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- Dealsletter Issue #27: California Real Estate Opportunities: House Hacks and Multi-Family Investments
Dealsletter Issue #27: California Real Estate Opportunities: House Hacks and Multi-Family Investments
Explore Unique House Hacks and Investment Properties Across California!
Kevin
August 28, 2024
In partnership with
Hello Investors,
Welcome to Dealsletter Issue #27! We're testing the waters with three issues per week—let us know what you think. More exciting things are on the way too. Check it out below!
This week, we are diving into some exciting real estate opportunities across California. Whether you are a first-time investor or a seasoned pro, these deals are sure to catch your eye. We have a diverse range of properties lined up, from multi-family investments in Oakland and San Leandro to a prime house hack opportunity in La Mesa. As always, we crunch the numbers, so you don't have to.
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🚨 Note on Numbers: All calculations for investment properties are based on a 25% down payment and a current interest rate of 6.5%, unless otherwise stated. For house hacks, we assume a 5% down payment with PMI at 0.4% and a 6.44% interest rate. We do the math so you can focus on what matters – the deals!
👉🏼 Stay up to date: What’s the latest on mortgage rates?
📈 The Stats: Each listing comes with detailed investment metrics like cap rates, GRM, and special financing options where available.
This Weeks Deals 🏘️
Multi-Family in Oakland, CA
Property: 35th Ave, 7 Units
Cap Rate: 7.18%
Multi-Family in San Leandro, CA
Property: Eligin St, 5 Units
Cap Rate: 6.29%
House Hack / Multi-Family in La Mesa, CA
Property: Horton Dr, 3 Units
Cap Rate: 7.4%
Multi-Family
Property: 2112 35th Ave, Oakland, CA
Price: $1,295,000
Units: 7 (3 x 2 Bed/1 Bath, 4 x 1 Bed/1 Bath)
Cap Rate: 7.18%
GRM: 9.46
Why this is a good investment 👉🏼 : The property at 711 61st Street is an awesome multifamily investment. It's got a huge lot size of 15,799 square feet and a bunch of renovated units that can start bringing in rental income right away. With 13 parking spaces and onsite laundry, tenants will have all the conveniences they need. Plus, it's located in the up-and-coming Encanto neighborhood, so you can count on both current value and future appreciation.
The Stats 📝
Cap Rate: 7.18%
Monthly Revenue (Pro Forma): $16,496
Total Annual Operating Expenses: $48,000
Annual NOI: $95,100
Cash Flow: Strong
Cash on Cash Return: 8.2%
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Multi-Family
Property: 1310 Elgin St, San Leandro, CA
Price: $1,624,800
Units: 5 (4 x 2 Bed/1 Bath, 1 x 2 Bed/1 Bath House)
Cap Rate: 6.29%
Why this is a good investment 👉🏼 : A rare opportunity to own a unique 5-unit property on a large, city farm-like lot in San Leandro. This property is perfect for both investors and partial owner-occupants. The potential for an additional ADU on the expansive 22,651 sq ft lot adds extra value. All units will be vacant by the end of August, allowing new owners to secure fair market rents immediately. The combination of a house, multiple units, and ample outdoor space makes this property versatile and attractive.
The Stats 📝
Cap Rate: 6.29%
Monthly Revenue (Pro Forma): $11,250
Operating Expenses: $3,000/mo
NOI: $75,000
Cash Flow: Moderate
Cash on Cash Return: 5.5%
House Hack or Multi-Family
Property: 6197-99 Horton Dr, La Mesa, CA
Price: $1,450,000
Units: 3 (Each Unit: 2 Bed/1 Bath)
Cap Rate: 3.70%
GRM: 17.5
Why this is a good investment 👉🏼 : This newly renovated triplex in La Mesa is an ideal choice for both house hackers and investors. With three fully updated 2-bedroom, 1-bath units, this property offers modern amenities, including laminate plank floors, stainless steel appliances, recessed lighting, and tankless water heaters. Live in one unit and rent out the others, or rent out all three for a steady income. Located near parks, schools, and downtown La Mesa, this property is perfectly positioned for both convenience and growth.
The Stats (House Hack, 5% Down) 📝
Gross Rent: $6,400/mo (for 2 units filled)
Vacancy Allowance: $640/mo (10% of rent)
Operating Income: $5,760/mo
Operating Expenses: $1,342/mo
Net Operating Income (NOI): $4,418/mo
Loan Payments (Mortgage): $9,112/mo
Effective Mortgage: $4,693/mo
The Stats (Fully Rented, 25% Down) 📝
Monthly Revenue: $9,600/mo
Operating Expenses: $3,400/mo
NOI: $74,400
Cap Rate: 5.1%
Cash Flow: Strong
What’s Brewing at Dealsletter ☕️
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Until next time,
The Dealsletter Team