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8848 Madison Ave La Mesa, CA 91941

3 Beds 2 Baths 1,507 sqft Built 1941

$700,000

List Price

$3,050

$2.8K - $3.3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 24, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1941
  • Price/Sqft : $464.50
  • 5 Days on Market
  • MLS # : 210004758
  • Updated Date : 02/27/2021 at 04:37
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,507 sqft
  • Baths : 2 full
Listing Agent

Compass

Listing Agent's Description

Charming, turn-key, highly desired 1941 custom craftsman home in La Mesa! Just a short walk to Lemon Elementary, the Village for Saturday morning coffee at Sheldon’s, craft beer at Curbside, dining at Farmer’s Table, or just shopping at the weekly farmer’s market for fresh produce. This home boasts original hardwood floors in living room, dining room, & bedrooms. Large Bay windows with tons of natural lighting including 2 custom stained glass windows. Huge shaded secure backyard that is ideal for your pets and entertaining guests... plus alley access! BONUS: Master bedroom has 2nd kitchen for optional rental.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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.

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
La Mesa Middle School Middle Regular 950 34 7
Grossmont High School High Regular 2,394 92 7
Grossmont High School High Unknown NA

La Mesa Middle School

  • Education Level: Middle
  • # of students: 950
  • # of teachers: 34
7
GreatSchools Rating

Grossmont High School

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

Grossmont High School

  • Education Level: High
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$630,000$770,000$700,000

PURCHASE PRICE

$2,745$3,355$3,050

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,050
EXPENSES Loan Payment -$2,431
Property Tax -$721
Property Insurance -$65
Property Management Fees -$129
CASH FLOW
-$297

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.

$700,000

PROJECTED PRICE

$3,050

PROJECTED RENT

0.44%

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$30k

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$191,250

INVESTMENT

$191,250

Down Payment
$175,000
Rehab Estimate
$5,750
Closing Costs
$10,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,431

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $175,000
Loan Amount $525,000
See What Happens When You Reinvest Cash Flow

4.83

YEARS SAVED

$34,473

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
  • $3,330

    COMP ESTIMATED VALUE
  • $2.21

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$3,0003$3,4954$3,895
$3,895
RENT COMPS ANALYSIS
  • 8848 Madison Ave La Mesa, CA 1
    • 3 beds 2 baths ∙ 1,507 Sqft ∙ Built 1941 3 beds 2 baths ∙ 1,507 Sqft ∙ Built 1941
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 7685 Torrem St La Mesa, CA 2
    • 3 beds 2 baths ∙ 1,248 Sqft ∙ Built 1960 3 beds 2 baths ∙ 1,248 Sqft ∙ Built 1960
    LEASED 12/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $2.40
    •  
  • 4530 Troy La Mesa, CA 3
    • 3 beds 3 baths ∙ 1,716 Sqft ∙ Built 1924 3 beds 3 baths ∙ 1,716 Sqft ∙ Built 1924
    LEASED 04/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,495
    • $2.04
    •  
  • 6122 Nagel St La Mesa, CA 4
    • 4 beds 2 baths ∙ 1,776 Sqft ∙ Built 1953 4 beds 2 baths ∙ 1,776 Sqft ∙ Built 1953
    LEASED 08/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,895
    • $2.19
    •  
PROPERTY LISTING DETAILS
Joe Omeara
1.619.925.1972
Compass
1.866.250.5610
San Diego MLS ( SDMLS)
MLS #: 210004758
Last Updated: 02/27/2021
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