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1639 N 3rd Avenue Upland, CA 91784

3 Beds 2 Baths 2,106 sqft Built 1961

$769,000

List Price

$2,560

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1961
  • Price/Sqft : $365.15
  • 10 Days on Market
  • MLS # : OC21019831
  • Updated Date : 02/04/2021 at 18:35
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,106 sqft
  • Baths : 2 full
Listing Agent

Berkshire Hathaway Home Services

Listing Agent's Description

Are you are looking for a wonderful single story ranch style with all the comforts of home? Look no further!! Here it is! Adorned with a neutral color pallet, this home offers the versatility that is pleasing to most. Light and bright living room, dining room, with breakfast nook off the kitchen too. The list of beautiful upgrades is worth seeing. New waterproof laminate floors, black out shades in all bedrooms, remodeled bathrooms, new interior paint, ceilings fans in all bedrooms, scraped and textured ceilings, recessed led lights, inside laundry, newer windows, central heating and air, RV parking, and more. The attached converted and finished garage can be used as a family room, stay at home school/work area, extra living room, or perfect set up for In-law quarters with separate entrance and private bathroom. Perfect for multi-generational families. This home is one for sure to take a look at. Huge backyard is a blank canvas for you to do whatever suits your needs. Fabulous location too! This home is surrounded by a wonderful neighborhood with beautiful tree lined streets. Don’t miss this gem!!

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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: Upland

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $143k642k

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

Neighborhood: Upland

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q21200140016001800200022002400Rent in $10822575

* 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
Pioneer Junior High School Middle Regular 928 37 9
Upland High School High Regular 3,456 137 7

Pioneer Junior High School

  • Education Level: Middle
  • # of students: 928
  • # of teachers: 37
9
GreatSchools Rating

Upland High School

  • Education Level: High
  • # of students: 3,456
  • # of teachers: 137
7
GreatSchools Rating
 

$692,100$845,900$769,000

PURCHASE PRICE

$2,304$2,816$2,560

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,560
EXPENSES Loan Payment -$2,671
Property Tax -$718
Property Insurance -$78
Property Management Fees -$151
CASH FLOW
-$1,058

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.

$769,000

PROJECTED PRICE

$2,560

PROJECTED RENT

0.33%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 6.1%
Maintenance Year (1-5) 8.00%
Vacancy 5.43%
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-$15k-$10k-$5.0k$0.0$5.0k

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$209,535

INVESTMENT

$209,535

Down Payment
$192,250
Rehab Estimate
$5,750
Closing Costs
$11,535

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$2,671

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $192,250
Loan Amount $576,750
See What Happens When You Reinvest Cash Flow

0.17

YEARS SAVED

$126

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,560

    LIST RENT
  • $1.22

    LIST RENT PER SQFT
  • $2,843

    COMP ESTIMATED VALUE
  • $1.35

    COMP AVG. RENT PER SQFT
Comps Range
$2,400
1$2,4002$2,5603$2,9254$3,1505$3,300
$3,300
RENT COMPS ANALYSIS
  • 1639 N 3rd Avenue Upland, CA 2
    • 3 beds 2 baths ∙ 2,106 Sqft ∙ Built 1961 3 beds 2 baths ∙ 2,106 Sqft ∙ Built 1961
    • Rent
    • Rent Per SQFT
    •  
    • $2,560
    • $1.22
    •  
  • 834 W 16th Street Upland, CA 1
    • 4 beds 2 baths ∙ 1,854 Sqft ∙ Built 1975 4 beds 2 baths ∙ 1,854 Sqft ∙ Built 1975
    LEASED 08/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.29
    •  
  • 1845 Mulberry Way Upland, CA 3
    • 4 beds 3 baths ∙ 2,262 Sqft ∙ Built 1975 4 beds 3 baths ∙ 2,262 Sqft ∙ Built 1975
    LEASED 12/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,925
    • $1.29
    •  
  • 1376 N Euclid Avenue Upland, CA 4
    • 4 beds 2 baths ∙ 2,338 Sqft ∙ Built 1974 4 beds 2 baths ∙ 2,338 Sqft ∙ Built 1974
    LEASED 10/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,150
    • $1.35
    •  
  • 588 W 17th Street Upland, CA 5
    • 4 beds 2 baths ∙ 2,239 Sqft ∙ Built 1970 4 beds 2 baths ∙ 2,239 Sqft ∙ Built 1970
    LEASED 06/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $1.47
    •  
PROPERTY LISTING DETAILS
Cherie Seiler
Berkshire Hathaway Home Services
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21019831
Last Updated: 02/04/2021
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