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2423 Michael Place Pomona, CA 91768

3 Beds 1 Baths 1,109 sqft Built 1953

$465,000

List Price

$1,860

$1.7K - $2K

Rent Est.

PROPERTY INFO

January 23, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1953
  • Price/Sqft : $419.30
  • 4 Days on Market
  • MLS # : 21683650
  • Updated Date : 01/22/2021 at 18:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,109 sqft
  • Baths : 1 full
Listing Agent

Re/max Estate Properties

Listing Agent's Description

Starter home on a corner lot, consisting of 3 bedrooms 1 bath and a family room. Home needs TLC and is perfect for someone who has the eye to upgrade, with their personal final touches. Two car detach garage, large back yard and mature fruit trees including orange, grapefruit, avocado, tangerine and lemon tree. Property is located in close proximity to Cal Poly Pomona and easy freeway access to the 10 and 57 freeway.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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]

PRICE & RENT TRENDS

Neighborhood: Pomona

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $138k622k

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

Neighborhood: Pomona

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q214001600180020002200240026002800Rent in $12562941

* 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
Kellogg Polytechnic Elementary School Primary Regular 370 14 5
Kellogg Polytechnic Elementary School Middle Regular 370 14 5
Ganesha High School High Regular 1,131 51 4

Kellogg Polytechnic Elementary School

  • Education Level: Primary
  • # of students: 370
  • # of teachers: 14
5
GreatSchools Rating

Kellogg Polytechnic Elementary School

  • Education Level: Middle
  • # of students: 370
  • # of teachers: 14
5
GreatSchools Rating

Ganesha High School

  • Education Level: High
  • # of students: 1,131
  • # of teachers: 51
4
GreatSchools Rating
 

$418,500$511,500$465,000

PURCHASE PRICE

$1,674$2,046$1,860

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,860
EXPENSES Loan Payment -$1,615
Property Tax -$513
Property Insurance -$54
Property Management Fees -$99
CASH FLOW
-$421

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 12% of earned rent to cover both maintenance and periods of vacancy.

$465,000

PROJECTED PRICE

$1,860

PROJECTED RENT

0.40%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.35%
Appreciation Year (1-5) 7.8%
Maintenance Year (1-5) 8.00%
Vacancy 4.14%
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

PROJECTED ANNUAL CASH FLOW

11530-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$128,975

INVESTMENT

$128,975

Down Payment
$116,250
Rehab Estimate
$5,750
Closing Costs
$6,975

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,615

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $116,250
Loan Amount $348,750
See What Happens When You Reinvest Cash Flow

1.67

YEARS SAVED

$4,735

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,860

    LIST RENT
  • $1.68

    LIST RENT PER SQFT
  • $1,880

    COMP ESTIMATED VALUE
  • $1.7

    COMP AVG. RENT PER SQFT
Comps Range
$1,860
1$1,8602$1,8953$2,0904$2,2755$2,400
$2,400
RENT COMPS ANALYSIS
  • 2423 Michael Place Pomona, CA 1
    • 3 beds 1 baths ∙ 1,109 Sqft ∙ Built 1953 3 beds 1 baths ∙ 1,109 Sqft ∙ Built 1953
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,860
    • $1.68
    •  
  • 1942 Denison Street Pomona, CA 2
    • 3 beds 1 baths ∙ 1,092 Sqft ∙ Built 1952 3 beds 1 baths ∙ 1,092 Sqft ∙ Built 1952
    property image
    LEASED 10/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $1.74
    •  
  • 2160 Avalon Avenue Pomona, CA 3
    • 4 beds 2 baths ∙ 1,200 Sqft ∙ Built 1955 4 beds 2 baths ∙ 1,200 Sqft ∙ Built 1955
    property image
    LEASED 01/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,090
    • $1.74
    •  
  • 1379 Glen Ave Avenue Pomona, CA 4
    • 3 beds 2 baths ∙ 1,396 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,396 Sqft ∙ Built 1964
    property image
    LEASED 12/07/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,275
    • $1.63
    •  
  • 1846 Denison Street Pomona, CA 5
    • 3 beds 1 baths ∙ 1,434 Sqft ∙ Built 1950 3 beds 1 baths ∙ 1,434 Sqft ∙ Built 1950
    property image
    LEASED 08/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.67
    •  
PROPERTY LISTING DETAILS
Miriam Dean
Re/max Estate Properties
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 21683650
Last Updated: 01/22/2021
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