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8617 Somerset Avenue San Diego, CA 92123

3 Beds 2 Baths 1,314 sqft Built 1961

$829,900

List Price

$2,640

$2.4K - $2.9K

Rent Est.

PROPERTY INFO

January 14, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1961
  • Price/Sqft : $631.58
  • 5 Days on Market
  • MLS # : 210001003
  • Updated Date : 01/14/2021 at 04:38
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,314 sqft
  • Baths : 2 full
Listing Agent

Alan J Yaghdjian

Listing Agent's Description

FULLY REMODELED 3 bed, 2 bath home on quiet street! Top to bottom, this home boasts NEW & CUSTOM finishes throughout! Enjoy the kitchen's upgraded appliances, backsplash, quartz counters & lighting; accent marble tiled bathrooms; new flooring & doors; interior & exterior paint; HVAC with NEST controller; LED lighting; garage door & motor; water heater; fans in each bedroom; professionally designed landscaping with sprinklers & is centrally located close to the 805, 163 & 8 freeways & Murray Ridge Park!

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: Serra Mesa

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600kPrice in $222k641k

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

Neighborhood: Serra Mesa

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q21600180020002200240026002800Rent in $14212982

* 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
Jones Elementary School Primary Regular 363 13 8
Taft Middle School Middle Regular 489 26 5
Kearney High School High Magnet 322 16 6

Jones Elementary School

  • Education Level: Primary
  • # of students: 363
  • # of teachers: 13
8
GreatSchools Rating

Taft Middle School

  • Education Level: Middle
  • # of students: 489
  • # of teachers: 26
5
GreatSchools Rating

Kearney High School

  • Education Level: High
  • # of students: 322
  • # of teachers: 16
6
GreatSchools Rating
 

$746,910$912,890$829,900

PURCHASE PRICE

$2,376$2,904$2,640

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,640
EXPENSES Loan Payment -$2,883
Property Tax -$806
Property Insurance -$60
Property Management Fees -$129
CASH FLOW
-$1,238

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.

$829,900

PROJECTED PRICE

$2,640

PROJECTED RENT

0.32%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.42%
Appreciation Year (1-5) 7.6%
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-$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$225,674

INVESTMENT

$225,674

Down Payment
$207,475
Rehab Estimate
$5,750
Closing Costs
$12,449

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,883

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $207,475
Loan Amount $622,425
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$306

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,640

    LIST RENT
  • $2.01

    LIST RENT PER SQFT
  • $2,687

    COMP ESTIMATED VALUE
  • $2.05

    COMP AVG. RENT PER SQFT
Comps Range
$2,640
1$2,6402$2,9003$3,495
$3,495
RENT COMPS ANALYSIS
  • 8617 Somerset Avenue San Diego, CA 1
    • 3 beds 2 baths ∙ 1,314 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,314 Sqft ∙ Built 1961
    • Rent
    • Rent Per SQFT
    •  
    • $2,640
    • $2.01
    •  
  • 8971 Earhart San Diego, CA 2
    • 4 beds 2 baths ∙ 1,497 Sqft ∙ Built 1958 4 beds 2 baths ∙ 1,497 Sqft ∙ Built 1958
    LEASED 03/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $1.94
    •  
  • 9141 Ronda Avenue San Diego, CA 3
    • 3 beds 3 baths ∙ 1,626 Sqft ∙ Built 1960 3 beds 3 baths ∙ 1,626 Sqft ∙ Built 1960
    LEASED 11/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,495
    • $2.15
    •  
PROPERTY LISTING DETAILS
Joanne Yaghdjian
1.858.414.8202
Alan J Yaghdjian
BESbswy