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229 W Norgate Street Glendora, CA 91740

3 Beds 2 Baths 1,242 sqft Built 1962

$569,000

List Price

$2,400

$2.2K - $2.6K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
November 06, 2020 RECENTLY ADDED
FACTS
  • Built In 1962
  • Price/Sqft : $458.13
  • 8 Days on Market
  • MLS # : 320003788
  • Updated Date : 11/06/2020 at 05:38
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,242 sqft
  • Baths : 2 full
Listing Agent

Coldwell Banker Hallmark Realt

Listing Agent's Description

This single level home has a sun-filled open floorplan. Features include a formal entry, updated kitchen, master suite, and attached garage. The back yard includes both grassy play area and a covered patio for seating and entertaining. This corner lot has RV parking potential. This home is conveniently located near freeways, shopping, Azusa Pacific University, Citrus College, Santa Fe Dam Recreation Area, Dawson Park, South Hills Park and Gladstone Park. WILL HAVE INTERIOR PHOTOS BY THE END OF THE WEEK

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: 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
Washington Elementary School Primary Regular 470 20 8
Washington Elementary School Middle Regular 470 20 8
Charter Oak High School High Regular 1,735 61 6

Washington Elementary School

  • Education Level: Primary
  • # of students: 470
  • # of teachers: 20
8
GreatSchools Rating

Washington Elementary School

  • Education Level: Middle
  • # of students: 470
  • # of teachers: 20
8
GreatSchools Rating

Charter Oak High School

  • Education Level: High
  • # of students: 1,735
  • # of teachers: 61
6
GreatSchools Rating
 

$512,100$625,900$569,000

PURCHASE PRICE

$2,160$2,640$2,400

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,400
EXPENSES Loan Payment -$2,099
Property Tax -$584
Property Insurance -$57
Property Management Fees -$118
CASH FLOW
-$458

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.

$569,000

PROJECTED PRICE

$2,400

PROJECTED RENT

0.42%

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$1.6M

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$156,535

INVESTMENT

$156,535

Down Payment
$142,250
Rehab Estimate
$5,750
Closing Costs
$8,535

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,099

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $142,250
Loan Amount $426,750
See What Happens When You Reinvest Cash Flow

2.33

YEARS SAVED

$11,807

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,400

    LIST RENT
  • $1.93

    LIST RENT PER SQFT
  • $2,152

    COMP ESTIMATED VALUE
  • $1.73

    COMP AVG. RENT PER SQFT
Comps Range
$2,200
1$2,2002$2,3803$2,3954$2,4005$2,495
$2,495
RENT COMPS ANALYSIS
  • 229 W Norgate Street Glendora, CA 4
    • 3 beds 2 baths ∙ 1,242 Sqft ∙ Built 1962 3 beds 2 baths ∙ 1,242 Sqft ∙ Built 1962
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.93
    •  
  • 20292 E Arrow Covina, CA 1
    • 4 beds 2 baths ∙ 1,353 Sqft ∙ Built 1980 4 beds 2 baths ∙ 1,353 Sqft ∙ Built 1980
    LEASED 01/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.63
    •  
  • 356 W Laxford Street Glendora, CA 2
    • 4 beds 3 baths ∙ 1,400 Sqft ∙ Built 1958 4 beds 3 baths ∙ 1,400 Sqft ∙ Built 1958
    LEASED 03/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,380
    • $1.70
    •  
  • 401 E Linfield Street Glendora, CA 3
    • 4 beds 2 baths ∙ 1,354 Sqft ∙ Built 1957 4 beds 2 baths ∙ 1,354 Sqft ∙ Built 1957
    LEASED 03/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $1.77
    •  
  • 546 Crown Street Glendora, CA 5
    • 3 beds 2 baths ∙ 1,360 Sqft ∙ Built 1962 3 beds 2 baths ∙ 1,360 Sqft ∙ Built 1962
    LEASED 05/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $1.83
    •  
PROPERTY LISTING DETAILS
Phyllis Harb
Coldwell Banker Hallmark Realt
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 320003788
Last Updated: 11/06/2020
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