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1198 Mohave Drive Colton, CA 92324

3 Beds 3 Baths 1,442 sqft Built 1980

$288,000

List Price

$1,800

$1.6K - $2K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
January 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1980
  • Price/Sqft : $199.72
  • 5 Days on Market
  • MLS # : CV21006160
  • Updated Date : 01/13/2021 at 14:32
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,442 sqft
  • Baths : 2 full , 1 half
Listing Agent

Berkshire Hath Hm Svcs Ca Prop

Listing Agent's Description

Welcome to a beautifully located, Renovated Move in Ready 3 bedroom 2.5 bathroom Condo with a nice view from every window, Rare highly desirable end unit that over sees the pool and view of the street with only 1 common wall. Back porch is right across from the community pool Includes 1 car garage and an assigned parking space! Full Size in unit Laundry on first floor! Easy access to additional street parking for friend and family! The benefits of this unit goes on and on. Come see the convenience for yourself!

SEE MORE

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: 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
 

$259,200$316,800$288,000

PURCHASE PRICE

$1,620$1,980$1,800

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,800
EXPENSES Loan Payment -$1,000
Property Tax -$310
Property Insurance -$62
HOA -$235
Property Management Fees -$106
CASH FLOW
$87

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.

$288,000

PROJECTED PRICE

$1,800

PROJECTED RENT

0.63%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 4.6%
Maintenance Year (1-5) 8.00%
Vacancy 5.43%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

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

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$82,070

INVESTMENT

$82,070

Down Payment
$72,000
Rehab Estimate
$5,750
Closing Costs
$4,320

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,000

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $72,000
Loan Amount $216,000
See What Happens When You Reinvest Cash Flow

6.58

YEARS SAVED

$23,181

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,800

    LIST RENT
  • $1.25

    LIST RENT PER SQFT
  • $1,822

    COMP ESTIMATED VALUE
  • $1.26

    COMP AVG. RENT PER SQFT
Comps Range
$1,700
1$1,7002$1,7953$1,8004$1,850
$1,850
RENT COMPS ANALYSIS
  • 1198 Mohave Drive Colton, CA 3
    • 3 beds 3 baths ∙ 1,442 Sqft ∙ Built 1980 3 beds 3 baths ∙ 1,442 Sqft ∙ Built 1980
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.25
    •  
  • 846 Santa Fe Lane Colton, CA 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, CA 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
    •  
  • 12168 Mount Vernon Avenue Grand Terrace, CA 4
    • 3 beds 3 baths ∙ 1,427 Sqft ∙ Built 1982 3 beds 3 baths ∙ 1,427 Sqft ∙ Built 1982
    LEASED 04/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.30
    •  
PROPERTY LISTING DETAILS
Tom Chang
Berkshire Hath Hm Svcs Ca Prop
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV21006160
Last Updated: 01/13/2021
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