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115 Carrotwood Lane Pomona, CA 91767

5 Beds 3 Baths 2,614 sqft Built 2004

$648,000

List Price

$2,950

$2.7K - $3.2K

Rent Est.

PROPERTY INFO

November 28, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2004
  • Price/Sqft : $247.90
  • 3 Days on Market
  • MLS # : CV20247371
  • Updated Date : 11/28/2020 at 08:28
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,614 sqft
  • Baths : 3 full
Listing Agent

Realty Masters & Associates

Listing Agent's Description

Welcome to this beautiful home in The Grove, an exclusive gated community of North Pomona. This spacious home features an open floorpan, with 5 bedrooms and 3 full bathrooms, one of the bedrooms is conveniently located on the main floor with full bathroom next to it, making it a perfect space for in laws or guests. Impressive and grand entry into the formal living room with high cathedral ceiling. Upgraded home with recessed lightings, ceiling fans, tile flooring and upgraded carpeting. The family room with fireplace flows right into the bright, light and spacious kitchen with center island, large pantry, and abundance of cabinetry. Master bedroom suite offers, walk in closet, his and hers sinks, separate shower and bath tub. All bedrooms upstairs are spacious. Laundry room is conveniently located upstairs with sink and lots of cabinets. Whether you're relaxing with a book or entertaining friends and family, the landscaped backyard with patio cover is an awesome place to gather. Mature plants and flowering shrubs makes it very peaceful and relaxing. 2 car garage with built in storage cabinets. This gorgeous home is ideally positioned to enjoy both city amenities of Old Town La Verne and Claremont Village. Within minutes of driving to prestigious colleges. Close proximity to Metrolink stations and easy access to freeways, shops and restaurants. No Mello Roos Taxes, HOA amenities includes pool, spa, parks. A must see! Check out the 3D virtual Tour

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)
  • 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]
  • As part of Southern California area, Los Angeles market inherits all the benefits from the area.
  • 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)
  • 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 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: Pomona

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $138k622k

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

Neighborhood: Pomona

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q214001600180020002200240026002800Rent in $12562941

* 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
Harrison Elementary School Primary Regular 414 17 3
Palomares Academy Middle Regular 476 24 4
Palomares Academy High Regular 476 24 4

Harrison Elementary School

  • Education Level: Primary
  • # of students: 414
  • # of teachers: 17
3
GreatSchools Rating

Palomares Academy

  • Education Level: Middle
  • # of students: 476
  • # of teachers: 24
4
GreatSchools Rating

Palomares Academy

  • Education Level: High
  • # of students: 476
  • # of teachers: 24
4
GreatSchools Rating
 

$583,200$712,800$648,000

PURCHASE PRICE

$2,655$3,245$2,950

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,950
EXPENSES Loan Payment -$2,391
Property Tax -$679
Property Insurance -$90
HOA -$139
Property Management Fees -$145
CASH FLOW
-$493

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 12% of earned rent to cover both maintenance and periods of vacancy.

$648,000

PROJECTED PRICE

$2,950

PROJECTED RENT

0.46%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.35%
Appreciation Year (1-5) 7.8%
Maintenance Year (1-5) 8.00%
Vacancy 4.14%
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-$10k-$5.0k$0.0$5.0k$10k$15k$20k

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$177,470

INVESTMENT

$177,470

Down Payment
$162,000
Rehab Estimate
$5,750
Closing Costs
$9,720

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$2,391

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $162,000
Loan Amount $486,000
See What Happens When You Reinvest Cash Flow

2.5

YEARS SAVED

$14,370

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,950

    LIST RENT
  • $1.13

    LIST RENT PER SQFT
  • $3,006

    COMP ESTIMATED VALUE
  • $1.15

    COMP AVG. RENT PER SQFT
Comps Range
$2,950
1$2,9502$3,1003$3,2004$3,250
$3,250
RENT COMPS ANALYSIS
  • 115 Carrotwood Lane Pomona, CA 1
    • 5 beds 3 baths ∙ 2,614 Sqft ∙ Built 2004 5 beds 3 baths ∙ 2,614 Sqft ∙ Built 2004
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $1.13
    •  
  • 146 Fernpine Lane Pomona, CA 2
    • 4 beds 2 baths ∙ 2,614 Sqft ∙ Built 2005 4 beds 2 baths ∙ 2,614 Sqft ∙ Built 2005
    property image
    LEASED 10/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,100
    • $1.19
    •  
  • 2707 Vine Street Pomona, CA 3
    • 5 beds 3 baths ∙ 2,862 Sqft ∙ Built 2011 5 beds 3 baths ∙ 2,862 Sqft ∙ Built 2011
    property image
    LEASED 08/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $1.12
    •  
  • 2727 Fountain Street Pomona, CA 4
    • 5 beds 3 baths ∙ 2,862 Sqft ∙ Built 2012 5 beds 3 baths ∙ 2,862 Sqft ∙ Built 2012
    property image
    LEASED 07/17/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,250
    • $1.14
    •  
PROPERTY LISTING DETAILS
Dana Mccausland
Realty Masters & Associates
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV20247371
Last Updated: 11/28/2020
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