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2971 Ridgefield Drive Chino Hills, CA 91709

3 Beds 2 Baths 1,478 sqft Built 1987

$725,000

List Price

$2,520

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
July 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1987
  • Price/Sqft : $490.53
  • 4 Days on Market
  • MLS # : OC21092209
  • Updated Date : 07/12/2021 at 09:22
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,478 sqft
  • Baths : 2 full
Listing Agent

Re/max Terrasol

Listing Agent's Description

Great Single level, open floor plan in desirable Chino Hills area! Inviting presentation from the street with semi-private entry which is visible as you approach the front door. 3 bedrooms and 2 baths with spacious kitchen which is open to dining area with fireplace making this perfect for entertaining or a cozy evening by the fire after a relaxing dinner. Large backyard with covered patio awaits your own personal customization on this 6,000 sq ft terraced lot. Yard already has split face block walls creating a private space along with a retaining planter on the terraced side. Close to schools, shopping, restaurants and open areas for the perfect setting. Easy access to freeways for your commute to work or play. This one will not last in this market!

SEE MORE

MARKET HIGHLIGHTS

  • 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.
  • 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)

PRICE & RENT TRENDS

Neighborhood: Chino Hills

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600k650k700kPrice in $149k727k

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

Neighborhood: Chino Hills

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q212001400160018002000220024002600Rent in $10822735

* 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
Canyon Hills Junior High School Middle Regular 1,163 40 9
Ruben S. Ayala High School High Regular 2,606 98 10

Canyon Hills Junior High School

  • Education Level: Middle
  • # of students: 1,163
  • # of teachers: 40
9
GreatSchools Rating

Ruben S. Ayala High School

  • Education Level: High
  • # of students: 2,606
  • # of teachers: 98
10
GreatSchools Rating
 

$652,500$797,500$725,000

PURCHASE PRICE

$2,268$2,772$2,520

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,520
EXPENSES Loan Payment -$2,518
Property Tax -$697
Property Insurance -$63
Property Management Fees -$149
CASH FLOW
-$907

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.

$725,000

PROJECTED PRICE

$2,520

PROJECTED RENT

0.35%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 5.1%
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$500k$1.0M$1.5M$2.0M

PROJECTED ANNUAL CASH FLOW

11530-$15k-$10k-$5.0k$0.0$5.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$197,875

INVESTMENT

$197,875

Down Payment
$181,250
Rehab Estimate
$5,750
Closing Costs
$10,875

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$2,518

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $181,250
Loan Amount $543,750
See What Happens When You Reinvest Cash Flow

0.33

YEARS SAVED

$378

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,520

    LIST RENT
  • $1.71

    LIST RENT PER SQFT
  • $2,531

    COMP ESTIMATED VALUE
  • $1.71

    COMP AVG. RENT PER SQFT
Comps Range
$2,400
1$2,4002$2,4003$2,4004$2,5205$2,900
$2,900
RENT COMPS ANALYSIS
  • 2971 Ridgefield Drive Chino Hills, CA 4
    • 3 beds 2 baths ∙ 1,478 Sqft ∙ Built 1987 3 beds 2 baths ∙ 1,478 Sqft ∙ Built 1987
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,520
    • $1.71
    •  
  • 3089 Sunnyglen Court Chino Hills, CA 1
    • 3 beds 3 baths ∙ 1,425 Sqft ∙ Built 1987 3 beds 3 baths ∙ 1,425 Sqft ∙ Built 1987
    property image
    LEASED 01/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.68
    •  
  • 13517 Tawny Lane Chino Hills, CA 2
    • 3 beds 3 baths ∙ 1,360 Sqft ∙ Built 1986 3 beds 3 baths ∙ 1,360 Sqft ∙ Built 1986
    property image
    LEASED 07/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.76
    •  
  • 2835 Woodsorrel Drive Chino Hills, CA 3
    • 3 beds 3 baths ∙ 1,360 Sqft ∙ Built 1986 3 beds 3 baths ∙ 1,360 Sqft ∙ Built 1986
    property image
    LEASED 10/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.76
    •  
  • 13567 Meadow Crest Drive Chino Hills, CA 5
    • 3 beds 2 baths ∙ 1,754 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,754 Sqft ∙ Built 1986
    property image
    LEASED 06/18/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $1.65
    •  
PROPERTY LISTING DETAILS
Kathi Jesse
Re/max Terrasol
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21092209
Last Updated: 07/12/2021
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