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13068 Melon Avenue Chino, CA 91710

4 Beds 3 Baths 1,925 sqft Built 2006

$563,888

List Price

$2,430

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

December 10, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $292.93
  • 4 Days on Market
  • MLS # : TR20254733
  • Updated Date : 12/10/2020 at 12:22
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,925 sqft
  • Baths : 2 full , 1 half
Listing Agent

Homequest Real Estate

Listing Agent's Description

Meticulously maintained by the original owners, this beautiful, turnkey, 4 bedroom/2.5 bathroom home is anxiously waiting for the next lucky owner to move in. It features 1925 square feet of living space showing rich wood flooring downstairs in its adjacent formal living room and family room. Next to the family room is the dining room, then the kitchen with stainless steel appliances. Sliding door leads to a backyard with covered patio showing off decorative and vegetable plants. All bedrooms are upstairs with the laundry room conveniently located next to them. Master suite is very spacious with an equally huge bathroom, separate tub and shower, walk-in closet, separate toilet room for extra privacy. Down the hall are the other three bedrooms and the second full bathroom with dual sinks. Upstairs are warm laminate flooring throughout including the stairs. The Artisan Collection Community offers a string of amenities including 2- swimming pools, spa, multi-purpose clubhouse, fitness center, Bar-B-Que and picnic area, all these for a low HOA fee of $160. Come and see this home before it's too late!

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MARKET HIGHLIGHTS

  • 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.
  • 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)

PRICE & RENT TRENDS

Neighborhood: Chino

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550kPrice in $143k560k

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

Neighborhood: Chino

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q21100120013001400150016001700180019002000210022002300Rent in $10822394

* 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
Howard Cattle Elementary School Primary Regular 695 24 4
Howard Cattle Elementary School Middle Regular 695 24 4
Chino High School High Regular 2,369 99 5

Howard Cattle Elementary School

  • Education Level: Primary
  • # of students: 695
  • # of teachers: 24
4
GreatSchools Rating

Howard Cattle Elementary School

  • Education Level: Middle
  • # of students: 695
  • # of teachers: 24
4
GreatSchools Rating

Chino High School

  • Education Level: High
  • # of students: 2,369
  • # of teachers: 99
5
GreatSchools Rating
 

$507,499$620,277$563,888

PURCHASE PRICE

$2,187$2,673$2,430

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,430
EXPENSES Loan Payment -$2,081
Property Tax -$539
Property Insurance -$74
HOA -$160
Property Management Fees -$143
CASH FLOW
-$567

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.

$563,888

PROJECTED PRICE

$2,430

PROJECTED RENT

0.43%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 6.7%
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$1.0M$1.2M$1.4M$1.6M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$155,180

INVESTMENT

$155,180

Down Payment
$140,972
Rehab Estimate
$5,750
Closing Costs
$8,458

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$2,081

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $140,972
Loan Amount $422,916
See What Happens When You Reinvest Cash Flow

1.08

YEARS SAVED

$3,082

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,430

    LIST RENT
  • $1.26

    LIST RENT PER SQFT
  • $2,416

    COMP ESTIMATED VALUE
  • $1.26

    COMP AVG. RENT PER SQFT
Comps Range
$2,300
1$2,3002$2,4303$2,5004$2,5005$2,600
$2,600
RENT COMPS ANALYSIS
  • 13068 Melon Avenue Chino, CA 2
    • 4 beds 3 baths ∙ 1,925 Sqft ∙ Built 2006 4 beds 3 baths ∙ 1,925 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $2,430
    • $1.26
    •  
  • 6999 Grison Street Chino, CA 1
    • 4 beds 3 baths ∙ 1,910 Sqft ∙ Built 2004 4 beds 3 baths ∙ 1,910 Sqft ∙ Built 2004
    LEASED 01/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.20
    •  
  • 6946 Silverado Street Chino, CA 3
    • 3 beds 3 baths ∙ 1,823 Sqft ∙ Built 2019 3 beds 3 baths ∙ 1,823 Sqft ∙ Built 2019
    LEASED 08/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.37
    •  
  • 576 E Tam O Shanter Street Ontario, CA 4
    • 4 beds 3 baths ∙ 2,118 Sqft ∙ Built 1995 4 beds 3 baths ∙ 2,118 Sqft ∙ Built 1995
    LEASED 01/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.18
    •  
  • 2819 S Sultana Avenue Ontario, CA 5
    • 4 beds 2 baths ∙ 2,052 Sqft ∙ Built 2000 4 beds 2 baths ∙ 2,052 Sqft ∙ Built 2000
    LEASED 11/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.27
    •  
PROPERTY LISTING DETAILS
Bernardita Bucoy
Homequest Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: TR20254733
Last Updated: 12/10/2020
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