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1404 Barnhart Lane Norco, CA 92860

3 Beds 2 Baths 1,649 sqft Built 1972

$620,000

List Price

$2,610

$2.4K - $2.9K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1972
  • Price/Sqft : $375.99
  • 9 Days on Market
  • MLS # : OC20247430
  • Updated Date : 12/05/2020 at 19:46
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,649 sqft
  • Baths : 2 full
Listing Agent

Kurtz Realty

Listing Agent's Description

Location, Location, Location!! This CHARMING home is located in the heart of Horsetown USA, Norco!!! Just blocks from Downtown, easy rideability to the Riverbed or tie up for a quick lunch at the Saddlesore, it doesn't get better than this!! With full turn around for your horse trailer or RV, durable cinder block 4 stall barn with turnouts, lit arena, round pen, wash rack, feed room, Tough Shed tack room, and room for much more! This home is turnkey with upgrades throughout. Bright white kitchen with double oven and gas range, pantry, open concept livingroom with grand stacked rock fireplace, Chair rail accents, upgraded laminate wood flooring and neutral carpet, ceiling fans throughout, double sink and separate vanity in master with direct access to the backyard. The two car garage has built in cabinets for storage and a huge storage room to use however you like. Outside you'll find view's, view's, view's with a clear view to the Saddleback Mountain Range and Norco Foothills from the back porch and Mt. Baldy from the front porch. Enjoy plenty of space to set up your outdoor Livingroom and dining area under the brand new, fully insulated, oversized patio cover. All you need to do is grab your favorite refreshment, invite your loved ones over and enjoy this wonderful home! Accepting OFFERS now, this one has it all!! Property is in great shape. Homeowners are retiring and home will be sold in AS-IS condition.

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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: Norco Farms

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $143k643k

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

Neighborhood: Norco Farms

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q212001400160018002000220024002600Rent in $10822630

* 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
Sierra Vista Elementary School Primary Regular 459 20 5
Norco Intermediate School Middle Regular 751 31 7
John F. Kennedy Middle College High School High Magnet 646 22 7

Sierra Vista Elementary School

  • Education Level: Primary
  • # of students: 459
  • # of teachers: 20
5
GreatSchools Rating

Norco Intermediate School

  • Education Level: Middle
  • # of students: 751
  • # of teachers: 31
7
GreatSchools Rating

John F. Kennedy Middle College High School

  • Education Level: High
  • # of students: 646
  • # of teachers: 22
7
GreatSchools Rating
 

$558,000$682,000$620,000

PURCHASE PRICE

$2,349$2,871$2,610

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,610
EXPENSES Loan Payment -$2,288
Property Tax -$577
Property Insurance -$67
Property Management Fees -$154
CASH FLOW
-$476

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.

$620,000

PROJECTED PRICE

$2,610

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 7.6%
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$500k$1.0M$1.5M$2.0M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$170,050

INVESTMENT

$170,050

Down Payment
$155,000
Rehab Estimate
$5,750
Closing Costs
$9,300

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$2,288

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $155,000
Loan Amount $465,000
See What Happens When You Reinvest Cash Flow

2.17

YEARS SAVED

$10,507

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,610

    LIST RENT
  • $1.58

    LIST RENT PER SQFT
  • $2,610

    COMP ESTIMATED VALUE
  • $1.58

    COMP AVG. RENT PER SQFT
Comps Range
$2,450
1$2,4502$2,5003$2,6004$2,6005$2,610
$2,610
RENT COMPS ANALYSIS
  • 1404 Barnhart Lane Norco, CA 5
    • 3 beds 2 baths ∙ 1,649 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,649 Sqft ∙ Built 1972
    • Rent
    • Rent Per SQFT
    •  
    • $2,610
    • $1.58
    •  
  • 1020 Carriage Drive Norco, CA 1
    • 3 beds 2 baths ∙ 1,740 Sqft ∙ Built 1967 3 beds 2 baths ∙ 1,740 Sqft ∙ Built 1967
    LEASED 08/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $1.41
    •  
  • 2810 Temescal Avenue Norco, CA 2
    • 3 beds 2 baths ∙ 1,512 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,512 Sqft ∙ Built 1984
    LEASED 09/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.65
    •  
  • 2948 Sierra Avenue Norco, CA 3
    • 3 beds 2 baths ∙ 1,618 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,618 Sqft ∙ Built 1955
    LEASED 07/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.61
    •  
  • 3416 Corona Avenue Norco, CA 4
    • 3 beds 2 baths ∙ 1,566 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,566 Sqft ∙ Built 1972
    LEASED 06/18/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.66
    •  
PROPERTY LISTING DETAILS
Angela Vennes
Kurtz Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC20247430
Last Updated: 12/05/2020
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