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1626 Smith Street Pomona, CA 91766

3 Beds 1 Baths 1,120 sqft Built 1947

$495,000

List Price

$2,030

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

January 14, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1947
  • Price/Sqft : $441.96
  • 7 Days on Market
  • MLS # : IV21002445
  • Updated Date : 01/13/2021 at 21:41
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,120 sqft
  • Baths : 1 full
Listing Agent

United Realty Center Inc

Listing Agent's Description

Delightful 3-bedroom, 1-bath home with fresh paint throughout and solar panels! Walk in to cozy living room with fireplace and dining room. Bright kitchen with ample space adjacent to laundry room which leads to the enclosed backyard. Spacious backyard offers a detached garage, long paved driveway along with a grass area perfect to enjoy with your family! Quiet neighborhood close to 71 and 10 freeway and shopping.

SEE MORE

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 has 58.7% labor force participation rate; within this area, Los Angeles metro has 62.3% labor force participation rate (USMayors.org, 2018)
  • 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)
  • 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]
  • As part of Southern California area, Los Angeles market inherits all the benefits from the area.
  • 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)
  • Southern California's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: Pomona

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $138k622k

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

Neighborhood: Pomona

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q214001600180020002200240026002800Rent in $12562941

* 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
Westmont Elementary School Primary Regular 382 14 4
Fremont Academy Middle Regular 851 38 4
Fremont Academy High Regular 851 38 4

Westmont Elementary School

  • Education Level: Primary
  • # of students: 382
  • # of teachers: 14
4
GreatSchools Rating

Fremont Academy

  • Education Level: Middle
  • # of students: 851
  • # of teachers: 38
4
GreatSchools Rating

Fremont Academy

  • Education Level: High
  • # of students: 851
  • # of teachers: 38
4
GreatSchools Rating
 

$445,500$544,500$495,000

PURCHASE PRICE

$1,827$2,233$2,030

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,030
EXPENSES Loan Payment -$1,719
Property Tax -$546
Property Insurance -$54
Property Management Fees -$99
CASH FLOW
-$389

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 12% of earned rent to cover both maintenance and periods of vacancy.

$495,000

PROJECTED PRICE

$2,030

PROJECTED RENT

0.41%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.35%
Appreciation Year (1-5) 7.8%
Maintenance Year (1-5) 8.00%
Vacancy 4.14%
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-$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$136,925

INVESTMENT

$136,925

Down Payment
$123,750
Rehab Estimate
$5,750
Closing Costs
$7,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,719

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $123,750
Loan Amount $371,250
See What Happens When You Reinvest Cash Flow

2.25

YEARS SAVED

$7,352

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,030

    LIST RENT
  • $1.81

    LIST RENT PER SQFT
  • $1,820

    COMP ESTIMATED VALUE
  • $1.63

    COMP AVG. RENT PER SQFT
Comps Range
$1,895
1$1,8952$1,9003$2,0304$2,0505$2,400
$2,400
RENT COMPS ANALYSIS
  • 1626 Smith Street Pomona, CA 3
    • 3 beds 1 baths ∙ 1,120 Sqft ∙ Built 1947 3 beds 1 baths ∙ 1,120 Sqft ∙ Built 1947
    • Rent
    • Rent Per SQFT
    •  
    • $2,030
    • $1.81
    •  
  • 1942 Denison Street Pomona, CA 1
    • 3 beds 1 baths ∙ 1,092 Sqft ∙ Built 1952 3 beds 1 baths ∙ 1,092 Sqft ∙ Built 1952
    LEASED 10/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $1.74
    •  
  • 1624 Jess Street Pomona, CA 2
    • 3 beds 2 baths ∙ 1,228 Sqft ∙ Built 1947 3 beds 2 baths ∙ 1,228 Sqft ∙ Built 1947
    LEASED 08/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $1.55
    •  
  • 1790 Calatina Drive Pomona, CA 4
    • 3 beds 1 baths ∙ 1,328 Sqft ∙ Built 1954 3 beds 1 baths ∙ 1,328 Sqft ∙ Built 1954
    LEASED 01/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $1.54
    •  
  • 1846 Denison Street Pomona, CA 5
    • 3 beds 1 baths ∙ 1,434 Sqft ∙ Built 1950 3 beds 1 baths ∙ 1,434 Sqft ∙ Built 1950
    LEASED 08/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.67
    •  
PROPERTY LISTING DETAILS
Mary Vargas
United Realty Center Inc
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV21002445
Last Updated: 01/13/2021
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