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2714 Virginia Way Ontario, CA 91761

4 Beds 3 Baths 2,144 sqft Built 1978

$600,000

List Price

$2,620

$2.4K - $2.9K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
FACTS
  • Single Family
  • Built In 1978
  • Price/Sqft : $279.85
  • 21 Days on Market
  • MLS # : PW21010523
  • Updated Date : 02/17/2021 at 13:23
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,144 sqft
  • Baths : 3 full
Listing Agent

The Boutique Real Estate Group

Listing Agent's Description

2714 South Virginia Way is a charming South Ontario, turnkey family home with 4 bedrooms and 3 bathrooms. This beautiful home has 2 stories and 2,144 square feet. Great curb appeal with front porch. Open and spacious great room for family living with an open dining room. The great room also has vaulted ceilings and a fireplace. The home has been freshly painted and has ceiling fans throughout. The kitchen has recently been remodeled with butcher-block countertops and abundant storage. The roomy eat-in kitchen nook also has a walk-in pantry. Four bedrooms upstairs and two bathrooms, including the master suite. Full bath downstairs with walk-in shower and side door access to the pool. Big rock salt water pool oasis for entertaining with patio cover and fire pit. Block walls surround the property for privacy. The property includes big side yards and side gates as well as paid-off solar panels to keep electricity costs low. The home also has new windows and a new roof! Beautiful drought tolerant front yard along with a two-car garage. Easy 60 Freeway access at Grove and close to great schools and shopping.

SEE MORE

MARKET HIGHLIGHTS

  • 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.
  • 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)

PRICE & RENT TRENDS

Neighborhood: Ontario

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $116k477k

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

Neighborhood: Ontario

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2100011001200130014001500160017001800190020002100Rent in $9112126

* 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
Woodcrest Junior High School Middle Regular 416 19 6
Chino High School High Regular 2,369 99 5

Woodcrest Junior High School

  • Education Level: Middle
  • # of students: 416
  • # of teachers: 19
6
GreatSchools Rating

Chino High School

  • Education Level: High
  • # of students: 2,369
  • # of teachers: 99
5
GreatSchools Rating
 

$540,000$660,000$600,000

PURCHASE PRICE

$2,358$2,882$2,620

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,620
EXPENSES Loan Payment -$2,084
Property Tax -$549
Property Insurance -$79
Property Management Fees -$155
CASH FLOW
-$247

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.

$600,000

PROJECTED PRICE

$2,620

PROJECTED RENT

0.44%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 8.1%
Maintenance Year (1-5) 8.00%
Vacancy 5.41%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$500k$1.0M$1.5M$2.0M

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$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$164,750

INVESTMENT

$164,750

Down Payment
$150,000
Rehab Estimate
$5,750
Closing Costs
$9,000

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,084

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $150,000
Loan Amount $450,000
See What Happens When You Reinvest Cash Flow

3.42

YEARS SAVED

$17,491

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,620

    LIST RENT
  • $1.22

    LIST RENT PER SQFT
  • $2,734

    COMP ESTIMATED VALUE
  • $1.28

    COMP AVG. RENT PER SQFT
Comps Range
$2,400
1$2,4002$2,5003$2,6004$2,6205$2,750
$2,750
RENT COMPS ANALYSIS
  • 2714 Virginia Way Ontario, CA 4
    • 4 beds 3 baths ∙ 2,144 Sqft ∙ Built 1978 4 beds 3 baths ∙ 2,144 Sqft ∙ Built 1978
    • Rent
    • Rent Per SQFT
    •  
    • $2,620
    • $1.22
    •  
  • 6835 Arthur Court Chino, CA 1
    • 4 beds 3 baths ∙ 1,861 Sqft ∙ Built 1984 4 beds 3 baths ∙ 1,861 Sqft ∙ Built 1984
    LEASED 08/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.29
    •  
  • 576 E Tam O Shanter Street Ontario, CA 2
    • 4 beds 3 baths ∙ 2,118 Sqft ∙ Built 1995 4 beds 3 baths ∙ 2,118 Sqft ∙ Built 1995
    LEASED 01/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.18
    •  
  • 2637 S Cucamonga Avenue Ontario, CA 3
    • 4 beds 2 baths ∙ 1,969 Sqft ∙ Built 1979 4 beds 2 baths ∙ 1,969 Sqft ∙ Built 1979
    LEASED 08/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.32
    •  
  • 1219 E Oak Hill Drive Ontario, CA 5
    • 5 beds 3 baths ∙ 2,100 Sqft ∙ Built 1978 5 beds 3 baths ∙ 2,100 Sqft ∙ Built 1978
    LEASED 01/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $1.31
    •  
PROPERTY LISTING DETAILS
Jessica Jones
The Boutique Real Estate Group
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21010523
Last Updated: 02/17/2021
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