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996 Goldfinch Way San Marcos, CA 92078

3 Beds 2 Baths 1,400 sqft Built 1977

$650,000

List Price

$3,050

$2.8K - $3.3K

Rent Est.

PROPERTY INFO

December 25, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1977
  • Price/Sqft : $464.29
  • 3 Days on Market
  • MLS # : 200054580
  • Updated Date : 12/25/2020 at 15:25
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,400 sqft
  • Baths : 2 full
Listing Agent

The Broker Network

Listing Agent's Description

Perfectly upgraded SOLAR Property in the highly sought after Lake San Marcos area with GREAT schools. The perfect home showcases many upgrades to include the kitchen, appliances, flooring, paint, bathrooms, landscaping and more! Great family home with 3 Bedrooms and 2 Bathrooms and SOLAR that is paid! This is the best priced detached home in all of 92078!! Start the New Year off right in this beautiful home!!

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MARKET HIGHLIGHTS

  • 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.
  • 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]

PRICE & RENT TRENDS

Neighborhood: San Marcos

ZipNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600kPrice in $223k636k

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

Neighborhood: San Marcos

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q22000250030003500400045005000Rent in $15145208

* 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
Discovery Elementary School Primary Regular 982 37 8
San Elijo Middle School Middle Regular 1,850 61 9
San Marcos High School High Regular 2,776 101 9

Discovery Elementary School

  • Education Level: Primary
  • # of students: 982
  • # of teachers: 37
8
GreatSchools Rating

San Elijo Middle School

  • Education Level: Middle
  • # of students: 1,850
  • # of teachers: 61
9
GreatSchools Rating

San Marcos High School

  • Education Level: High
  • # of students: 2,776
  • # of teachers: 101
9
GreatSchools Rating
 

$585,000$715,000$650,000

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 -$2,398
Property Tax -$596
Property Insurance -$62
HOA -$100
Property Management Fees -$129
CASH FLOW
-$235

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.

$650,000

PROJECTED PRICE

$3,050

PROJECTED RENT

0.47%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.42%
Appreciation Year (1-5) 5.6%
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

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$178,000

INVESTMENT

$178,000

Down Payment
$162,500
Rehab Estimate
$5,750
Closing Costs
$9,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,398

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $162,500
Loan Amount $487,500
See What Happens When You Reinvest Cash Flow

5.5

YEARS SAVED

$44,968

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
  • $3,101

    COMP ESTIMATED VALUE
  • $2.22

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$2,4003$2,695
$2,695
RENT COMPS ANALYSIS
  • 996 Goldfinch Way San Marcos, CA 1
    • 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1977
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 573 Beverly Pl. San Marcos, CA 2
    • 3 beds 2 baths ∙ 1,082 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,082 Sqft ∙ Built 1980
    LEASED 03/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $2.22
    •  
  • 1510 Calle Devanar San Marcos, CA 3
    • 3 beds 2 baths ∙ 1,222 Sqft ∙ Built 1989 3 beds 2 baths ∙ 1,222 Sqft ∙ Built 1989
    LEASED 11/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,695
    • $2.21
    •  
PROPERTY LISTING DETAILS
Christopher Sayegh
1.760.270.3131
The Broker Network
BESbswy