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1962 W Phillips Drive Pomona, CA 91766

4 Beds 1 Baths 2,156 sqft Built 1969

$699,999

List Price

$2,850

$2.6K - $3.1K

Rent Est.

PROPERTY INFO

February 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1969
  • Price/Sqft : $324.67
  • 3 Days on Market
  • MLS # : P1-3314
  • Updated Date : 02/12/2021 at 15:22
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,156 sqft
  • Baths : 1 full
Listing Agent

Berkshire Hathaway Home Serv.

Listing Agent's Description

Located in one of Philips Ranch's most desirable original enclaves, this mid-century ranch has been updated with attention to detail. And, with extensive space for various living and entertaining scenarios, this residence has so much to offer. Boasting over 2,100 square feet, this home offers spacious gathering rooms; a sizeable formal living room, a refreshed kitchen with new appliances, and an oversized great room perfect for dining, entertaining, celebrating and relaxing for the entire household and more. Architectural features including two fireplaces, French doors, vaulted ceilings, clerestory windows and skylights add style and grace to these open concept spaces.Four bedrooms and three baths ensure that everyone will have their private space whether lounging in the Primary suite, working from home or even creating an environment ideal for multi-generational living.Recently upgraded with a new roof, new wood flooring, updated kitchen and baths, fresh paint, security system and so much more, this truly is ''everyone's home''.

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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)
  • 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
Ganesha High School High Regular 1,131 51 4
Ganesha High School High Unknown NA

Ganesha High School

  • Education Level: High
  • # of students: 1,131
  • # of teachers: 51
4
GreatSchools Rating

Ganesha High School

  • Education Level: High
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$629,999$769,999$699,999

PURCHASE PRICE

$2,565$3,135$2,850

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,850
EXPENSES Loan Payment -$2,431
Property Tax -$772
Property Insurance -$79
Property Management Fees -$140
CASH FLOW
-$572

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.

$699,999

PROJECTED PRICE

$2,850

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$500k$1.0M$1.5M$2.0M

PROJECTED ANNUAL CASH FLOW

11530-$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$191,250

INVESTMENT

$191,250

Down Payment
$175,000
Rehab Estimate
$5,750
Closing Costs
$10,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,431

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $175,000
Loan Amount $524,999
See What Happens When You Reinvest Cash Flow

2.08

YEARS SAVED

$9,454

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,850

    LIST RENT
  • $1.32

    LIST RENT PER SQFT
  • $3,045

    COMP ESTIMATED VALUE
  • $1.41

    COMP AVG. RENT PER SQFT
Comps Range
$2,700
1$2,7002$2,7503$2,8004$2,8505$3,000
$3,000
RENT COMPS ANALYSIS
  • 1962 W Phillips Drive Pomona, CA 4
    • 4 beds 1 baths ∙ 2,156 Sqft ∙ Built 1969 4 beds 1 baths ∙ 2,156 Sqft ∙ Built 1969
    • Rent
    • Rent Per SQFT
    •  
    • $2,850
    • $1.32
    •  
  • 23909 Highland Valley Road Diamond Bar, CA 1
    • 3 beds 3 baths ∙ 2,021 Sqft ∙ Built 1968 3 beds 3 baths ∙ 2,021 Sqft ∙ Built 1968
    LEASED 10/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.34
    •  
  • 1017 Twin Canyon Lane Diamond Bar, CA 2
    • 4 beds 2 baths ∙ 1,888 Sqft ∙ Built 1968 4 beds 2 baths ∙ 1,888 Sqft ∙ Built 1968
    LEASED 02/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $1.46
    •  
  • 1107 Moonlight Summit Dr Diamond Bar, CA 3
    • 4 beds 2 baths ∙ 2,011 Sqft ∙ Built 1968 4 beds 2 baths ∙ 2,011 Sqft ∙ Built 1968
    LEASED 05/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.39
    •  
  • 1263 Milano Place Phillips Ranch, CA 5
    • 3 beds 2 baths ∙ 2,050 Sqft ∙ Built 1969 3 beds 2 baths ∙ 2,050 Sqft ∙ Built 1969
    LEASED 10/24/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $1.46
    •  
PROPERTY LISTING DETAILS
Nicholas Cacarnakis
Berkshire Hathaway Home Serv.
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: P1-3314
Last Updated: 02/12/2021
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