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1525 N Miramonte Avenue Ontario, CA 91764

3 Beds 2 Baths 1,229 sqft Built 1952

$535,000

List Price

$2,040

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 19, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1952
  • Price/Sqft : $435.31
  • 3 Days on Market
  • MLS # : CV21057636
  • Updated Date : 03/19/2021 at 08:09
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,229 sqft
  • Baths : 1 full , 1 half
Listing Agent

Re/max Masters Realty

Listing Agent's Description

The best deal around! This charming 3 bedroom, 1.5 bath single story home that is ideal for the entertaining of guests and in a great neighborhood! The abundance of natural light that enters the home is characteristic of the American Traditional mid-century architecture. Plantation shutters and window treatments throughout, crown molding throughout, cool neutral paint keeps the vibe soft and calming. Natural original wood flooring, 3 panel doors, ceiling fans throughout, a bright kitchen, spacious eating area, a brick fireplace that leads to the open family room and is perfect for relaxing with friends and family. The indoor laundry room and the half bath is also convenient, not to mention all new PEX plumbing throughout the home. The full bath has been fully remodeled with new tile, vanity, fixtures and is simply gorgeous. Treat your guests to a backyard BBQ with the large covered patio and spacious backyard! The two car garage and long driveway is great for multiple cars and toys! Bring your buyers, they will fall in love!!!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Ontario

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $116k477k

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

Neighborhood: Ontario

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2100011001200130014001500160017001800190020002100Rent in $9112126

* 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
Vina Danks Middle School Middle Magnet 777 39 3
Chaffey High School High Regular 3,530 138 4

Vina Danks Middle School

  • Education Level: Middle
  • # of students: 777
  • # of teachers: 39
3
GreatSchools Rating

Chaffey High School

  • Education Level: High
  • # of students: 3,530
  • # of teachers: 138
4
GreatSchools Rating
 

$481,500$588,500$535,000

PURCHASE PRICE

$1,836$2,244$2,040

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,040
EXPENSES Loan Payment -$1,858
Property Tax -$492
Property Insurance -$57
Property Management Fees -$120
CASH FLOW
-$488

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.

$535,000

PROJECTED PRICE

$2,040

PROJECTED RENT

0.38%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 8.1%
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$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$147,525

INVESTMENT

$147,525

Down Payment
$133,750
Rehab Estimate
$5,750
Closing Costs
$8,025

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,858

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $133,750
Loan Amount $401,250
See What Happens When You Reinvest Cash Flow

1.25

YEARS SAVED

$2,954

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,040

    LIST RENT
  • $1.66

    LIST RENT PER SQFT
  • $2,046

    COMP ESTIMATED VALUE
  • $1.67

    COMP AVG. RENT PER SQFT
Comps Range
$2,040
1$2,0402$2,1003$2,1954$2,3505$2,600
$2,600
RENT COMPS ANALYSIS
  • 1525 N Miramonte Avenue Ontario, CA 1
    • 3 beds 2 baths ∙ 1,229 Sqft ∙ Built 1952 3 beds 2 baths ∙ 1,229 Sqft ∙ Built 1952
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,040
    • $1.66
    •  
  • 244 S 3rd Avenue Upland, CA 2
    • 3 beds 1 baths ∙ 1,220 Sqft ∙ Built 1948 3 beds 1 baths ∙ 1,220 Sqft ∙ Built 1948
    property image
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.72
    •  
  • 1015 N Placer Avenue Ontario, CA 3
    • 3 beds 2 baths ∙ 1,316 Sqft ∙ Built 1963 3 beds 2 baths ∙ 1,316 Sqft ∙ Built 1963
    property image
    LEASED 02/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,195
    • $1.67
    •  
  • 537 W J Street Ontario, CA 4
    • 3 beds 2 baths ∙ 1,458 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,458 Sqft ∙ Built 1958
    property image
    LEASED 01/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $1.61
    •  
  • 739 W Granada Court Ontario, CA 5
    • 3 beds 2 baths ∙ 1,568 Sqft ∙ Built 1952 3 beds 2 baths ∙ 1,568 Sqft ∙ Built 1952
    property image
    LEASED 12/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.66
    •  
PROPERTY LISTING DETAILS
Luis Sequeira
Re/max Masters Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV21057636
Last Updated: 03/19/2021
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