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2620 College Lane La Verne, CA 91750

4 Beds 2 Baths 1,568 sqft Built 1964

$549,900

List Price

$2,800

$2.6K - $3.1K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 1964
  • Price/Sqft : $350.70
  • 15 Days on Market
  • MLS # : CV20221260
  • Updated Date : 11/02/2020 at 08:45
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,568 sqft
  • Baths : 1 full , 1 half
Listing Agent

Thomas Diaz, Broker

Listing Agent's Description

4 BEDROOMS, 3 BATHROOMS WITH FIREPLACE, NEW 2 CAR GARAGE WITH DIRECT ACCESS INSIDE, BEAUTIFULLY NEWLY REMODELED KITCHEN WITH GRANITE COUNTERS AND SHAKER CABINETS, REMODELED BATHROOMS, NEW INSTALLED A/C & HEAT, NEWLY INSTALLED WINDOWS THROUGH OUT, TANKLESS WATER HEATER, FRESHLY PAINTED EXTERIOR, DURABLE TILE AND LAMINATED WOOD FLOORING, MASTER BEDROOM WITH WALK-IN CLOSET, LAUNDRY HOOK-UPS IN GARAGE, DEDICATED 240V CIRCUIT FOR EV, 3 PRIVATE COMMUNITY POOLS, PARK PLAYGROUND, BASKETBALL COURT, BONITA SCHOOL DISTRICT- EASY WALK TO SCHOOLS AND TO THE UNIVERSITY OF LA VERNE, SHOPPING AND EATERIES, CENTRALLY FREEWAY ACCESS. (see add'l notes)

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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)
  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Lordsburg

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $186k856k

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

Neighborhood: Lordsburg

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q216001800200022002400260028003000320034003600Rent in $14593697

* 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
Roynon Elementary School Primary Regular 743 29 9
Ramona Middle School Middle Regular 1,406 51 9
Bonita High School High Regular 1,968 74 9

Roynon Elementary School

  • Education Level: Primary
  • # of students: 743
  • # of teachers: 29
9
GreatSchools Rating

Ramona Middle School

  • Education Level: Middle
  • # of students: 1,406
  • # of teachers: 51
9
GreatSchools Rating

Bonita High School

  • Education Level: High
  • # of students: 1,968
  • # of teachers: 74
9
GreatSchools Rating
 

$494,910$604,890$549,900

PURCHASE PRICE

$2,520$3,080$2,800

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,800
EXPENSES Loan Payment -$2,029
Property Tax -$552
Property Insurance -$65
HOA -$235
Property Management Fees -$137
CASH FLOW
-$218

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.

$549,900

PROJECTED PRICE

$2,800

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 7.3%
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-$5.0k$0.0$5.0k$10k$15k$20k

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$151,474

INVESTMENT

$151,474

Down Payment
$137,475
Rehab Estimate
$5,750
Closing Costs
$8,249

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,029

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $137,475
Loan Amount $412,425
See What Happens When You Reinvest Cash Flow

4.25

YEARS SAVED

$26,809

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,800

    LIST RENT
  • $1.79

    LIST RENT PER SQFT
  • $2,740

    COMP ESTIMATED VALUE
  • $1.75

    COMP AVG. RENT PER SQFT
Comps Range
$2,490
1$2,4902$2,6603$2,6804$2,8005$2,950
$2,950
RENT COMPS ANALYSIS
  • 2620 College Lane La Verne, CA 4
    • 4 beds 3 baths ∙ 1,568 Sqft ∙ Built 1964 4 beds 3 baths ∙ 1,568 Sqft ∙ Built 1964
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.79
    •  
  • 3235 Florinda Street Pomona, CA 1
    • 3 beds 2 baths ∙ 1,562 Sqft ∙ Built 1962 3 beds 2 baths ∙ 1,562 Sqft ∙ Built 1962
    property image
    LEASED 05/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,490
    • $1.59
    •  
  • 1919 Bonita Avenue La Verne, CA 2
    • 4 beds 2 baths ∙ 1,454 Sqft ∙ Built 1946 4 beds 2 baths ∙ 1,454 Sqft ∙ Built 1946
    property image
    LEASED 04/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,660
    • $1.83
    •  
  • 2769 Laurie Lane La Verne, CA 3
    • 4 beds 2 baths ∙ 1,556 Sqft ∙ Built 1973 4 beds 2 baths ∙ 1,556 Sqft ∙ Built 1973
    property image
    LEASED 04/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,680
    • $1.72
    •  
  • 4050 Las Casas Avenue Claremont, CA 5
    • 3 beds 2 baths ∙ 1,591 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,591 Sqft ∙ Built 1955
    property image
    LEASED 10/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $1.85
    •  
PROPERTY LISTING DETAILS
Thomas Diaz
Thomas Diaz, Broker
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV20221260
Last Updated: 11/02/2020
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