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2598 Rock Springs Place Ontario, CA 91761

4 Beds 2 Baths 1,512 sqft Built 1985

INVESTimate

$480,000

List Price

$2,200

$1,980 - $2,420

Rent Est.

$521,712  ( +8.69%)   1 YR EST. FORECAST

PROPERTY INFO

August 23, 2020 RECENTLY ADDED
FACTS
  • Built In 1985
  • Price/Sqft : $317.46
  • 6 Days on Market
  • MLS # : OC20171751
  • Updated Date : 08/24/2020 at 12:30
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,512 sqft
  • Baths : 2 full
Listing Agent

Re/max Premier Realty

Listing Agent's Description

Great single family residence located in the community of Creekside Village. This amazing one story home features 4 bedroom, 2 bath with upgraded kitchen and granite countertops and high ceilings. Located on a corner lot of a cul-de-sac with a lot size of over 7,000 sq ft. Community offers pool, spa, bbq, picnic area, tennis courts, playground, jogging track and more. Conveniently located near schools (walking distance), easy access to frwys, ontario airport and shopping.

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: Creekside

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550kPrice in $144k584k

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

Neighborhood: Creekside

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q211001200130014001500160017001800190020002100220023002400Rent in $10762496

* 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
Creek View Elementary School Primary Regular 629 23 5
Grace Yokley Middle School Middle Regular 928 33 6
Colony High School High Regular 2,079 84 6

Creek View Elementary School

  • Education Level: Primary
  • # of students: 629
  • # of teachers: 23
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
 

$432,000$528,000$480,000

PURCHASE PRICE

$1,980$2,420$2,200

RENT

DOWN PAYMENT
FINANCING

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-$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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,200
EXPENSES Loan Payment -$1,771
Property Tax -$428
Property Insurance -$64
HOA -$72
Property Management Fees -$130
CASH FLOW
-$265

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.

$480,000

PROJECTED PRICE

$2,200

PROJECTED RENT

0.46%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 8.69%
Maintenance Year (1-5) 8.00%
Vacancy 5.35%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$132,950

INVESTMENT

$132,950

Down Payment
$120,000
Rehab Estimate
$5,750
Closing Costs
$7,200

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,771

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $120,000
Loan Amount $360,000
See What Happens When You Reinvest Cash Flow

3.08

YEARS SAVED

$13,984

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,200

    LIST RENT
  • $1.46

    LIST RENT PER SQFT
  • $2,302

    COMP ESTIMATED VALUE
  • $1.52

    COMP AVG. RENT PER SQFT
Comps Range
$2,100
1$2,1002$2,1753$2,2004$2,2005$2,400
$2,400
RENT COMPS ANALYSIS
  • 2598 Rock Springs Place Ontario, 4
    • 4 beds 2 baths ∙ 1,512 Sqft ∙ Built 1985 4 beds 2 baths ∙ 1,512 Sqft ∙ Built 1985
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.46
    •  
  • 2840 Oak Creek Drive Ontario, 1
    • 3 beds 3 baths ∙ 1,472 Sqft ∙ Built 1984 3 beds 3 baths ∙ 1,472 Sqft ∙ Built 1984
    LEASED 05/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.43
    •  
  • 3119 E Milano U-e Ontario, 2
    • 3 beds 3 baths ∙ 1,449 Sqft ∙ Built 1989 3 beds 3 baths ∙ 1,449 Sqft ∙ Built 1989
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,175
    • $1.50
    •  
  • 3913 Yuba River Drive Ontario, 3
    • 3 beds 3 baths ∙ 1,401 Sqft ∙ Built 1987 3 beds 3 baths ∙ 1,401 Sqft ∙ Built 1987
    LEASED 03/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.57
    •  
  • 2644 Alder Creek Drive Ontario, 5
    • 4 beds 2 baths ∙ 1,512 Sqft ∙ Built 1983 4 beds 2 baths ∙ 1,512 Sqft ∙ Built 1983
    LEASED 09/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.59
    •  
PROPERTY LISTING DETAILS
Stephany Chang
Re/max Premier Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC20171751
Last Updated: 08/24/2020
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