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1541 N Granite Avenue Ontario, CA 91762

3 Beds 2 Baths 1,824 sqft Built 1967

$610,000

List Price

$2,600

$2.4K - $2.9K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 23, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1967
  • Price/Sqft : $334.43
  • 6 Days on Market
  • MLS # : CV21037476
  • Updated Date : 02/25/2021 at 14:21
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,824 sqft
  • Baths : 2 full
Listing Agent

Re/max Time Realty

Listing Agent's Description

Welcome to this beautiful 3 bedroom, 2 bathroom home located on a quiet cul-de-sac close to shopping, The home offers 1,824 square feet of living space on a large 9,088 lot with an attached 2 car garage. The home features both a large formal living and dining area as well as a family room with built-ins and cozy brick hearth fireplace. The kitchen has ample cabinet space, tile counter tops and a built-in breakfast bar. The oversized master suite has its own private access via a sliding glass door to the back patio and own private bathroom. The private backyard offers mature lush landscape and view of the mountains.

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)
  • 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: 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
 

$549,000$671,000$610,000

PURCHASE PRICE

$2,340$2,860$2,600

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,600
EXPENSES Loan Payment -$2,119
Property Tax -$561
Property Insurance -$71
Property Management Fees -$153
CASH FLOW
-$305

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.

$610,000

PROJECTED PRICE

$2,600

PROJECTED RENT

0.43%

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$500k$1.0M$1.5M$2.0M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k$20k

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$167,400

INVESTMENT

$167,400

Down Payment
$152,500
Rehab Estimate
$5,750
Closing Costs
$9,150

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,119

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $152,500
Loan Amount $457,500
See What Happens When You Reinvest Cash Flow

3

YEARS SAVED

$14,590

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,600

    LIST RENT
  • $1.43

    LIST RENT PER SQFT
  • $2,772

    COMP ESTIMATED VALUE
  • $1.52

    COMP AVG. RENT PER SQFT
Comps Range
$2,300
1$2,3002$2,3003$2,6004$2,7505$3,350
$3,350
RENT COMPS ANALYSIS
  • 1541 N Granite Avenue Ontario, CA 3
    • 3 beds 2 baths ∙ 1,824 Sqft ∙ Built 1967 3 beds 2 baths ∙ 1,824 Sqft ∙ Built 1967
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.43
    •  
  • 904 Hollowell Street Ontario, CA 1
    • 3 beds 2 baths ∙ 1,594 Sqft ∙ Built 1952 3 beds 2 baths ∙ 1,594 Sqft ∙ Built 1952
    property image
    LEASED 03/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.44
    •  
  • 1347 Deodar Ontario, CA 2
    • 3 beds 2 baths ∙ 1,547 Sqft ∙ Built 1956 3 beds 2 baths ∙ 1,547 Sqft ∙ Built 1956
    property image
    LEASED 07/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.49
    •  
  • 375 S San Antonio Avenue Upland, CA 4
    • 4 beds 2 baths ∙ 1,742 Sqft ∙ Built 1962 4 beds 2 baths ∙ 1,742 Sqft ∙ Built 1962
    property image
    LEASED 11/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $1.58
    •  
  • 1231 N Ukiah Way Upland, CA 5
    • 4 beds 3 baths ∙ 2,128 Sqft ∙ Built 1957 4 beds 3 baths ∙ 2,128 Sqft ∙ Built 1957
    property image
    LEASED 02/13/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,350
    • $1.57
    •  
PROPERTY LISTING DETAILS
Joel Valmonte
Re/max Time Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV21037476
Last Updated: 02/25/2021
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