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1360 Cromwell Street Pomona, CA 91768

4 Beds 2 Baths 1,200 sqft Built 1955

$470,000

List Price

$2,070

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

December 04, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1955
  • Price/Sqft : $391.67
  • 4 Days on Market
  • MLS # : RS20249925
  • Updated Date : 12/03/2020 at 15:10
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,200 sqft
  • Baths : 2 full
Listing Agent

Hollywood Stars Realty

Listing Agent's Description

Great opportunity to own a wonderful single story home family home in a quiet area of Pomona. 4 bedroom, 2 bathrooms, 1200 sq ft. New copper plumbing and a new roof, compliment a well maintained home that offers a detached 2 car garage and a long driveway with ample parking. Large front and back yards with an avocado and fruit trees. Easy access to the 10,57,71 and 60 freeways, gas stations, Starbucks, and MT SAC.

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)
  • 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)
  • 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)

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
Arroyo Elementary School Primary Regular 615 24 2
Marshall Middle School Middle Regular 504 21 5
Ganesha High School High Regular 1,131 51 4

Arroyo Elementary School

  • Education Level: Primary
  • # of students: 615
  • # of teachers: 24
2
GreatSchools Rating

Marshall Middle School

  • Education Level: Middle
  • # of students: 504
  • # of teachers: 21
5
GreatSchools Rating

Ganesha High School

  • Education Level: High
  • # of students: 1,131
  • # of teachers: 51
4
GreatSchools Rating
 

$423,000$517,000$470,000

PURCHASE PRICE

$1,863$2,277$2,070

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,070
EXPENSES Loan Payment -$1,734
Property Tax -$518
Property Insurance -$56
Property Management Fees -$101
CASH FLOW
-$340

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.

$470,000

PROJECTED PRICE

$2,070

PROJECTED RENT

0.44%

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$200k$400k$600k$800k$1.0M$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$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$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$130,300

INVESTMENT

$130,300

Down Payment
$117,500
Rehab Estimate
$5,750
Closing Costs
$7,050

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,734

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $117,500
Loan Amount $352,500
See What Happens When You Reinvest Cash Flow

2.67

YEARS SAVED

$11,799

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,070

    LIST RENT
  • $1.73

    LIST RENT PER SQFT
  • $2,067

    COMP ESTIMATED VALUE
  • $1.72

    COMP AVG. RENT PER SQFT
Comps Range
$1,895
1$1,8952$2,0703$2,0904$2,2755$2,350
$2,350
RENT COMPS ANALYSIS
  • 1360 Cromwell Street Pomona, CA 2
    • 4 beds 2 baths ∙ 1,200 Sqft ∙ Built 1955 4 beds 2 baths ∙ 1,200 Sqft ∙ Built 1955
    • Rent
    • Rent Per SQFT
    •  
    • $2,070
    • $1.73
    •  
  • 1942 Denison Street Pomona, CA 1
    • 3 beds 1 baths ∙ 1,092 Sqft ∙ Built 1952 3 beds 1 baths ∙ 1,092 Sqft ∙ Built 1952
    LEASED 10/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $1.74
    •  
  • 2160 Avalon Avenue Pomona, CA 3
    • 4 beds 2 baths ∙ 1,200 Sqft ∙ Built 1955 4 beds 2 baths ∙ 1,200 Sqft ∙ Built 1955
    LEASED 01/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,090
    • $1.74
    •  
  • 1379 Glen Ave Avenue Pomona, CA 4
    • 3 beds 2 baths ∙ 1,396 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,396 Sqft ∙ Built 1964
    LEASED 12/07/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,275
    • $1.63
    •  
  • 1204 Hillside Drive Pomona, CA 5
    • 3 beds 2 baths ∙ 1,318 Sqft ∙ Built 1956 3 beds 2 baths ∙ 1,318 Sqft ∙ Built 1956
    LEASED 01/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $1.78
    •  
PROPERTY LISTING DETAILS
Christopher Reiff
Hollywood Stars Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: RS20249925
Last Updated: 12/03/2020
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