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1159 W Princeton Street # A Ontario, CA 91762

4 Beds 3 Baths 1,364 sqft Built 1978

INVESTimate

$319,900

List Price

$2,200

$1,980 - $2,420

Rent Est.

$345,684  ( +8.06%)   1 YR EST. FORECAST

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
August 25, 2020 RECENTLY ADDED
FACTS
  • Built In 1978
  • Price/Sqft : $234.53
  • 2 Days on Market
  • MLS # : CV20174349
  • Updated Date : 08/25/2020 at 10:47
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,364 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Champions

Listing Agent's Description

Princeton Village offers a spacious tri-level twonhouse style condo. Spacious 4 bedroom, 3 bath home in a quiet community of Ontario. Entry level has a living room with inviting fireplace, high ceilings, and access to front patio area. 2nd level has dining room, wet bar, family room/den that has been converted to bedroom, kitchen and half bath. Granite counters in kitchen and bathrooms. The 3rd floor has a large master suite with bathroom and walk in closet as well as two additional bedrooms and full bath. Bedroom 3 and 4 originally family room/bonus room and converted to bedrooms. Buyer to verify all information. Attached two car garage with direct access. Property has community pool and park across the street. Currently tenant occupied. Photos reflect current photos as well as prior to tenant occupancy. Easy access to 10 freeway, schools and shopping.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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.

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
El Camino Elementary School Primary Regular 460 20 5
El Camino Elementary School Middle Regular 460 20 5
Montclair High School High Regular 3,034 117 6

El Camino Elementary School

  • Education Level: Primary
  • # of students: 460
  • # of teachers: 20
5
GreatSchools Rating

El Camino Elementary School

  • Education Level: Middle
  • # of students: 460
  • # of teachers: 20
5
GreatSchools Rating

Montclair High School

  • Education Level: High
  • # of students: 3,034
  • # of teachers: 117
6
GreatSchools Rating
 

$287,910$351,890$319,900

PURCHASE PRICE

$1,980$2,420$2,200

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,200
EXPENSES Loan Payment -$1,180
Property Tax -$294
Property Insurance -$60
HOA -$325
Property Management Fees -$130
CASH FLOW
$210

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.

$319,900

PROJECTED PRICE

$2,200

PROJECTED RENT

0.69%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 8.06%
Maintenance Year (1-5) 8.00%
Vacancy 5.41%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$90,524

INVESTMENT

$90,524

Down Payment
$79,975
Rehab Estimate
$5,750
Closing Costs
$4,799

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,180

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $79,975
Loan Amount $239,925
See What Happens When You Reinvest Cash Flow

8.5

YEARS SAVED

$43,345

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,200

    LIST RENT
  • $1.61

    LIST RENT PER SQFT
  • $2,165

    COMP ESTIMATED VALUE
  • $1.59

    COMP AVG. RENT PER SQFT
Comps Range
$1,900
1$1,9002$1,9953$2,2004$2,3005$2,350
$2,350
RENT COMPS ANALYSIS
  • 1159 W Princeton Street Ontario, 3
    • 4 beds 3 baths ∙ 1,364 Sqft ∙ Built 1978 4 beds 3 baths ∙ 1,364 Sqft ∙ Built 1978
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.61
    •  
  • 1307 N Elderberry Avenue Ontario, 1
    • 3 beds 3 baths ∙ 1,243 Sqft ∙ Built 1978 3 beds 3 baths ∙ 1,243 Sqft ∙ Built 1978
    LEASED 06/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $1.53
    •  
  • 1334 N Elderberry Avenue Ontario, 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
    •  
  • 1354 W La Deney Drive Ontario, 4
    • 4 beds 2 baths ∙ 1,429 Sqft ∙ Built 1967 4 beds 2 baths ∙ 1,429 Sqft ∙ Built 1967
    LEASED 09/12/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.61
    •  
  • 537 W J Street Ontario, 5
    • 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
    •  
PROPERTY LISTING DETAILS
Rebecca Martinez
Re/max Champions
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV20174349
Last Updated: 08/25/2020
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