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9685 Jimzel Rd La Mesa, CA 91942

3 Beds 2 Baths 1,750 sqft Built 1961

$584,900

List Price

$2,910

$2.7K - $3.2K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
December 04, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1961
  • Price/Sqft : $334.23
  • 3 Days on Market
  • MLS # : 200053279
  • Updated Date : 12/04/2020 at 22:43
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,750 sqft
  • Baths : 2 full
Listing Agent

Coldwell Banker West

Listing Agent's Description

Sweat Equity Galore!!!This home is located in a great Fletcher Hills/Grossmont neighborhood with tons of character and just waiting for a new owner to bring their touches to this wonderful home! This home screams Mid Century with the sunken fireplace, great use of natural light with large windows and a great floorplan to create the open concept. If you've been looking in Fletcher Hills/Grossmont but have been priced out...this is the home for you! You get to build the sweat equity...your way!

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Zip Code: 91942

ZipNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550kPrice in $198k594k

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

Zip Code: 91942

ZipNIR Market*CityMarket2010Year2000 Q42019 Q215001600170018001900200021002200230024002500260027002800Rent in $14692885

* 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
Northmont Elementary School Primary Regular 487 18 6
Parkway Middle School Middle Regular 737 26 7
Grossmont High School High Regular 2,394 92 7

Northmont Elementary School

  • Education Level: Primary
  • # of students: 487
  • # of teachers: 18
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
 

$526,410$643,390$584,900

PURCHASE PRICE

$2,619$3,201$2,910

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,910
EXPENSES Loan Payment -$2,158
Property Tax -$636
Property Insurance -$71
Property Management Fees -$129
CASH FLOW
-$84

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.

$584,900

PROJECTED PRICE

$2,910

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.42%
Appreciation Year (1-5) 7.2%
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$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$160,749

INVESTMENT

$160,749

Down Payment
$146,225
Rehab Estimate
$5,750
Closing Costs
$8,774

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$2,158

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $146,225
Loan Amount $438,675
See What Happens When You Reinvest Cash Flow

6.58

YEARS SAVED

$54,385

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
  • $3,141

    COMP ESTIMATED VALUE
  • $1.8

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$2,7503$3,000
$3,000
RENT COMPS ANALYSIS
  • 9685 Jimzel Rd La Mesa, CA 1
    • 3 beds 2 baths ∙ 1,750 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,750 Sqft ∙ Built 1961
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 8779 Van Horn La Mesa, CA 2
    • 3 beds 3 baths ∙ 1,485 Sqft ∙ Built 1975 3 beds 3 baths ∙ 1,485 Sqft ∙ Built 1975
    property image
    LEASED 06/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $1.85
    •  
  • 1159 Benjamin Pl El Cajon, CA 3
    • 4 beds 2 baths ∙ 1,722 Sqft ∙ Built 1967 4 beds 2 baths ∙ 1,722 Sqft ∙ Built 1967
    property image
    LEASED 02/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $1.74
    •  
PROPERTY LISTING DETAILS
Erik Weichelt
1.619.850.5358
Coldwell Banker West
BESbswy