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21316 Hipass Drive Diamond Bar, CA 91765

4 Beds 2 Baths 1,288 sqft Built 1962

$690,000

List Price

$2,620

$2.4K - $2.9K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
SINGLE-FAMILY
March 25, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1962
  • Price/Sqft : $535.71
  • 5 Days on Market
  • MLS # : SR21061972
  • Updated Date : 03/24/2021 at 20:08
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,288 sqft
  • Baths : 2 full
Listing Agent

Redfin Corporation

Listing Agent's Description

Welcome to a home ready to be made into an entertainer's dream home!This home is Nestled in a nice quiet Cul-de-sac. Enter into the cozy living room situated around a fireplace opening up to the dining area and kitchen overlooking the backyard. Through the glass sliding doors from the dining space, access the pool with a separate backyard space perfect for al fresco dining and enjoying all the sunny California days! Down the hallway are four bedrooms and two bathrooms including a primary suite with an en suite bathroom plus plenty of closet space. Direct access 2 car garage, currently used as a converted bonus room. Also featuring beautiful curb appeal, a new A/C installed March 2021, Exterior freshly painted, an indoor laundry room, a large lot, and conveniently located near Diamond Bar High School, the freeway, and shopping centers, all with NO HOA! This home awaits its new residents to enjoy!

SEE MORE

MARKET HIGHLIGHTS

  • 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]
  • 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)

PRICE & RENT TRENDS

Neighborhood: Diamond Bar

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $199k856k

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

Neighborhood: Diamond Bar

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q21800200022002400260028003000320034003600Rent in $17843697

* 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
Castle Rock Elementary School Primary Regular 605 23 7
South Pointe Middle School Middle Regular 982 40 9
Diamond Bar High School High Regular 3,050 111 9

Castle Rock Elementary School

  • Education Level: Primary
  • # of students: 605
  • # of teachers: 23
7
GreatSchools Rating

South Pointe Middle School

  • Education Level: Middle
  • # of students: 982
  • # of teachers: 40
9
GreatSchools Rating

Diamond Bar High School

  • Education Level: High
  • # of students: 3,050
  • # of teachers: 111
9
GreatSchools Rating
 

$621,000$759,000$690,000

PURCHASE PRICE

$2,358$2,882$2,620

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,620
EXPENSES Loan Payment -$2,397
Property Tax -$704
Property Insurance -$58
Property Management Fees -$128
CASH FLOW
-$668

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.

$690,000

PROJECTED PRICE

$2,620

PROJECTED RENT

0.38%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 3.5%
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$1.6M$1.8M

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$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$188,600

INVESTMENT

$188,600

Down Payment
$172,500
Rehab Estimate
$5,750
Closing Costs
$10,350

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,397

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $172,500
Loan Amount $517,500
See What Happens When You Reinvest Cash Flow

1.42

YEARS SAVED

$5,423

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,620

    LIST RENT
  • $2.03

    LIST RENT PER SQFT
  • $2,595

    COMP ESTIMATED VALUE
  • $2.01

    COMP AVG. RENT PER SQFT
Comps Range
$2,450
1$2,4502$2,6003$2,6004$2,6205$2,695
$2,695
RENT COMPS ANALYSIS
  • 21316 Hipass Drive Diamond Bar, CA 4
    • 4 beds 2 baths ∙ 1,288 Sqft ∙ Built 1962 4 beds 2 baths ∙ 1,288 Sqft ∙ Built 1962
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,620
    • $2.03
    •  
  • 2973 Crooked Creek Drive Diamond Bar, CA 1
    • 4 beds 2 baths ∙ 1,288 Sqft ∙ Built 1963 4 beds 2 baths ∙ 1,288 Sqft ∙ Built 1963
    property image
    LEASED 04/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $1.90
    •  
  • 2500 Crooked Creek Drive Diamond Bar, CA 2
    • 3 beds 2 baths ∙ 1,280 Sqft ∙ Built 1963 3 beds 2 baths ∙ 1,280 Sqft ∙ Built 1963
    property image
    LEASED 05/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $2.03
    •  
  • 21203 Chocktaw Drive Diamond Bar, CA 3
    • 4 beds 2 baths ∙ 1,288 Sqft ∙ Built 1963 4 beds 2 baths ∙ 1,288 Sqft ∙ Built 1963
    property image
    LEASED 04/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $2.02
    •  
  • 2605 Castle Rock Road Diamond Bar, CA 5
    • 3 beds 2 baths ∙ 1,280 Sqft ∙ Built 1962 3 beds 2 baths ∙ 1,280 Sqft ∙ Built 1962
    property image
    LEASED 08/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,695
    • $2.11
    •  
PROPERTY LISTING DETAILS
Anthony Salvador
Redfin Corporation
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SR21061972
Last Updated: 03/24/2021
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