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23703 Gold Rush Drive Diamond Bar, CA 91765

3 Beds 2 Baths 2,336 sqft Built 1988

$988,000

List Price

$3,240

$3K - $3.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 11, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1988
  • Price/Sqft : $422.95
  • 5 Days on Market
  • MLS # : PW21050370
  • Updated Date : 03/10/2021 at 14:46
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,336 sqft
  • Baths : 2 full
Listing Agent

New Century Investments

Listing Agent's Description

GORGEOUS HOME WITH CITY VIEW!! Perfect move-in-ready family home in the quiet desired location in the heart of Diamond Bar! This wonderful home features 3 bedrooms plus a den with closet (can be 4th bedroom) with 2 baths, and welcomes you into the bright living room with high cathedral ceilings and large centered custom copper fireplace! The gourmet kitchen is remodeled in the year 2019 with granite countertops, a state-of-the-art name brand stove with an oven (Fulgor Milano), Dishwasher (Bosch), ample cabinets, and pantry. Bright, Airy, and extra large family room with a beautiful fireplace with mantle, custom columns, built in library provides great family gatherings. Master suite with access to back yard provides fabulous maximum privacy. Master bath, remodeled in 2019 with large vanity, rain shower, and lots of cabinet spaces. Surround-sound system in the family room, living room & outside. Wood floor & marble throughout the entry, dining room, family room, kitchen, nook, and hallway, and recess lights throughout. Remodeled guest bathroom with a tasteful touch. Custom double glazed french door in front and back door to relaxing back porch. Attached 2 car garage withdriveway large enough to park multiple cars. Private backyard with beautiful resort like view, outside fire pit, and plenty of space to enjoy. No HOA and no Mello Roos! Please call the listing agent before showing.

SEE MORE

MARKET HIGHLIGHTS

  • Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 2018)
  • As part of Southern California area, Los Angeles market inherits all the benefits from the area.
  • 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)
  • 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)
  • 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)

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
Lorbeer Middle School Middle Regular 754 29 6
Diamond Ranch High School High Regular 1,791 70 7
Lorbeer Middle School Middle Unknown NA

Lorbeer Middle School

  • Education Level: Middle
  • # of students: 754
  • # of teachers: 29
6
GreatSchools Rating

Diamond Ranch High School

  • Education Level: High
  • # of students: 1,791
  • # of teachers: 70
7
GreatSchools Rating

Lorbeer Middle School

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

$889,200$1,086,800$988,000

PURCHASE PRICE

$2,916$3,564$3,240

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,240
EXPENSES Loan Payment -$3,432
Property Tax -$1,050
Property Insurance -$83
Property Management Fees -$159
CASH FLOW
-$1,484

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.

$988,000

PROJECTED PRICE

$3,240

PROJECTED RENT

0.33%

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$500k$1.0M$1.5M$2.0M$2.5M

PROJECTED ANNUAL CASH FLOW

11530-$25k-$20k-$15k-$10k-$5.0k$0.0$5.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$267,570

INVESTMENT

$267,570

Down Payment
$247,000
Rehab Estimate
$5,750
Closing Costs
$14,820

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$3,432

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $247,000
Loan Amount $741,000
See What Happens When You Reinvest Cash Flow

0.17

YEARS SAVED

$115

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,240

    LIST RENT
  • $1.39

    LIST RENT PER SQFT
  • $3,305

    COMP ESTIMATED VALUE
  • $1.42

    COMP AVG. RENT PER SQFT
Comps Range
$3,100
1$3,1002$3,2003$3,2004$3,2005$3,240
$3,240
RENT COMPS ANALYSIS
  • 23703 Gold Rush Drive Diamond Bar, CA 5
    • 3 beds 2 baths ∙ 2,336 Sqft ∙ Built 1988 3 beds 2 baths ∙ 2,336 Sqft ∙ Built 1988
    • Rent
    • Rent Per SQFT
    •  
    • $3,240
    • $1.39
    •  
  • 22907 Rio Lobos Road Diamond Bar, CA 1
    • 4 beds 3 baths ∙ 2,267 Sqft ∙ Built 1987 4 beds 3 baths ∙ 2,267 Sqft ∙ Built 1987
    LEASED 08/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,100
    • $1.37
    •  
  • 858 Leyland Drive Diamond Bar, CA 2
    • 4 beds 3 baths ∙ 2,347 Sqft ∙ Built 1989 4 beds 3 baths ∙ 2,347 Sqft ∙ Built 1989
    LEASED 11/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $1.36
    •  
  • 674 Radbury Place Diamond Bar, CA 3
    • 4 beds 3 baths ∙ 2,139 Sqft ∙ Built 1990 4 beds 3 baths ∙ 2,139 Sqft ∙ Built 1990
    LEASED 07/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $1.50
    •  
  • 23042 Rio Lobos Road Diamond Bar, CA 4
    • 4 beds 2 baths ∙ 2,242 Sqft ∙ Built 1986 4 beds 2 baths ∙ 2,242 Sqft ∙ Built 1986
    LEASED 07/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $1.43
    •  
PROPERTY LISTING DETAILS
Soncha Seu
New Century Investments
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21050370
Last Updated: 03/10/2021
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