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924 Elm St San Carlos, CA 94070

3 Beds 2 Baths 1,780 sqft Built 1928

$1,998,000

List Price

$5,190

$4.9K - $5.4K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 1928
  • Price/Sqft : $1,122.47
  • 10 Days on Market
  • MLS # : ML81817351
  • Updated Date : 11/02/2020 at 08:22
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,780 sqft
  • Baths : 2 full
Listing Agent

Compass

Listing Agent's Description

Welcome to this elegant ranch style home ideally located in a sought after neighborhood of San Carlos. Originally built in 1928, it still features some of those charming details including a beamed ceiling in the living room with a wood burning fireplace, an arched entry to the dining area and custom painted paneled walls. The remodeled kitchen offers an island with breakfast bar, stainless steel appliances, double ovens, custom cabinetry and an open concept inviting you into the family room and leading you outside to the serene backyard with fruit trees. The 3 bedrooms and 2 bathrooms are conveniently located together on one side of the home. Enjoy the spacious open outdoor area provided by the gated driveway perfect for entertaining, BBQs, a children's play space or additional parking. Detached is a spacious 2-car garage including extra storage or a workshop area. This special home is just a few blocks to downtown Laurel Street's local shops & restaurants and to Burton Park.

SEE MORE

MARKET HIGHLIGHTS

  • San Jose metro has 67.6% labor force participation rate higher than the national rate 62.8% (USMayors.org, 2018)
  • San Jose metro's economy has been worth $282.2 billion in Gross Metro Product (GMP) in 2018 and is projected to grow to $298.6 billion in 2019. GMP measures the productivity of the metro. (USMayors.org, 2018)
  • San Jose metro employment growth has been at 2.2% in 2018 and predicted to grow at 1.9% in 2019 (USMayors.org, 2018)
  • San Jose metro contributes to 9% of California state's economy i.e. Gross State Product (USMayors.org, 2018)
  • Palo Alto, Redwood City, Mountain View and San Mateo together attracted around $11 billion in venture capital funding in 2019 making Silicon Valley still attractive to technology investments (Crunchbase News, 2020)

PRICE & RENT TRENDS

Neighborhood: Howard Park

NeighborhoodNIR Market*CityMarket2010Year20002019500k600k700k800k900k1000k1100k1200k1300k1400k1500k1600k1700k1800kPrice in $450k1852k

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

Neighborhood: Howard Park

NeighborhoodNIR Market*CityMarket2010Year2000 Q32019 Q22000250030003500400045005000Rent in $17255455

* 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
Central Middle School Primary Regular 687 31 10
Central Middle School Middle Regular 687 31 10
Sequoia High School High Regular 2,135 109 6

Central Middle School

  • Education Level: Primary
  • # of students: 687
  • # of teachers: 31
10
GreatSchools Rating

Central Middle School

  • Education Level: Middle
  • # of students: 687
  • # of teachers: 31
10
GreatSchools Rating

Sequoia High School

  • Education Level: High
  • # of students: 2,135
  • # of teachers: 109
6
GreatSchools Rating
 

$1,798,200$2,197,800$1,998,000

PURCHASE PRICE

$4,671$5,709$5,190

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $5,190
EXPENSES Loan Payment -$7,372
Property Tax -$2,153
Property Insurance -$70
Property Management Fees -$202
CASH FLOW
-$4,607

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$1,998,000

PROJECTED PRICE

$5,190

PROJECTED RENT

0.26%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.83%
Appreciation Year (1-5) 11.9%
Maintenance Year (1-5) 8.00%
Vacancy 5.92%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$1.0M$2.0M$3.0M$4.0M$5.0M$6.0M$7.0M

PROJECTED ANNUAL CASH FLOW

11530-$70k-$60k-$50k-$40k-$30k-$20k-$10k$0.0

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$1.0M$2.0M$3.0M$4.0M$5.0M$6.0M$7.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$535,220

INVESTMENT

$535,220

Down Payment
$499,500
Rehab Estimate
$5,750
Closing Costs
$29,970

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 100% down payment or higher enables the proceeds from the asset to cover all costs.

$7,372

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $499,500
Loan Amount $1,498,500
See What Happens When You Reinvest Cash Flow

-0.17

YEARS SAVED

-$207

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $5,190

    LIST RENT
  • $2.92

    LIST RENT PER SQFT
  • $5,385

    COMP ESTIMATED VALUE
  • $3.03

    COMP AVG. RENT PER SQFT
Comps Range
$4,950
1$4,9502$4,9953$5,1904$5,8005$5,800
$5,800
RENT COMPS ANALYSIS
  • 924 Elm St San Carlos, CA 3
    • 3 beds 2 baths ∙ 1,780 Sqft ∙ Built 1928 3 beds 2 baths ∙ 1,780 Sqft ∙ Built 1928
    • Rent
    • Rent Per SQFT
    •  
    • $5,190
    • $2.92
    •  
  • 1149 Woodland Ave San Carlos, CA 1
    • 3 beds 2 baths ∙ 1,640 Sqft ∙ Built 1941 3 beds 2 baths ∙ 1,640 Sqft ∙ Built 1941
    LEASED 10/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,950
    • $3.02
    •  
  • 1544 School St San Carlos, CA 2
    • 3 beds 2 baths ∙ 1,820 Sqft ∙ Built 1947 3 beds 2 baths ∙ 1,820 Sqft ∙ Built 1947
    LEASED 09/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,995
    • $2.74
    •  
  • 311 Fairfield Dr San Carlos, CA 4
    • 3 beds 2 baths ∙ 1,858 Sqft ∙ Built 1948 3 beds 2 baths ∙ 1,858 Sqft ∙ Built 1948
    LEASED 02/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $5,800
    • $3.12
    •  
  • 2000 Arroyo Ave San Carlos, CA 5
    • 4 beds 2 baths ∙ 1,800 Sqft ∙ Built 1946 4 beds 2 baths ∙ 1,800 Sqft ∙ Built 1946
    LEASED 09/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $5,800
    • $3.22
    •  
PROPERTY LISTING DETAILS
Naomi Gable
Compass
BESbswy