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1962 Driftstone Drive Glendora, CA 91740

3 Beds 3 Baths 1,638 sqft Built 1985

$520,000

List Price

$2,670

$2.4K - $2.9K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
FACTS
  • Single Family
  • Built In 1985
  • Price/Sqft : $317.46
  • 36 Days on Market
  • MLS # : WS20225610
  • Updated Date : 11/23/2020 at 05:09
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,638 sqft
  • Baths : 3 full
Listing Agent

Re/max Elite Realty

Listing Agent's Description

Congratulations for the opportunity to enjoy this beautifully landscaped and well maintained community of Glendora Springs. This home features a large master suite with vaulted ceiling, open floor plan, an updated kitchen with granite counter tops and pantry for plenty of storage, laundry room conveniently located off kitchen, living room with Vaulted ceiling and fireplace full of natural light, dining room with a private patio perfect for dinner outdoor taking advantage of the sunny California weather! Sparkling pool is just steps away and get your exercise at this complexes private tennis courts. Conveniently located, entertainment, restaurants, shops and local schools are just a few short blocks away. Association amenities include sparkling pool, spa, sport court and water feature entry. Award winning Glendora schools with high school score 9 and middle school score 8. HOA includes insurance, water and trash. Only showing days are Nov. 28 and 29 from 10 am to 5 pm by appointment only.

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MARKET HIGHLIGHTS

  • 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)
  • 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]

PRICE & RENT TRENDS

Neighborhood: Glendora

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $199k856k

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

Neighborhood: Glendora

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q21800200022002400260028003000320034003600Rent in $16233697

* 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
Sutherland Elementary School Primary Regular 575 21 8
Goddard Middle School Middle Regular 915 35 8
Glendora High School High Regular 2,597 91 9

Sutherland Elementary School

  • Education Level: Primary
  • # of students: 575
  • # of teachers: 21
8
GreatSchools Rating

Goddard Middle School

  • Education Level: Middle
  • # of students: 915
  • # of teachers: 35
8
GreatSchools Rating

Glendora High School

  • Education Level: High
  • # of students: 2,597
  • # of teachers: 91
9
GreatSchools Rating
 

$468,000$572,000$520,000

PURCHASE PRICE

$2,403$2,937$2,670

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,670
EXPENSES Loan Payment -$1,919
Property Tax -$508
Property Insurance -$67
HOA -$385
Property Management Fees -$131
CASH FLOW
-$339

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.

$520,000

PROJECTED PRICE

$2,670

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 5.9%
Maintenance Year (1-5) 8.00%
Vacancy 5.05%
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$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$143,550

INVESTMENT

$143,550

Down Payment
$130,000
Rehab Estimate
$5,750
Closing Costs
$7,800

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,919

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $130,000
Loan Amount $390,000
See What Happens When You Reinvest Cash Flow

2.75

YEARS SAVED

$13,686

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,670

    LIST RENT
  • $1.63

    LIST RENT PER SQFT
  • $2,674

    COMP ESTIMATED VALUE
  • $1.63

    COMP AVG. RENT PER SQFT
Comps Range
$2,500
1$2,5002$2,6503$2,6504$2,6705$2,700
$2,700
RENT COMPS ANALYSIS
  • 1962 Driftstone Drive Glendora, CA 4
    • 3 beds 3 baths ∙ 1,638 Sqft ∙ Built 1985 3 beds 3 baths ∙ 1,638 Sqft ∙ Built 1985
    • Rent
    • Rent Per SQFT
    •  
    • $2,670
    • $1.63
    •  
  • 1923 Cobblefield Way Glendora, CA 1
    • 3 beds 3 baths ∙ 1,553 Sqft ∙ Built 1985 3 beds 3 baths ∙ 1,553 Sqft ∙ Built 1985
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.61
    •  
  • 512 Noah Court San Dimas, CA 2
    • 3 beds 3 baths ∙ 1,657 Sqft ∙ Built 1986 3 beds 3 baths ∙ 1,657 Sqft ∙ Built 1986
    LEASED 06/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $1.60
    •  
  • 710 Highland Place San Dimas, CA 3
    • 4 beds 2 baths ∙ 1,536 Sqft ∙ Built 1971 4 beds 2 baths ∙ 1,536 Sqft ∙ Built 1971
    LEASED 08/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $1.73
    •  
  • 931 Sandstone Drive Glendora, CA 5
    • 3 beds 3 baths ∙ 1,695 Sqft ∙ Built 1986 3 beds 3 baths ∙ 1,695 Sqft ∙ Built 1986
    LEASED 12/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.59
    •  
PROPERTY LISTING DETAILS
Rae Zhang
Re/max Elite Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: WS20225610
Last Updated: 11/23/2020
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