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142 E Morgan Street Rialto, CA 92376

3 Beds 1 Baths 1,602 sqft Built 1955

$350,000

List Price

$2,020

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

December 24, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1955
  • Price/Sqft : $218.48
  • 5 Days on Market
  • MLS # : AR20259072
  • Updated Date : 12/26/2020 at 21:59
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,602 sqft
  • Baths : 1 full
Listing Agent

Keller Williams Realty

Listing Agent's Description

Beautiful, single level, three bedroom, home on a 9,000 sq. ft. lot with lovely curb appeal, a large front yard and plenty of room for a pool in the backyard. Situated in a quiet, peaceful neighborhood yet close to shopping with easy access to the 210 freeway. The spaciously comfortable living room has a fireplace and leads into a dining area. The kitchen has been updated with granite countertops and ample cabinet space. There are freshly painted interior and exterior. Fully enclosed back yard offers privacy making entertaining family and friends a delight. With plenty of yard space for kids to play and create a vegetable garden. A covered patio, converted to an addition included in square footage, can be used as a family room or an office. The property is being sold in as-is condition with no warranties or repairs. County record shows 1,272 sq. ft. 3 Bedrooms and 2 Baths. BUYER TO VERIFY AND SATISFY THEMSELVES. Photos have been altered.

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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: Rialto

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $116k459k

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

Neighborhood: Rialto

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q210001100120013001400150016001700180019002000Rent in $9112044

* 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
Bemis Elementary School Primary Regular 663 23 2
Rialto Middle School Middle Regular 1,252 56 2
Eisenhower High School High Regular 2,456 99 4

Bemis Elementary School

  • Education Level: Primary
  • # of students: 663
  • # of teachers: 23
2
GreatSchools Rating

Rialto Middle School

  • Education Level: Middle
  • # of students: 1,252
  • # of teachers: 56
2
GreatSchools Rating

Eisenhower High School

  • Education Level: High
  • # of students: 2,456
  • # of teachers: 99
4
GreatSchools Rating
 

$315,000$385,000$350,000

PURCHASE PRICE

$1,818$2,222$2,020

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,020
EXPENSES Loan Payment -$1,291
Property Tax -$408
Property Insurance -$66
Property Management Fees -$119
CASH FLOW
$135

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.

$350,000

PROJECTED PRICE

$2,020

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 9.1%
Maintenance Year (1-5) 8.00%
Vacancy 5.41%
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$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$98,500

INVESTMENT

$98,500

Down Payment
$87,500
Rehab Estimate
$5,750
Closing Costs
$5,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,291

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $87,500
Loan Amount $262,500
See What Happens When You Reinvest Cash Flow

7.58

YEARS SAVED

$40,222

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,020

    LIST RENT
  • $1.26

    LIST RENT PER SQFT
  • $2,011

    COMP ESTIMATED VALUE
  • $1.26

    COMP AVG. RENT PER SQFT
Comps Range
$1,895
1$1,8952$2,0203$2,095
$2,095
RENT COMPS ANALYSIS
  • 142 E Morgan Street Rialto, CA 2
    • 3 beds 1 baths ∙ 1,602 Sqft ∙ Built 1955 3 beds 1 baths ∙ 1,602 Sqft ∙ Built 1955
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,020
    • $1.26
    •  
  • 1579 N Clifford Avenue Rialto, CA 1
    • 3 beds 2 baths ∙ 1,512 Sqft ∙ Built 1960 3 beds 2 baths ∙ 1,512 Sqft ∙ Built 1960
    property image
    LEASED 04/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $1.25
    •  
  • 423 E Mesa Drive Rialto, CA 3
    • 3 beds 2 baths ∙ 1,664 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,664 Sqft ∙ Built 1958
    property image
    LEASED 12/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $1.26
    •  
PROPERTY LISTING DETAILS
Lillian Liu
Keller Williams Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: AR20259072
Last Updated: 12/26/2020
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