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24219 Silver Spray Drive Diamond Bar, CA 91765

3 Beds 2 Baths 1,434 sqft Built 1965

$701,000

List Price

$2,650

$2.4K - $2.9K

Rent Est.

PROPERTY INFO

December 19, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1965
  • Price/Sqft : $488.84
  • 3 Days on Market
  • MLS # : IG20260240
  • Updated Date : 12/19/2020 at 05:11
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,434 sqft
  • Baths : 2 full
Listing Agent

Kimberly White Realty

Listing Agent's Description

WELCOME TO THIS NEWLY REMODELED HOME IN DIAMOND BAR. THIS HOUSE IS A MUST SEE! THE VIEWS OF THIS HOUSE IS GORGEOUS. THE ENTIRE HOUSE HAS BEEN NEWLY REMODELED WITH NEW FLOORING, NEW CARPETING, NEW KITCHEN, NEW GRASS AND NEW FIXTURES THROUGHOUT THE HOUSE INSIDE AND OUTSIDE. LOOK NO FURTHER. THIS IS YOUR HOME. THIS NEWLY REMODLED THREE BEDROOM, TWO BATHROOM IS GREAT FOR A FAMILY WHO WANTS TO ENJOY THE FULL COMFORT OF DIAMOND BAR THAT IS LOCATED NEAR ALL THE MAJOR FREEWAYS, PARKS, RECREATIONS, SHOPS, RESTAURANTS AND MUCH MUCH MORE. THE KITCHEN IS A MUST SEE. IT HAS ALL NEW APPLIANCES, COUNTERTOPS, FIXTURES AND FLOORING. THIS KITCHEN IS A CHEF'S DREAM COME TRUE. ALL THE BEDROOMS ARE SPACIOUS WITH A BATHROOM IN THE MASTER BEDROOM WITH CLOSET SPACE THROUGOUT THE HOUSE AND NEWLY REMODELED BATHROOM THAT IS A MUST SEE. THE LIVING ROOM IS GREAT FOR COMFORT AND RELAXING. THE NEWLY ACCENT DOORS THAT LEADS YOU TO THE BACKYARD IS MUCH TO BE ADMIRED. WITHOUT YOU COMING TO SEE IT FOR YOURSELF THERE ARE NO WORDS FOR THIS STUNNING HOME. YOU MUST ENJOY THE FRONT YARD OF THIS HOME WHIVH HAS A COURTYARD IN THE FRONT OF THE HOUSE THAT IS GREAT FOR ENTERATAINING. LET'S CALL THIS HOUSE YOUR NEW HOME. PLEASE WATCH THE VIDEO!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
Golden Springs Elementary School Primary Regular 387 14 7
Golden Springs Elementary School Middle Regular 387 14 7
Diamond Ranch High School High Regular 1,791 70 7

Golden Springs Elementary School

  • Education Level: Primary
  • # of students: 387
  • # of teachers: 14
7
GreatSchools Rating

Golden Springs Elementary School

  • Education Level: Middle
  • # of students: 387
  • # of teachers: 14
7
GreatSchools Rating

Diamond Ranch High School

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

$630,900$771,100$701,000

PURCHASE PRICE

$2,385$2,915$2,650

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,650
EXPENSES Loan Payment -$2,586
Property Tax -$759
Property Insurance -$62
Property Management Fees -$130
CASH FLOW
-$887

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.

$701,000

PROJECTED PRICE

$2,650

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-$15k-$10k-$5.0k$0.0$5.0k$10k

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$191,515

INVESTMENT

$191,515

Down Payment
$175,250
Rehab Estimate
$5,750
Closing Costs
$10,515

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,586

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $175,250
Loan Amount $525,750
See What Happens When You Reinvest Cash Flow

0.58

YEARS SAVED

$1,730

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,650

    LIST RENT
  • $1.85

    LIST RENT PER SQFT
  • $2,384

    COMP ESTIMATED VALUE
  • $1.66

    COMP AVG. RENT PER SQFT
Comps Range
$2,250
1$2,2502$2,3803$2,6504$2,6505$2,695
$2,695
RENT COMPS ANALYSIS
  • 24219 Silver Spray Drive Diamond Bar, CA 4
    • 3 beds 2 baths ∙ 1,434 Sqft ∙ Built 1965 3 beds 2 baths ∙ 1,434 Sqft ∙ Built 1965
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $1.85
    •  
  • 510 Golden Springs Drive Diamond Bar, CA 1
    • 3 beds 4 baths ∙ 1,438 Sqft ∙ Built 1982 3 beds 4 baths ∙ 1,438 Sqft ∙ Built 1982
    property image
    LEASED 08/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $1.56
    •  
  • 24131 High Knob Road Diamond Bar, CA 2
    • 3 beds 3 baths ∙ 1,438 Sqft ∙ Built 1985 3 beds 3 baths ∙ 1,438 Sqft ∙ Built 1985
    property image
    LEASED 09/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,380
    • $1.66
    •  
  • 23625 Palomino Drive Diamond Bar, CA 3
    • 4 beds 3 baths ∙ 1,620 Sqft ∙ Built 1961 4 beds 3 baths ∙ 1,620 Sqft ∙ Built 1961
    property image
    LEASED 02/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $1.64
    •  
  • 24066 Willow Creek Road Diamond Bar, CA 5
    • 4 beds 2 baths ∙ 1,503 Sqft ∙ Built 1966 4 beds 2 baths ∙ 1,503 Sqft ∙ Built 1966
    property image
    LEASED 07/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,695
    • $1.79
    •  
PROPERTY LISTING DETAILS
Kimberly White
Kimberly White Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IG20260240
Last Updated: 12/19/2020
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