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8411 Midland St La Mesa, CA 91942

3 Beds 2 Baths 1,331 sqft Built 1957

$625,000

List Price

$2,860

$2.6K - $3.1K

Rent Est.

PROPERTY INFO

December 03, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1957
  • Price/Sqft : $469.57
  • 4 Days on Market
  • MLS # : 200053089
  • Updated Date : 12/03/2020 at 16:57
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,331 sqft
  • Baths : 2 full
Listing Agent

Pacific Sotheby's Int'l Realty

Listing Agent's Description

Highland Village’s finest! This single story, 3bed, 2bath home comes with a pool & located on a quiet street in one of the most desirable neighborhoods of La Mesa. The backyard oasis features a custom built pergola & sparkling pool for those warm summer days/nights. Lg kitchen & dining area, perfect for entertaining. Additional features include a newly remodeled bathroom, upgraded flooring throughout & freshly landscaped front yard. Pride of ownership over the last 30+ years! Excellent La Mesa-SV schools!

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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
 

$562,500$687,500$625,000

PURCHASE PRICE

$2,574$3,146$2,860

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,860
EXPENSES Loan Payment -$2,306
Property Tax -$672
Property Insurance -$61
Property Management Fees -$129
CASH FLOW
-$307

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.

$625,000

PROJECTED PRICE

$2,860

PROJECTED RENT

0.46%

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$171,375

INVESTMENT

$171,375

Down Payment
$156,250
Rehab Estimate
$5,750
Closing Costs
$9,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$2,306

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $156,250
Loan Amount $468,750
See What Happens When You Reinvest Cash Flow

4.58

YEARS SAVED

$34,832

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
  • $3,135

    COMP ESTIMATED VALUE
  • $2.36

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$2,5003$3,3504$3,4995$3,695
$3,695
RENT COMPS ANALYSIS
  • 8411 Midland St La Mesa, CA 1
    • 3 beds 2 baths ∙ 1,331 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,331 Sqft ∙ Built 1957
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 6230 Lake Ariana Ave San Diego, CA 2
    • 3 beds 2 baths ∙ 1,098 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,098 Sqft ∙ Built 1959
    LEASED 10/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $2.28
    •  
  • 5925 Noraak Court La Mesa, CA 3
    • 4 beds 2 baths ∙ 1,422 Sqft ∙ Built 1960 4 beds 2 baths ∙ 1,422 Sqft ∙ Built 1960
    LEASED 09/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,350
    • $2.36
    •  
  • 8418 Denton St La Mesa, CA 4
    • 4 beds 2 baths ∙ 1,500 Sqft ∙ Built 1953 4 beds 2 baths ∙ 1,500 Sqft ∙ Built 1953
    LEASED 03/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,499
    • $2.33
    •  
  • 6368 Lake Badin Avenue San Diego, CA 5
    • 3 beds 2 baths ∙ 1,507 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,507 Sqft ∙ Built 1961
    LEASED 09/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,695
    • $2.45
    •  
PROPERTY LISTING DETAILS
Matt Mcginnis
1.619.549.3106
Pacific Sotheby's Int'l Realty
BESbswy