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1047 Patrick Street Upland, CA 91784

5 Beds 2 Baths 2,213 sqft Built 1969

$830,000

List Price

$2,800

$2.6K - $3.1K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
FACTS
  • Single Family
  • Built In 1969
  • Price/Sqft : $375.06
  • 16 Days on Market
  • MLS # : CV21140628
  • Updated Date : 07/12/2021 at 14:23
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,213 sqft
  • Baths : 2 full
Listing Agent

Re/max Masters Realty

Listing Agent's Description

Beautiful and well loved, this perfect 5 Bedroom, 3 Bath pool home sits on a large lot in the lovely community of Upland. This home has the ideal floorplan to meet today's lifestyle needs! The large "Granny suite", with private bath and it's own separate entrance from the front courtyard is ideal for a home office, home schooling area, rec room, or actual bedroom suite. Double door entry leads to a formal living room featuring a beautiful fireplace, vaulted ceilings and large windows that provide lots of natural light and look out to the sparking pool. The updated kitchen has a huge amount of cabinet and storage space, granite counter tops, counter bar and in-kitchen eating. The kitchen is open to the family room area, that has leaded glass custom windows, and bonus area that could be used as additional dining space, or game or desk area. Dual pane windows, ceiling fans and recessed lighting throughout. Down the hallway are the four additional bedrooms, including the master bedroom with a sliding door that leads to a private enclosed patio. The master bathroom has been remodeled with designer shower tile and beautiful custom glass door, and the full hallway bath has also been recently remodeled. The laundry room leads to the attached two car garage. Two driveways afford plenty of parking, and room for RV parking or additional storage on the side of the house. Spacious backyard with replastered pool and built in BBQ makes for wonderful summer entertaining. Don't miss this one, it'll go fast!!

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MARKET HIGHLIGHTS

  • 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)
  • Southern California's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (USMayors.org, 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)
  • 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]
  • Los Angeles has been awarded the 2028 Olympics under a funding commitment of $88 billion to upgrade the transportation infrastructure connecting disparate pockets of the metro area. This is expected to produce additional employment in the coming years. (BCG, 2018)
  • As part of Southern California area, Inland Empire market inherits all the benefits from the area.
  • 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 area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: Upland

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $143k642k

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

Neighborhood: Upland

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q21200140016001800200022002400Rent in $10822575

* 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
Pioneer Junior High School Middle Regular 928 37 9
Upland High School High Regular 3,456 137 7

Pioneer Junior High School

  • Education Level: Middle
  • # of students: 928
  • # of teachers: 37
9
GreatSchools Rating

Upland High School

  • Education Level: High
  • # of students: 3,456
  • # of teachers: 137
7
GreatSchools Rating
 

$747,000$913,000$830,000

PURCHASE PRICE

$2,520$3,080$2,800

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,800
EXPENSES Loan Payment -$2,883
Property Tax -$775
Property Insurance -$81
Property Management Fees -$165
CASH FLOW
-$1,103

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.

$830,000

PROJECTED PRICE

$2,800

PROJECTED RENT

0.34%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 6.1%
Maintenance Year (1-5) 8.00%
Vacancy 5.43%
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-$20k-$15k-$10k-$5.0k$0.0$5.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$225,700

INVESTMENT

$225,700

Down Payment
$207,500
Rehab Estimate
$5,750
Closing Costs
$12,450

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$2,883

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $207,500
Loan Amount $622,500
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$216

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,800

    LIST RENT
  • $1.27

    LIST RENT PER SQFT
  • $2,971

    COMP ESTIMATED VALUE
  • $1.34

    COMP AVG. RENT PER SQFT
Comps Range
$2,800
1$2,8002$2,8503$2,9254$2,9505$3,395
$3,395
RENT COMPS ANALYSIS
  • 1047 Patrick Street Upland, CA 1
    • 5 beds 2 baths ∙ 2,213 Sqft ∙ Built 1969 5 beds 2 baths ∙ 2,213 Sqft ∙ Built 1969
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.27
    •  
  • 1228 Diana Court Upland, CA 2
    • 4 beds 2 baths ∙ 2,030 Sqft ∙ Built 1977 4 beds 2 baths ∙ 2,030 Sqft ∙ Built 1977
    LEASED 04/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,850
    • $1.40
    •  
  • 1845 Mulberry Way Upland, CA 3
    • 4 beds 3 baths ∙ 2,262 Sqft ∙ Built 1975 4 beds 3 baths ∙ 2,262 Sqft ∙ Built 1975
    LEASED 12/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,925
    • $1.29
    •  
  • 904 W 20th Street W Upland, CA 4
    • 4 beds 2 baths ∙ 2,200 Sqft ∙ Built 1981 4 beds 2 baths ∙ 2,200 Sqft ∙ Built 1981
    LEASED 09/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $1.34
    •  
  • 1227 Jacaranda Place Upland, CA 5
    • 4 beds 3 baths ∙ 2,542 Sqft ∙ Built 1989 4 beds 3 baths ∙ 2,542 Sqft ∙ Built 1989
    LEASED 06/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,395
    • $1.34
    •  
PROPERTY LISTING DETAILS
Jaie Valdivia
Re/max Masters Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV21140628
Last Updated: 07/12/2021
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