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16466 Iris Drive Fontana, CA 92335

3 Beds 2 Baths 1,399 sqft Built 1977

$410,000

List Price

$2,110

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

December 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1977
  • Price/Sqft : $293.07
  • 2 Days on Market
  • MLS # : TR20256071
  • Updated Date : 12/12/2020 at 11:43
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,399 sqft
  • Baths : 2 full
Listing Agent

Coldwell Banker Top Team

Listing Agent's Description

Great Corner lot is in a great location! This home features 3 bedrooms 2 bathrooms with a spacious living and fireplace Kitchen flows dining room. Large lot for entertaining lots of parking space in the driveway. Close to freeway for a fast commute. A must see!

SEE MORE

MARKET HIGHLIGHTS

  • 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.
  • 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)

PRICE & RENT TRENDS

Neighborhood: Fontana

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $116k479k

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

Neighborhood: Fontana

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2100011001200130014001500160017001800190020002100Rent in $9112139

* 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
Cypress Elementary School Primary Regular 854 30 2
Harry S. Truman Middle School Middle Regular 1,213 53 2
Jurupa Hills High School High Regular 2,081 94 4

Cypress Elementary School

  • Education Level: Primary
  • # of students: 854
  • # of teachers: 30
2
GreatSchools Rating

Harry S. Truman Middle School

  • Education Level: Middle
  • # of students: 1,213
  • # of teachers: 53
2
GreatSchools Rating

Jurupa Hills High School

  • Education Level: High
  • # of students: 2,081
  • # of teachers: 94
4
GreatSchools Rating
 

$369,000$451,000$410,000

PURCHASE PRICE

$1,899$2,321$2,110

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,110
EXPENSES Loan Payment -$1,513
Property Tax -$435
Property Insurance -$61
Property Management Fees -$124
CASH FLOW
-$24

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.

$410,000

PROJECTED PRICE

$2,110

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 8.8%
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

PROJECTED ANNUAL CASH FLOW

11530$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$114,400

INVESTMENT

$114,400

Down Payment
$102,500
Rehab Estimate
$5,750
Closing Costs
$6,150

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,513

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $102,500
Loan Amount $307,500
See What Happens When You Reinvest Cash Flow

5.42

YEARS SAVED

$27,778

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,110

    LIST RENT
  • $1.51

    LIST RENT PER SQFT
  • $1,913

    COMP ESTIMATED VALUE
  • $1.37

    COMP AVG. RENT PER SQFT
Comps Range
$1,749
1$1,7492$1,8003$1,9004$1,9505$2,110
$2,110
RENT COMPS ANALYSIS
  • 16466 Iris Drive Fontana, CA 5
    • 3 beds 2 baths ∙ 1,399 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,399 Sqft ∙ Built 1977
    • Rent
    • Rent Per SQFT
    •  
    • $2,110
    • $1.51
    •  
  • 17217 Manzanita Drive Fontana, CA 1
    • 3 beds 2 baths ∙ 1,339 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,339 Sqft ∙ Built 1958
    LEASED 04/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,749
    • $1.31
    •  
  • 9822 Sewell Court Fontana, CA 2
    • 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1978
    LEASED 05/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.20
    •  
  • 16290 Fontlee Court Fontana, CA 3
    • 3 beds 2 baths ∙ 1,245 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,245 Sqft ∙ Built 1980
    LEASED 04/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $1.53
    •  
  • 9220 Citrus Avenue Fontana, CA 4
    • 3 beds 3 baths ∙ 1,364 Sqft ∙ Built 1985 3 beds 3 baths ∙ 1,364 Sqft ∙ Built 1985
    LEASED 05/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $1.43
    •  
PROPERTY LISTING DETAILS
Rebecca Leal
Coldwell Banker Top Team
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: TR20256071
Last Updated: 12/12/2020
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