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1804 E Locust Street Ontario, CA 91761

3 Beds 1 Baths 1,196 sqft Built 1957

$409,000

List Price

$1,850

$1.7K - $2K

Rent Est.

PROPERTY INFO

November 02, 2020 RECENTLY ADDED
FACTS
  • Built In 1957
  • Price/Sqft : $341.97
  • 3 Days on Market
  • MLS # : IG20230529
  • Updated Date : 11/02/2020 at 15:18
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,196 sqft
  • Baths : 1 full
Listing Agent

Elite Reo Brokers

Listing Agent's Description

3 bedroom and 1 bathroom with over 1/2 acre of the land. Great home for first time buyers! Investor Special! Please no frivolous offers. Home needs repairs. Needs work and Love.

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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: Ontario

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $116k477k

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

Neighborhood: Ontario

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2100011001200130014001500160017001800190020002100Rent in $9112126

* 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
Bon View Elementary School Primary Regular 700 27 3
Bon View Elementary School Middle Regular 700 27 3
Colony High School High Regular 2,079 84 6

Bon View Elementary School

  • Education Level: Primary
  • # of students: 700
  • # of teachers: 27
3
GreatSchools Rating

Bon View Elementary School

  • Education Level: Middle
  • # of students: 700
  • # of teachers: 27
3
GreatSchools Rating

Colony High School

  • Education Level: High
  • # of students: 2,079
  • # of teachers: 84
6
GreatSchools Rating
 

$368,100$449,900$409,000

PURCHASE PRICE

$1,665$2,035$1,850

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,850
EXPENSES Loan Payment -$1,509
Property Tax -$377
Property Insurance -$56
Property Management Fees -$109
CASH FLOW
-$201

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.

$409,000

PROJECTED PRICE

$1,850

PROJECTED RENT

0.45%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 8.1%
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-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$114,135

INVESTMENT

$114,135

Down Payment
$102,250
Rehab Estimate
$5,750
Closing Costs
$6,135

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,509

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $102,250
Loan Amount $306,750
See What Happens When You Reinvest Cash Flow

3.25

YEARS SAVED

$12,901

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,850

    LIST RENT
  • $1.55

    LIST RENT PER SQFT
  • $2,065

    COMP ESTIMATED VALUE
  • $1.73

    COMP AVG. RENT PER SQFT
Comps Range
$1,850
1$1,8502$2,2503$2,2954$2,500
$2,500
RENT COMPS ANALYSIS
  • 1804 E Locust Street Ontario, CA 1
    • 3 beds 1 baths ∙ 1,196 Sqft ∙ Built 1957 3 beds 1 baths ∙ 1,196 Sqft ∙ Built 1957
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.55
    •  
  • 2713 S Cypress Point Place Ontario, CA 2
    • 3 beds 2 baths ∙ 1,264 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,264 Sqft ∙ Built 1977
    LEASED 12/24/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $1.78
    •  
  • 2111 Caldwell Place Ontario, CA 3
    • 4 beds 2 baths ∙ 1,426 Sqft ∙ Built 1977 4 beds 2 baths ∙ 1,426 Sqft ∙ Built 1977
    LEASED 01/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $1.61
    •  
  • 1831 E Granada Court Ontario, CA 4
    • 4 beds 2 baths ∙ 1,400 Sqft ∙ Built 1963 4 beds 2 baths ∙ 1,400 Sqft ∙ Built 1963
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.79
    •  
PROPERTY LISTING DETAILS
Essa Rassool
Elite Reo Brokers
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IG20230529
Last Updated: 11/02/2020
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