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8384 El Paso St La Mesa, CA 91942

4 Beds 2 Baths 1,683 sqft Built 1962

$639,900

List Price

$3,330

$3.1K - $3.6K

Rent Est.

PROPERTY INFO

December 18, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1962
  • Price/Sqft : $380.21
  • 3 Days on Market
  • MLS # : 200054275
  • Updated Date : 12/18/2020 at 22:57
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,683 sqft
  • Baths : 2 full
Listing Agent

Compass

Listing Agent's Description

Nestled in the heart of La Mesa sits this charming single-story home with fully pre-paid Solar. The spacious open floor plan has high ceilings and a kitchen that features plenty of storage, breakfast bar, and granite countertops. Sliding glass door from family room opens to private patio and sizable backyard. Fully fenced, large backyard is a blank canvas waiting to become your outdoor sanctuary. The sellers have replaced the gutters, roof, electrical to 200 amp, and all windows to double pane. Other...

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MARKET HIGHLIGHTS

  • 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)
  • 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)

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
Murray Manor Elementary School Primary Regular 786 26 6
Parkway Middle School Middle Regular 737 26 7
Grossmont High School High Regular 2,394 92 7

Murray Manor Elementary School

  • Education Level: Primary
  • # of students: 786
  • # of teachers: 26
6
GreatSchools Rating

Parkway Middle School

  • Education Level: Middle
  • # of students: 737
  • # of teachers: 26
7
GreatSchools Rating

Grossmont High School

  • Education Level: High
  • # of students: 2,394
  • # of teachers: 92
7
GreatSchools Rating
 

$575,910$703,890$639,900

PURCHASE PRICE

$2,997$3,663$3,330

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,330
EXPENSES Loan Payment -$2,361
Property Tax -$659
Property Insurance -$70
Property Management Fees -$129
CASH FLOW
$111

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.

$639,900

PROJECTED PRICE

$3,330

PROJECTED RENT

0.52%

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

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k$25k$30k$35k$40k

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$175,324

INVESTMENT

$175,324

Down Payment
$159,975
Rehab Estimate
$5,750
Closing Costs
$9,599

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$2,361

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $159,975
Loan Amount $479,925
See What Happens When You Reinvest Cash Flow

8.5

YEARS SAVED

$85,224

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,330

    LIST RENT
  • $1.98

    LIST RENT PER SQFT
  • COMP ESTIMATED VALUE
  • COMP AVG. RENT PER SQFT
Comps Range
$3,330
1$3,330
$3,330
RENT COMPS ANALYSIS
  • 8384 El Paso St La Mesa, CA
    • 4 beds 2 baths ∙ 1,683 Sqft ∙ Built 1962 4 beds 2 baths ∙ 1,683 Sqft ∙ Built 1962
    • Rent
    • Rent Per SQFT
    •  
    • $3,330
    • $1.98
    •  
PROPERTY LISTING DETAILS
Richard Elias
1.619.562.6800
Compass
BESbswy