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Valuation Results for 938 Lighthouse Avenue Pacific Grove, CA

As of today, Saturday 09/21/2019 this property is estimated to lease for:

$4,135/month

Strategic Pricing Analysis: Although this property could lease for up to $6,203 per month in great condition, it's recommended to offer a lease rate in the mid-to-low range in order to attract the right tenant for your property. When doing so, we have historically found owners NET more monthly by attracting tenants that keep the property in better shape. Better tenants = lower variable expenses, lower management fees, less turnover and higher occupancy rates.

Here is how your rental value was determined:

Sales Analysis

Estimated sale value: $1,240,492
Value range: $1,116,443 - $1,389,351
Change in the last 30 days: $25,157
Estimate accuracy +/- 9.82%

Rental Analysis

Estimated rental rate: $4,135
Value range: $3,225 - $6,203
Rental rate change in the last 30 days: $128
Rent estimate accuracy +/- 24%

Property Details

Property Type: SingleFamily
Bedrooms: 3
Bathrooms: 2.0
Year Built: 1929
Building Sq. Ft.: 1621
Lot Sq. Ft.: 9800

Tax Year: 2019
Tax Assessed Value: $1,134,391
Last Sale Date: 12/02/2003
Last Sale Value: $890,000

Valuation Notes:

The above analysis is compiled with information gathered from Pacific Grove property tax records and public data. This property located at 938 Lighthouse Avenue Pacific Grove CA is estimated to have a sale value of $1,240,492 and could expect to lease for $4,135 per month in today's Pacific Grove real estate market.

Average Sale Value in Beach Tract/Fairway Homes: $

Investment Potential:
Assuming you paid cash, if you were to purchase this property at the current market value ($1,240,492) and rent it at the current estimated lease amount ($4,135), you would yield an expected 1.88% CAP rate (Annual Net Income / Current Market Value).

Estimated Annual Expenses

Management fees at 8% = $3,969.60
+ Property Taxes at 1.3% = $16,126.40
+ Property Insurance = $1,200.00
+ Other variable expenses = $5,000
Total Annual Expenses = $26,296.00

Annual Rent Collected = $49,620.00
- Total Annual Expenses = $26,296.00
Net Income After Expenses = $23,324.00
CAP Rate Range: 1.07% - 3.72%

If you were to purchase this property using financing at today's interest rates, you would deduct your annual mortgage expense from the calculation above to find your Net Income After Expenses. Assuming an interest rate of 4.25% with a 20% Downpayment, your estimated mortgage expense would be $42,177.00 per year OR $3,515.00 per month. This would bring your Net Income after Expenses to -$18,852.72.

Investment Advisor Tips: If this amount doesn't meet your investment requirements and equity analysis should be completed to determine appreciation over your term of ownership will off set or exceed your investment goals. Diversification of a real estate portfolio which allows for both Cash Flow and Equity based investments is recommended.

Data Accuracy: Without knowing the current interior condition of this property nor the quality of craftsmanship, the automated sales valuation accuracy for this property is +/- 9.82% and the estimated rent valuation is +/- 24%. To receive a more accurate property valuation report for your home, request a FREE Brokers Price Opinion from one of our Pacific Grove Real Estate experts.

Market Updates: The last time our valuation was updated for this property was on Saturday 09/21/2019.

This Automated Property Valuation Estimate and Investment Analysis was compiled using proprietary algorithm's and through utilization of the Zestimate.

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