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1601 Macy Avenue Colton, CA 92324

3 Beds 3 Baths 1,651 sqft Built 1990

$399,000

List Price

$2,160

$1.9K - $2.4K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
SINGLE-FAMILY
July 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1990
  • Price/Sqft : $241.67
  • 5 Days on Market
  • MLS # : OC21144127
  • Updated Date : 07/12/2021 at 18:28
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,651 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Realty

Listing Agent's Description

This 2 story home features 3 bedrooms/2.5 baths/1651 sq ft on almost an 8,000 sq ft corner lot. Entry has 2 story ceiling with Living room and adjacent to the dining room, open to kitchen and family room with fireplace, 1st-floor laundry room, and half bath. The second floor has all 3 bedrooms and 2 baths. This is an INVESTOR SPECIAL as the home is a FIXER. Property is not lendable for conventional financing - CASH OFFERS ONLY. Contractors and Investors are Welcome. No blind offers, the property is being sold in as-is condition.

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MARKET HIGHLIGHTS

  • 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)
  • Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: Colton

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $104k459k

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

Neighborhood: Colton

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
Colton Middle School Middle Regular 1,046 44 3
Colton High School High Regular 1,963 74 4
Colton Middle School Middle Unknown NA

Colton Middle School

  • Education Level: Middle
  • # of students: 1,046
  • # of teachers: 44
3
GreatSchools Rating

Colton High School

  • Education Level: High
  • # of students: 1,963
  • # of teachers: 74
4
GreatSchools Rating

Colton Middle School

  • Education Level: Middle
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$359,100$438,900$399,000

PURCHASE PRICE

$1,944$2,376$2,160

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,160
EXPENSES Loan Payment -$1,386
Property Tax -$442
Property Insurance -$67
Property Management Fees -$127
CASH FLOW
$138

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.

$399,000

PROJECTED PRICE

$2,160

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 11.2%
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$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$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$111,485

INVESTMENT

$111,485

Down Payment
$99,750
Rehab Estimate
$5,750
Closing Costs
$5,985

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,386

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $99,750
Loan Amount $299,250
See What Happens When You Reinvest Cash Flow

7.42

YEARS SAVED

$37,060

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,160

    LIST RENT
  • $1.31

    LIST RENT PER SQFT
  • $2,135

    COMP ESTIMATED VALUE
  • $1.29

    COMP AVG. RENT PER SQFT
Comps Range
$2,100
1$2,1002$2,1503$2,1604$2,200
$2,200
RENT COMPS ANALYSIS
  • 1601 Macy Avenue Colton, CA 3
    • 3 beds 3 baths ∙ 1,651 Sqft ∙ Built 1990 3 beds 3 baths ∙ 1,651 Sqft ∙ Built 1990
    • Rent
    • Rent Per SQFT
    •  
    • $2,160
    • $1.31
    •  
  • 1203 Highland Avenue Colton, CA 1
    • 4 beds 2 baths ∙ 1,700 Sqft ∙ Built 2004 4 beds 2 baths ∙ 1,700 Sqft ∙ Built 2004
    LEASED 08/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.24
    •  
  • 652 N Birch Avenue Rialto, CA 2
    • 4 beds 3 baths ∙ 1,710 Sqft ∙ Built 1989 4 beds 3 baths ∙ 1,710 Sqft ∙ Built 1989
    LEASED 06/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $1.26
    •  
  • 1284 Janes Way Colton, CA 4
    • 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 2001
    LEASED 07/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.38
    •  
PROPERTY LISTING DETAILS
Brian Brassil
Keller Williams Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21144127
Last Updated: 07/12/2021
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