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1713 Storrs Place Pomona, CA 91766

4 Beds 2 Baths 1,530 sqft Built 1978

$599,888

List Price

$2,430

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

December 05, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1978
  • Price/Sqft : $392.08
  • 3 Days on Market
  • MLS # : CV20251773
  • Updated Date : 12/05/2020 at 15:27
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,530 sqft
  • Baths : 2 full
Listing Agent

Re/max Top Producers

Listing Agent's Description

Fabulous single-story home with 4 bedrooms and 2 bathrooms in the sought over area of Westmont also know as the original Phillips Ranch. With views of the hills right from the front door, major upgrades, central AC/ heat, and is smart home ready! Upon entry, you are met with a lovely foyer that features a modern pendant light, gorgeous vinyl floors throughout. The foyer leads into the spacious living room, dining room, and kitchen. The living room features a fireplace, recess lighting throughout, french doors providing access to the ample backyard. Large dining room features a gorgeous light pendant and barn door leading to the laundry room and gives access to the garage. The upgraded kitchen features shaker cabinets, state-of-the-art appliances,custom backsplash, and white quartz countertops. The island in the kitchen provides extra space for dining and entertainment. Master bedroom features a large closet with mirrored doors, vinyl floors, ceiling fan and is accentuated by an adjoining remodeled bathroom with a bathtub and french doors providing private access to the backyard. Down the hall, you will find the second bathroom with modern fixtures and gorgeous tiled floors. All bedrooms are spacious and include ceiling fans. The office is at the end of the hall and features a glass door giving great light to the room. The backyard has lots of space and is highlighted by two palm trees and lots of succulents. The 2-car garage features new epoxy flooring and a new water heater.

SEE MORE

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)
  • 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)
  • 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)

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
 

$539,899$659,877$599,888

PURCHASE PRICE

$2,187$2,673$2,430

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,430
EXPENSES Loan Payment -$2,213
Property Tax -$678
Property Insurance -$64
Property Management Fees -$119
CASH FLOW
-$644

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.

$599,888

PROJECTED PRICE

$2,430

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$1.8M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$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$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$164,720

INVESTMENT

$164,720

Down Payment
$149,972
Rehab Estimate
$5,750
Closing Costs
$8,998

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$2,213

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $149,972
Loan Amount $449,916
See What Happens When You Reinvest Cash Flow

1.33

YEARS SAVED

$4,641

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,430

    LIST RENT
  • $1.59

    LIST RENT PER SQFT
  • $2,459

    COMP ESTIMATED VALUE
  • $1.61

    COMP AVG. RENT PER SQFT
Comps Range
$2,430
1$2,4302$2,5003$2,5504$2,6005$2,600
$2,600
RENT COMPS ANALYSIS
  • 1713 Storrs Place Phillips Ranch, CA 1
    • 4 beds 2 baths ∙ 1,530 Sqft ∙ Built 1978 4 beds 2 baths ∙ 1,530 Sqft ∙ Built 1978
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,430
    • $1.59
    •  
  • 27 Sage Canyon Road Pomona, CA 2
    • 3 beds 2 baths ∙ 1,575 Sqft ∙ Built 1982 3 beds 2 baths ∙ 1,575 Sqft ∙ Built 1982
    property image
    LEASED 12/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.59
    •  
  • 75 Hidden Valley Road Pomona, CA 3
    • 3 beds 2 baths ∙ 1,644 Sqft ∙ Built 1985 3 beds 2 baths ∙ 1,644 Sqft ∙ Built 1985
    property image
    LEASED 10/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $1.55
    •  
  • 1161 Verona Place Pomona, CA 4
    • 4 beds 2 baths ∙ 1,530 Sqft ∙ Built 1979 4 beds 2 baths ∙ 1,530 Sqft ∙ Built 1979
    property image
    LEASED 06/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.70
    •  
  • 46 Rising Hill Road Phillips Ranch, CA 5
    • 3 beds 2 baths ∙ 1,635 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,635 Sqft ∙ Built 1980
    property image
    LEASED 09/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.59
    •  
PROPERTY LISTING DETAILS
Erick Guzman
Re/max Top Producers
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV20251773
Last Updated: 12/05/2020
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