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1876 Richards Place Upland, CA 91784

5 Beds 3 Baths 2,900 sqft Built 2005

$720,000

List Price

$3,000

$2.8K - $3.3K

Rent Est.

PROPERTY INFO

November 01, 2020 RECENTLY ADDED
FACTS
  • Built In 2005
  • Price/Sqft : $248.28
  • 3 Days on Market
  • MLS # : TR20230452
  • Updated Date : 11/01/2020 at 11:32
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,900 sqft
  • Baths : 3 full
Listing Agent

Gateway California Realty

Listing Agent's Description

Beautiful large home in the Colonies master planned community of Upland. Sited in the Chantrelle subdivision. Pride of ownership community, it was built in 2005 with a square foot of 2,900 and a lot of 5,054. It has 5 bedrooms and 3 baths. Double door entry with hardwood floor throughout the entire house. Spacious open floor plan kitchen with plenty of cabinets and breakfast nook. Perfect for cooking it has two ovens, stove and microwave. The open floor plan to the family room is perfect for entertaining. It has a formal living room and a separate dining room. There is a laundry room on the second floor with sink and cabinetry and another washer/dryer in the garage. Two gas fireplaces, one in the formal dining room and one in the family room. The master room has a soaking tub and a separate shower. It also has a spacious loft on the second floor that can be used as an office. Attached wo car garage with direct access. It has 4 security cameras monitor by ADT. Manicure front yard and easy maintenance artificial green in the back yard with fruit trees. Nearby schools include Jasper Elementary School, Carnelian Elementary School and St. Mark's Episcopal. The closest grocery stores are Vons, Smart & Final and Stater Bros Markets. Nearby coffee shops include Starbucks. Nearby restaurants include Oggi's, El Pollo Loco and The Habit Burger Grill.

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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: The Colonies

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600k650k700k750kPrice in $149k760k

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

Neighborhood: The Colonies

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2120014001600180020002200240026002800Rent in $10822990

* 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
Foothill Knolls Elementary School Primary Regular 447 19 5
Pioneer Junior High School Middle Regular 928 37 9
Upland High School High Regular 3,456 137 7

Foothill Knolls Elementary School

  • Education Level: Primary
  • # of students: 447
  • # of teachers: 19
5
GreatSchools Rating

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
 

$648,000$792,000$720,000

PURCHASE PRICE

$2,700$3,300$3,000

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,000
EXPENSES Loan Payment -$2,656
Property Tax -$655
Property Insurance -$97
HOA -$100
Property Management Fees -$177
CASH FLOW
-$686

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.

$720,000

PROJECTED PRICE

$3,000

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 5.8%
Maintenance Year (1-5) 8.00%
Vacancy 5.35%
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$10k$15k

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$196,550

INVESTMENT

$196,550

Down Payment
$180,000
Rehab Estimate
$5,750
Closing Costs
$10,800

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,656

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $180,000
Loan Amount $540,000
See What Happens When You Reinvest Cash Flow

1.33

YEARS SAVED

$5,924

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,000

    LIST RENT
  • $1.03

    LIST RENT PER SQFT
  • $3,067

    COMP ESTIMATED VALUE
  • $1.06

    COMP AVG. RENT PER SQFT
Comps Range
$2,950
1$2,9502$3,0003$3,0004$3,1005$3,100
$3,100
RENT COMPS ANALYSIS
  • 1876 Richards Place Upland, CA 3
    • 5 beds 3 baths ∙ 2,900 Sqft ∙ Built 2005 5 beds 3 baths ∙ 2,900 Sqft ∙ Built 2005
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $1.03
    •  
  • 1425 Gorgen Lane Upland, CA 1
    • 6 beds 3 baths ∙ 2,900 Sqft ∙ Built 2005 6 beds 3 baths ∙ 2,900 Sqft ∙ Built 2005
    LEASED 11/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $1.02
    •  
  • 1860 Richards Place Upland, CA 2
    • 5 beds 3 baths ∙ 2,900 Sqft ∙ Built 2005 5 beds 3 baths ∙ 2,900 Sqft ∙ Built 2005
    LEASED 07/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $1.03
    •  
  • 1557 Majesty Street Upland, CA 4
    • 4 beds 3 baths ∙ 3,079 Sqft ∙ Built 2003 4 beds 3 baths ∙ 3,079 Sqft ∙ Built 2003
    LEASED 06/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,100
    • $1.01
    •  
  • 1884 Richards Place Upland, CA 5
    • 5 beds 3 baths ∙ 2,646 Sqft ∙ Built 2005 5 beds 3 baths ∙ 2,646 Sqft ∙ Built 2005
    LEASED 02/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,100
    • $1.17
    •  
PROPERTY LISTING DETAILS
Albert Calderon
Gateway California Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: TR20230452
Last Updated: 11/01/2020
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