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2245 Bowdoin Street La Verne, CA 91750

3 Beds 2 Baths 1,782 sqft Built 1979

$799,800

List Price

$3,090

$2.8K - $3.3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1979
  • Price/Sqft : $448.82
  • 2 Days on Market
  • MLS # : CV21047126
  • Updated Date : 03/06/2021 at 09:58
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,782 sqft
  • Baths : 2 full
Listing Agent

Re/max Masters Realty

Listing Agent's Description

SINGLE STORY POOL HOME ON A LARGE LOT W/OWNED SOLAR. Front yard offers a large grass area, concrete driveway & walkway w/planter leading to a covered front porch. Double doors open to a tiled entryway that opens to the living & family rooms. The living room offers brand new carpet, bright front windows w/plantation shutters & and adjacent dining room w/mirrored accent wall. The family room offers laminate floors, vaulted ceilings, a brick fireplace, wet bar & is open to the kitchen. The kitchen features white cabinetry w/stainless steel appliances, neutral color countertops, countertop seating & recessed lighting. A bonus enclosed patio attached to the home, not counted in the square footage, features windows overlooking the backyard & is currently used as a gym. Down the hallway you'll find a spacious master bedroom w/wood grain patterned tile flooring, ceiling fan, wood accent wall & sliding door that overlooks the backyard & pool. Master bathroom w/spacious countertops & a shower w/sliding glass enclosure. Two additional bedrooms w/ ceiling fans, a remodeled hall bathroom & an indoor laundry room. The backyard offers a pool & spa w/spillway, artificial turf lawn, a custom sitting area, alumawood covered patio, planters w/queen palm trees & block wall perimeter.

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)
  • 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]
  • 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's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (USMayors.org, 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 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: Foothill Corridor

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650kPrice in $187k676k

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

Neighborhood: Foothill Corridor

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q216001700180019002000210022002300240025002600270028002900Rent in $15912941

* 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
La Verne Heights Elementary School Primary Regular 496 19 7
Ramona Middle School Middle Regular 1,406 51 9
Bonita High School High Regular 1,968 74 9

La Verne Heights Elementary School

  • Education Level: Primary
  • # of students: 496
  • # of teachers: 19
7
GreatSchools Rating

Ramona Middle School

  • Education Level: Middle
  • # of students: 1,406
  • # of teachers: 51
9
GreatSchools Rating

Bonita High School

  • Education Level: High
  • # of students: 1,968
  • # of teachers: 74
9
GreatSchools Rating
 

$719,820$879,780$799,800

PURCHASE PRICE

$2,781$3,399$3,090

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,090
EXPENSES Loan Payment -$2,778
Property Tax -$799
Property Insurance -$70
Property Management Fees -$151
CASH FLOW
-$709

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.

$799,800

PROJECTED PRICE

$3,090

PROJECTED RENT

0.39%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.48%
Appreciation Year (1-5) 6.2%
Maintenance Year (1-5) 8.00%
Vacancy 4.69%
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$20k

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$217,697

INVESTMENT

$217,697

Down Payment
$199,950
Rehab Estimate
$5,750
Closing Costs
$11,997

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,778

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $199,950
Loan Amount $599,850
See What Happens When You Reinvest Cash Flow

1.67

YEARS SAVED

$8,940

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,090

    LIST RENT
  • $1.73

    LIST RENT PER SQFT
  • $3,310

    COMP ESTIMATED VALUE
  • $1.86

    COMP AVG. RENT PER SQFT
Comps Range
$2,900
1$2,9002$3,0903$3,1004$3,2005$3,300
$3,300
RENT COMPS ANALYSIS
  • 2245 Bowdoin Street La Verne, CA 2
    • 3 beds 2 baths ∙ 1,782 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,782 Sqft ∙ Built 1979
    • Rent
    • Rent Per SQFT
    •  
    • $3,090
    • $1.73
    •  
  • 3315 Logan Street La Verne, CA 1
    • 4 beds 2 baths ∙ 1,580 Sqft ∙ Built 1977 4 beds 2 baths ∙ 1,580 Sqft ∙ Built 1977
    LEASED 11/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $1.84
    •  
  • 2689 Gem Circle La Verne, CA 3
    • 4 beds 2 baths ∙ 1,654 Sqft ∙ Built 1977 4 beds 2 baths ∙ 1,654 Sqft ∙ Built 1977
    LEASED 03/05/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,100
    • $1.87
    •  
  • 4224 Stone Circle La Verne, CA 4
    • 4 beds 1 baths ∙ 1,716 Sqft ∙ Built 1977 4 beds 1 baths ∙ 1,716 Sqft ∙ Built 1977
    LEASED 08/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $1.86
    •  
  • 4275 Williams Avenue La Verne, CA 5
    • 4 beds 2 baths ∙ 1,773 Sqft ∙ Built 1981 4 beds 2 baths ∙ 1,773 Sqft ∙ Built 1981
    LEASED 12/24/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $1.86
    •  
PROPERTY LISTING DETAILS
Nicholas Abbadessa
Re/max Masters Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV21047126
Last Updated: 03/06/2021
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