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1638 Sheridan Avenue Pomona, CA 91767

4 Beds 2 Baths 1,350 sqft Built 1956

$520,000

List Price

$2,190

$2K - $2.4K

Rent Est.

PROPERTY INFO

December 23, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1956
  • Price/Sqft : $385.19
  • 6 Days on Market
  • MLS # : IV20261340
  • Updated Date : 12/22/2020 at 20:06
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,350 sqft
  • Baths : 2 full
Listing Agent

Windermere R.e. Tower Prop.

Listing Agent's Description

Excellent North Pomona home! This lovely 4 bedroom 2 bath is located in a highly sought after neighborhood. Very well maintained & sits on a large lot. Upgrades include a newer roof, dual paned vinyl windows, exterior paint, laminate wood flooring & some interior paint. Spacious living room has a brick fireplace, indirect lighting & large sliding doors which allows for an abundance of light. The dining room is perfect for family gatherings. Upgraded kitchen with corian counters, stainless sinks, newer white appliances & tile flooring. Enjoy the cozy breakfast nook. Bathrooms have been upgraded with stone shower & walk-in soaking tub. The office or 4th. bedroom has a built-in desk. You will have instant hot water with the tankless water heater. Beautiful backyard with block walls for privacy. The living room opens to the backyard with a large concrete patio & beautiful alumawood covers. The attached oversized two car garage has a separate entrance from the front yard. Large concrete driveway allows for RV parking. Centrally located near schools & shopping. This one is a gem!

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MARKET HIGHLIGHTS

  • 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)
  • 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]

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
Montvue Elementary School Primary Regular 276 11 2
Emerson Middle School Middle Regular 618 25 2
Pomona Senior High School High Regular 1,286 59 2

Montvue Elementary School

  • Education Level: Primary
  • # of students: 276
  • # of teachers: 11
2
GreatSchools Rating

Emerson Middle School

  • Education Level: Middle
  • # of students: 618
  • # of teachers: 25
2
GreatSchools Rating

Pomona Senior High School

  • Education Level: High
  • # of students: 1,286
  • # of teachers: 59
2
GreatSchools Rating
 

$468,000$572,000$520,000

PURCHASE PRICE

$1,971$2,409$2,190

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,190
EXPENSES Loan Payment -$1,919
Property Tax -$574
Property Insurance -$60
Property Management Fees -$107
CASH FLOW
-$469

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.

$520,000

PROJECTED PRICE

$2,190

PROJECTED RENT

0.42%

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-$10k-$5.0k$0.0$5.0k$10k$15k

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$143,550

INVESTMENT

$143,550

Down Payment
$130,000
Rehab Estimate
$5,750
Closing Costs
$7,800

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,919

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $130,000
Loan Amount $390,000
See What Happens When You Reinvest Cash Flow

2

YEARS SAVED

$7,739

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,190

    LIST RENT
  • $1.62

    LIST RENT PER SQFT
  • $2,133

    COMP ESTIMATED VALUE
  • $1.58

    COMP AVG. RENT PER SQFT
Comps Range
$2,100
1$2,1002$2,1903$2,3504$2,4005$2,495
$2,495
RENT COMPS ANALYSIS
  • 1638 Sheridan Avenue Pomona, CA 2
    • 4 beds 2 baths ∙ 1,350 Sqft ∙ Built 1956 4 beds 2 baths ∙ 1,350 Sqft ∙ Built 1956
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,190
    • $1.62
    •  
  • 1087 Terryview Avenue Pomona, CA 1
    • 3 beds 1 baths ∙ 1,325 Sqft ∙ Built 1963 3 beds 1 baths ∙ 1,325 Sqft ∙ Built 1963
    property image
    LEASED 09/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.58
    •  
  • 1931 Wildrose Avenue Pomona, CA 3
    • 3 beds 1 baths ∙ 1,551 Sqft ∙ Built 1954 3 beds 1 baths ∙ 1,551 Sqft ∙ Built 1954
    property image
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $1.52
    •  
  • 135 Buena Vista Drive Claremont, CA 4
    • 3 beds 2 baths ∙ 1,448 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,448 Sqft ∙ Built 1961
    property image
    LEASED 03/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.66
    •  
  • 1114 Ringe Court Pomona, CA 5
    • 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 1963 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 1963
    property image
    LEASED 08/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $1.56
    •  
PROPERTY LISTING DETAILS
Sharene Greer
Windermere R.e. Tower Prop.
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV20261340
Last Updated: 12/22/2020
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