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108 E Spruce Street Ontario, CA 91761

4 Beds 2 Baths 1,236 sqft Built 1974

$549,990

List Price

$2,010

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1974
  • Price/Sqft : $444.98
  • 3 Days on Market
  • MLS # : 532851
  • Updated Date : 03/05/2021 at 19:52
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,236 sqft
  • Baths : 2 full
Listing Agent

Re/max Freedom

Listing Agent's Description

POOL!POOL!POOL!POOL! Located in the heart of Ontario. Newer CENTRAL A/C AND HEATER. 4 bedrooms, Pool with a patio. Plenty of concrete through out. Same owner since 1993. Home is ready for your personal touches. Association Amenities: None # of RV Spaces: 0NONE Lot Location Type: Standard Location Special Features: Cable TV # of Attached Spaces: 2 # of Detached Spaces: 0

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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

Neighborhood: Ontario

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $116k477k

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

Neighborhood: Ontario

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2100011001200130014001500160017001800190020002100Rent in $9112126

* 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
De Anza Middle School Middle Regular 579 27 3
Ontario High School High Regular 2,549 102 6

De Anza Middle School

  • Education Level: Middle
  • # of students: 579
  • # of teachers: 27
3
GreatSchools Rating

Ontario High School

  • Education Level: High
  • # of students: 2,549
  • # of teachers: 102
6
GreatSchools Rating
 

$494,991$604,989$549,990

PURCHASE PRICE

$1,809$2,211$2,010

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,010
EXPENSES Loan Payment -$1,910
Property Tax -$506
Property Insurance -$57
Property Management Fees -$119
CASH FLOW
-$582

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.

$549,990

PROJECTED PRICE

$2,010

PROJECTED RENT

0.37%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 8.1%
Maintenance Year (1-5) 8.00%
Vacancy 5.41%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k$10k

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$151,497

INVESTMENT

$151,497

Down Payment
$137,498
Rehab Estimate
$5,750
Closing Costs
$8,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$1,910

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $137,498
Loan Amount $412,493
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$1,230

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,010

    LIST RENT
  • $1.63

    LIST RENT PER SQFT
  • $1,876

    COMP ESTIMATED VALUE
  • $1.52

    COMP AVG. RENT PER SQFT
Comps Range
$2,000
1$2,0002$2,0103$2,0504$2,2955$2,300
$2,300
RENT COMPS ANALYSIS
  • 108 E Spruce Street Ontario, CA 2
    • 4 beds 2 baths ∙ 1,236 Sqft ∙ Built 1974 4 beds 2 baths ∙ 1,236 Sqft ∙ Built 1974
    • Rent
    • Rent Per SQFT
    •  
    • $2,010
    • $1.63
    •  
  • 1128 Pinewood Lane Ontario, CA 1
    • 3 beds 3 baths ∙ 1,346 Sqft ∙ Built 1981 3 beds 3 baths ∙ 1,346 Sqft ∙ Built 1981
    LEASED 12/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.49
    •  
  • 2237 S Fern Avenue Ontario, CA 3
    • 3 beds 3 baths ∙ 1,399 Sqft ∙ Built 1984 3 beds 3 baths ∙ 1,399 Sqft ∙ Built 1984
    LEASED 12/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $1.47
    •  
  • 2111 Caldwell Place Ontario, CA 4
    • 4 beds 2 baths ∙ 1,426 Sqft ∙ Built 1977 4 beds 2 baths ∙ 1,426 Sqft ∙ Built 1977
    LEASED 01/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $1.61
    •  
  • 228 E Banyan Street Ontario, CA 5
    • 4 beds 2 baths ∙ 1,538 Sqft ∙ Built 1978 4 beds 2 baths ∙ 1,538 Sqft ∙ Built 1978
    LEASED 11/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.50
    •  
PROPERTY LISTING DETAILS
Osbaldo Jauregui
Re/max Freedom
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 532851
Last Updated: 03/05/2021
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