic Development, 2019)
  • Santa Cruz is the 6th best city for future job growth (Forbes, 2019)
  • North Central Coast, CA area contributes to 10.2% of California state economy i.e. Gross State Product (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: New Monterey

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $245k857k

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

Neighborhood: New Monterey

NeighborhoodNIR Market*CityMarket2015Year20132019 Q220002200240026002800300032003400Rent in $18063467

* 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
Monte Vista Elementary School Primary Regular 349 15 6
Walter Colton Middle School Middle Regular 724 35 2
Monterey High School High Regular 1,246 60 7

Monte Vista Elementary School

  • Education Level: Primary
  • # of students: 349
  • # of teachers: 15
6
GreatSchools Rating

Walter Colton Middle School

  • Education Level: Middle
  • # of students: 724
  • # of teachers: 35
2
GreatSchools Rating

Monterey High School

  • Education Level: High
  • # of students: 1,246
  • # of teachers: 60
7
GreatSchools Rating
 

$877,500$1,072,500$975,000

PURCHASE PRICE

$3,132$3,828$3,480

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,480
EXPENSES Loan Payment -$3,597
Property Tax -$909
Property Insurance -$63
Property Management Fees -$136
CASH FLOW
-$1,226

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.

$975,000

PROJECTED PRICE

$3,480

PROJECTED RENT

0.36%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.50%
Appreciation Year (1-5) 4.1%
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-$25k-$20k-$15k-$10k-$5.0k$0.0$5.0k

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$264,125

INVESTMENT

$264,125

Down Payment
$243,750
Rehab Estimate
$5,750
Closing Costs
$14,625

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,597

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $243,750
Loan Amount $731,250
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$335

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,480

    LIST RENT
  • $2.27

    LIST RENT PER SQFT
  • $3,728

    COMP ESTIMATED VALUE
  • $2.43

    COMP AVG. RENT PER SQFT
Comps Range
$3,350
1$3,3502$3,4803$3,500
$3,500
RENT COMPS ANALYSIS
  • 747 Lyndon St Monterey, CA 2
    • 3 beds 3 baths ∙ 1,534 Sqft ∙ Built 1961 3 beds 3 baths ∙ 1,534 Sqft ∙ Built 1961
    • Rent
    • Rent Per SQFT
    •  
    • $3,480
    • $2.27
    •  
  • 680 Scott St Monterey, CA 1
    • 3 beds 2 baths ∙ 1,451 Sqft ∙ Built 1943 3 beds 2 baths ∙ 1,451 Sqft ∙ Built 1943
    LEASED 11/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,350
    • $2.31
    •  
  • 1060 Roosevelt St Monterey, CA 3
    • 3 beds 2 baths ∙ 1,375 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,375 Sqft ∙ Built 1958
    LEASED 11/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $2.55
    •  
PROPERTY LISTING DETAILS
Mike Jashinski
Sotheby's Int'l Realty-rancho
BESbswy