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1140 N Granite Avenue Ontario, CA 91762

3 Beds 2 Baths 1,383 sqft Built 1970

$449,000

List Price

$2,240

$2K - $2.5K

Rent Est.

PROPERTY INFO

November 04, 2020 RECENTLY ADDED
FACTS
  • Built In 1970
  • Price/Sqft : $324.66
  • 6 Days on Market
  • MLS # : PW20230023
  • Updated Date : 11/06/2020 at 15:19
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,383 sqft
  • Baths : 2 full
Listing Agent

First Team Real Estate

Listing Agent's Description

JUST IN TIME FOR THE COLD WINTER DAYS AND HOLIDAY FAMILY GATHERINGS... As you walk in a few steps you will find a large Carpeted Living Room with an oversized Bay Window and a cozy Fireplace... In the open kitchen, which provides plenty of natural light there is recessed lighting where you will enjoy beautiful, peaceful views... In the kitchen you will also find enough cabinets, counter tops and a large pantry to make your cooking a pleasant experience. Also, in kitchen there is a Breakfast Nook for added eating or cooking areas... Laminate flooring has been installed throughout most of the home, except in the Master Bedroom and Living Room. Master bedroom has his and hers closets... In the Master Bathroom there is a walk-in shower-- Hallway Bathroom has a Bathtub... The dining room boasts a quality wood French Patio Door which leads into a private backyard that is surrounded by a solid cinder block wall, where you'll also find a nice water fountain that creates serenity... A newer A/C unit was installed 2012 and a New water heater in 2018. Among the fruit trees in the backyard you will find a white peach and an orange tree...This home is located in a desired area of North Ontario, near 10 Freeway, Montclair Plaza and other shopping areas within walking distance. DON'T MISS IT!

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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: 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
Hawthorne Elementary School Primary Regular 761 29 4
Hawthorne Elementary School Middle Regular 761 29 4
Chaffey High School High Regular 3,530 138 4

Hawthorne Elementary School

  • Education Level: Primary
  • # of students: 761
  • # of teachers: 29
4
GreatSchools Rating

Hawthorne Elementary School

  • Education Level: Middle
  • # of students: 761
  • # of teachers: 29
4
GreatSchools Rating

Chaffey High School

  • Education Level: High
  • # of students: 3,530
  • # of teachers: 138
4
GreatSchools Rating
 

$404,100$493,900$449,000

PURCHASE PRICE

$2,016$2,464$2,240

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,240
EXPENSES Loan Payment -$1,657
Property Tax -$413
Property Insurance -$61
Property Management Fees -$132
CASH FLOW
-$22

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.

$449,000

PROJECTED PRICE

$2,240

PROJECTED RENT

0.50%

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

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$124,735

INVESTMENT

$124,735

Down Payment
$112,250
Rehab Estimate
$5,750
Closing Costs
$6,735

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,657

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $112,250
Loan Amount $336,750
See What Happens When You Reinvest Cash Flow

5.5

YEARS SAVED

$31,858

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,240

    LIST RENT
  • $1.62

    LIST RENT PER SQFT
  • $2,237

    COMP ESTIMATED VALUE
  • $1.62

    COMP AVG. RENT PER SQFT
Comps Range
$1,920
1$1,9202$1,9953$2,2404$2,3505$2,700
$2,700
RENT COMPS ANALYSIS
  • 1140 N Granite Avenue Ontario, CA 3
    • 3 beds 2 baths ∙ 1,383 Sqft ∙ Built 1970 3 beds 2 baths ∙ 1,383 Sqft ∙ Built 1970
    • Rent
    • Rent Per SQFT
    •  
    • $2,240
    • $1.62
    •  
  • 839 W El Morado Court Ontario, CA 1
    • 3 beds 2 baths ∙ 1,246 Sqft ∙ Built 1952 3 beds 2 baths ∙ 1,246 Sqft ∙ Built 1952
    LEASED 04/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,920
    • $1.54
    •  
  • 1334 N Elderberry Avenue Ontario, CA 2
    • 3 beds 3 baths ∙ 1,246 Sqft ∙ Built 1976 3 beds 3 baths ∙ 1,246 Sqft ∙ Built 1976
    LEASED 01/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $1.60
    •  
  • 537 W J Street Ontario, CA 4
    • 3 beds 2 baths ∙ 1,458 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,458 Sqft ∙ Built 1958
    LEASED 01/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $1.61
    •  
  • 738 W 7th Street Upland, CA 5
    • 3 beds 2 baths ∙ 1,570 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,570 Sqft ∙ Built 1958
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.72
    •  
PROPERTY LISTING DETAILS
Gema Bravo
First Team Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW20230023
Last Updated: 11/06/2020
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