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2494 E Salem Street Ontario, CA 91761

3 Beds 2 Baths 1,898 sqft Built 2018

$528,000

List Price

$2,240

$2K - $2.5K

Rent Est.

PROPERTY INFO

November 11, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2018
  • Price/Sqft : $278.19
  • 5 Days on Market
  • MLS # : WS20237319
  • Updated Date : 11/13/2020 at 09:56
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,898 sqft
  • Baths : 2 full
Listing Agent

Re/max Champions/wc

Listing Agent's Description

Cozy One Story Home located in the city of Ontario. Front porch entry leads you to the Open Concept Interior Design 3 Bedrooms 2 Bathrooms and a Den. Home Features Center Island Kitchen with Granite Counter Tops, throughout Recessed Lightings, Energy-efficient Windows, Tankless Water Heater and Paid off Solar Panels ($20000+). The private Master Suite indues a Walk-in-closet, Double Sink Vanity, and Walk-in-shower. Two other good side bedrooms are away from each other. Individual Laundry room leads to the attached 2 car garage. Drought-tolerant landscaping. Beautiful backyard is great for entertaining. House was built in 2018 by D.R. Horton. Home like brand new, seller only stayed in for Summer vacation in 2019. Low HOA $90 monthly. Convenient location close to School, Golf Course, Ontario International Airport, Shopping Center and Dinning. All offers due 11/20/2020.

SEE MORE

MARKET HIGHLIGHTS

  • 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 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's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (USMayors.org, 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)
  • 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)
  • As part of Southern California area, Inland Empire market inherits all the benefits from the area.

PRICE & RENT TRENDS

Neighborhood: Ontario Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550kPrice in $144k584k

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

Neighborhood: Ontario Ranch

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q212001400160018002000220024002600Rent in $10762618

* 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
Mountain View Elementary School Primary Regular 466 17 5
Grace Yokley Middle School Middle Regular 928 33 6
Colony High School High Regular 2,079 84 6

Mountain View Elementary School

  • Education Level: Primary
  • # of students: 466
  • # of teachers: 17
5
GreatSchools Rating

Grace Yokley Middle School

  • Education Level: Middle
  • # of students: 928
  • # of teachers: 33
6
GreatSchools Rating

Colony High School

  • Education Level: High
  • # of students: 2,079
  • # of teachers: 84
6
GreatSchools Rating
 

$475,200$580,800$528,000

PURCHASE PRICE

$2,016$2,464$2,240

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,240
EXPENSES Loan Payment -$1,948
Property Tax -$457
Property Insurance -$73
HOA -$90
Property Management Fees -$132
CASH FLOW
-$461

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.

$528,000

PROJECTED PRICE

$2,240

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 7.0%
Maintenance Year (1-5) 8.00%
Vacancy 5.35%
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

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$145,670

INVESTMENT

$145,670

Down Payment
$132,000
Rehab Estimate
$5,750
Closing Costs
$7,920

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,948

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $132,000
Loan Amount $396,000
See What Happens When You Reinvest Cash Flow

1.58

YEARS SAVED

$5,909

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,240

    LIST RENT
  • $1.18

    LIST RENT PER SQFT
  • $2,268

    COMP ESTIMATED VALUE
  • $1.19

    COMP AVG. RENT PER SQFT
Comps Range
$2,100
1$2,1002$2,2403$2,4004$2,5005$2,600
$2,600
RENT COMPS ANALYSIS
  • 2494 E Salem Street Ontario, CA 2
    • 3 beds 2 baths ∙ 1,898 Sqft ∙ Built 2018 3 beds 2 baths ∙ 1,898 Sqft ∙ Built 2018
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,240
    • $1.18
    •  
  • 2750 E Oak Hill Drive Ontario, CA 1
    • 3 beds 3 baths ∙ 1,704 Sqft ∙ Built 2008 3 beds 3 baths ∙ 1,704 Sqft ∙ Built 2008
    property image
    LEASED 07/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.23
    •  
  • 3693 S Dulisse S Ontario, CA 3
    • 3 beds 2 baths ∙ 2,064 Sqft ∙ Built 2017 3 beds 2 baths ∙ 2,064 Sqft ∙ Built 2017
    property image
    LEASED 05/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.16
    •  
  • 3222 E New Haven Paseo Ontario, CA 4
    • 4 beds 3 baths ∙ 2,068 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,068 Sqft ∙ Built 2018
    property image
    LEASED 04/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.21
    •  
  • 3415 E Pine Ridge Loop Ontario, CA 5
    • 4 beds 3 baths ∙ 2,197 Sqft ∙ Built 2016 4 beds 3 baths ∙ 2,197 Sqft ∙ Built 2016
    property image
    LEASED 12/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.18
    •  
PROPERTY LISTING DETAILS
Sue Chen
Re/max Champions/wc
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: WS20237319
Last Updated: 11/13/2020
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