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2220 Alhambra Street Norco, CA 92860

4 Beds 2 Baths 1,750 sqft Built 1979

$605,000

List Price

$2,390

$2.2K - $2.6K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1979
  • Price/Sqft : $345.71
  • 19 Days on Market
  • MLS # : IV20263433
  • Updated Date : 01/29/2021 at 18:38
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,750 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Realty Norco

Listing Agent's Description

Beautiful turnkey view home on .61 acres in Norco. Zoned for up to 6 horses. Lovely hardwood floors thru most of house set at a diagonal. The kitchen is open to the large family room with fireplace. Kitchen has stainless steel appliances and an oversized island. Windows are new with beautiful plantation shutters. Electrical has been upgraded. Both bathrooms have been upgraded. The property sits on two levels. Lower level is the house with a nice backyard with a patio cover and upper level is the horse area that has a cute shop with a front porch, beautiful views and electrical.

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'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.
  • 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)

PRICE & RENT TRENDS

Neighborhood: Norco

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $149k643k

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

Neighborhood: Norco

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q212001400160018002000220024002600Rent in $10822691

* 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
Highland Elementary School Primary Regular 653 24 8
Highland Elementary School Middle Regular 653 24 8
John F. Kennedy Middle College High School High Magnet 646 22 7

Highland Elementary School

  • Education Level: Primary
  • # of students: 653
  • # of teachers: 24
8
GreatSchools Rating

Highland Elementary School

  • Education Level: Middle
  • # of students: 653
  • # of teachers: 24
8
GreatSchools Rating

John F. Kennedy Middle College High School

  • Education Level: High
  • # of students: 646
  • # of teachers: 22
7
GreatSchools Rating
 

$544,500$665,500$605,000

PURCHASE PRICE

$2,151$2,629$2,390

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,390
EXPENSES Loan Payment -$2,101
Property Tax -$563
Property Insurance -$70
Property Management Fees -$141
CASH FLOW
-$485

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.

$605,000

PROJECTED PRICE

$2,390

PROJECTED RENT

0.40%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 7.2%
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$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$166,075

INVESTMENT

$166,075

Down Payment
$151,250
Rehab Estimate
$5,750
Closing Costs
$9,075

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,101

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $151,250
Loan Amount $453,750
See What Happens When You Reinvest Cash Flow

1.67

YEARS SAVED

$6,273

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,390

    LIST RENT
  • $1.37

    LIST RENT PER SQFT
  • $2,367

    COMP ESTIMATED VALUE
  • $1.35

    COMP AVG. RENT PER SQFT
Comps Range
$2,100
1$2,1002$2,3903$2,4504$2,6005$2,750
$2,750
RENT COMPS ANALYSIS
  • 2220 Alhambra Street Norco, CA 2
    • 4 beds 2 baths ∙ 1,750 Sqft ∙ Built 1979 4 beds 2 baths ∙ 1,750 Sqft ∙ Built 1979
    • Rent
    • Rent Per SQFT
    •  
    • $2,390
    • $1.37
    •  
  • 1655 Elm Drive Norco, CA 1
    • 4 beds 1 baths ∙ 1,700 Sqft ∙ Built 1965 4 beds 1 baths ∙ 1,700 Sqft ∙ Built 1965
    LEASED 01/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.24
    •  
  • 1020 Carriage Drive Norco, CA 3
    • 3 beds 2 baths ∙ 1,740 Sqft ∙ Built 1967 3 beds 2 baths ∙ 1,740 Sqft ∙ Built 1967
    LEASED 08/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $1.41
    •  
  • 2851 Huerta Way Norco, CA 4
    • 5 beds 2 baths ∙ 2,036 Sqft ∙ Built 1975 5 beds 2 baths ∙ 2,036 Sqft ∙ Built 1975
    LEASED 08/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.28
    •  
  • 2400 Vine Avenue Norco, CA 5
    • 3 beds 2 baths ∙ 1,859 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,859 Sqft ∙ Built 1973
    LEASED 06/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $1.48
    •  
PROPERTY LISTING DETAILS
Julianne Farmer
Keller Williams Realty Norco
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV20263433
Last Updated: 01/29/2021
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