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1172 Mohave Drive Colton, CA 92324

3 Beds 3 Baths 1,595 sqft Built 1980

INVESTimate

$250,000

List Price

$1,890

$1,701 - $2,079

Rent Est.

$261,475  ( +4.59%)   1 YR EST. FORECAST

PROPERTY INFO

August 19, 2020 RECENTLY ADDED
FACTS
  • Built In 1980
  • Price/Sqft : $156.74
  • 8 Days on Market
  • MLS # : IV20169310
  • Updated Date : 08/21/2020 at 10:47
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,595 sqft
  • Baths : 2 full , 1 half
Listing Agent

Signature Real Estate Group

Listing Agent's Description

Upgraded condo with 3 bedrooms and 2.5 baths in a quiet private community, located in the heart of Colton! The kitchen features new flooring, new countertops, and a new dishwasher. Plus plenty of cabinets and counter-top space to utilize as you prepare meals. The family room boasts a cozy fireplace and new carpet on the first floor. One downstairs bedroom and full bathroom and all other rooms and baths are located upstairs. All rooms are well suited for growing families. A few other recent updates to this lovely home are HVAC system replaced in 2017 and complete with a Nest thermostat, the house is wired for high-speed networking, double pane windows installed throughout in 2019 and new bathroom vanity. There is a laundry room upstairs and a detached garage just steps away. Clean, well maintained, and ready for quick move-in. This condo features the largest floor plan in the Indian Knolls community! A family-friendly community offers a sparkling pool, a park, and much more! Within walking distance to local shopping centers, restaurants, and close to transportation. This home has it all, do not miss your opportunity to call it yours!

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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: Reche Canyon

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550kPrice in $105k564k

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

Neighborhood: Reche Canyon

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q210001200140016001800200022002400Rent in $9742540

* 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
Cooley Ranch Elementary School Primary Regular 662 28 3
Cooley Ranch Elementary School Middle Regular 662 28 3
Grand Terrace High School High Unknown 2,347 92 4

Cooley Ranch Elementary School

  • Education Level: Primary
  • # of students: 662
  • # of teachers: 28
3
GreatSchools Rating

Cooley Ranch Elementary School

  • Education Level: Middle
  • # of students: 662
  • # of teachers: 28
3
GreatSchools Rating

Grand Terrace High School

  • Education Level: High
  • # of students: 2,347
  • # of teachers: 92
4
GreatSchools Rating
 

$225,000$275,000$250,000

PURCHASE PRICE

$1,701$2,079$1,890

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

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

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k$18k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,890
EXPENSES Loan Payment -$922
Property Tax -$269
Property Insurance -$66
HOA -$235
Property Management Fees -$112
CASH FLOW
$286

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.

$250,000

PROJECTED PRICE

$1,890

PROJECTED RENT

0.76%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 4.59%
Maintenance Year (1-5) 8.00%
Vacancy 5.43%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$72,000

INVESTMENT

$72,000

Down Payment
$62,500
Rehab Estimate
$5,750
Closing Costs
$3,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$922

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $62,500
Loan Amount $187,500
See What Happens When You Reinvest Cash Flow

11.17

YEARS SAVED

$49,116

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,890

    LIST RENT
  • $1.18

    LIST RENT PER SQFT
  • $2,042

    COMP ESTIMATED VALUE
  • $1.28

    COMP AVG. RENT PER SQFT
Comps Range
$1,700
1$1,7002$1,7953$1,8754$1,8905$2,100
$2,100
RENT COMPS ANALYSIS
  • 1172 Mohave Drive Colton, 4
    • 3 beds 3 baths ∙ 1,595 Sqft ∙ Built 1980 3 beds 3 baths ∙ 1,595 Sqft ∙ Built 1980
    • Rent
    • Rent Per SQFT
    •  
    • $1,890
    • $1.18
    •  
  • 846 Santa Fe Lane Colton, 1
    • 3 beds 3 baths ∙ 1,364 Sqft ∙ Built 1984 3 beds 3 baths ∙ 1,364 Sqft ∙ Built 1984
    LEASED 04/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.25
    •  
  • 1222 Mohave Drive Colton, 2
    • 3 beds 3 baths ∙ 1,442 Sqft ∙ Built 1980 3 beds 3 baths ∙ 1,442 Sqft ∙ Built 1980
    LEASED 04/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $1.24
    •  
  • 111 Monroe Court San Bernardino, 3
    • 3 beds 2 baths ∙ 1,459 Sqft ∙ Built 1990 3 beds 2 baths ∙ 1,459 Sqft ∙ Built 1990
    LEASED 07/12/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,875
    • $1.29
    •  
  • 2590 Shady Glen Lane San Bernardino, 5
    • 4 beds 2 baths ∙ 1,565 Sqft ∙ Built 1990 4 beds 2 baths ∙ 1,565 Sqft ∙ Built 1990
    LEASED 02/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.34
    •  
PROPERTY LISTING DETAILS
Adam Schwarz
Signature Real Estate Group
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV20169310
Last Updated: 08/21/2020
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