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312 N Miramonte Ave Ontario, CA 91764

3 Beds 1 Baths 1,563 sqft Built 1921

$450,000

List Price

$2,540

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

February 01, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1921
  • Price/Sqft : $287.91
  • 7 Days on Market
  • MLS # : PF21020920
  • Updated Date : 02/01/2021 at 17:33
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,563 sqft
  • Baths : 1 full
Listing Agent

Bot Real Estate

Listing Agent's Description

MUST SEE inside for full appreciation. This home offers a spacious living room, with separate dining room, and family room that leads to the backyard which is perfect for entertaining. This home gives you a country feel with a modern twist. Newly updated bathroom, and updated blue toned kitchen. This home offers a spacious backyard that is one of the largest in the area.

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: Parkside

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $116k477k

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

Neighborhood: Parkside

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2900100011001200130014001500160017001800190020002100Rent in $8932126

* 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
Vina Danks Middle School Middle Magnet 777 39 3
Chaffey High School High Regular 3,530 138 4

Vina Danks Middle School

  • Education Level: Middle
  • # of students: 777
  • # of teachers: 39
3
GreatSchools Rating

Chaffey High School

  • Education Level: High
  • # of students: 3,530
  • # of teachers: 138
4
GreatSchools Rating
 

$405,000$495,000$450,000

PURCHASE PRICE

$2,286$2,794$2,540

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,540
EXPENSES Loan Payment -$1,563
Property Tax -$414
Property Insurance -$65
Property Management Fees -$150
CASH FLOW
$348

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.

$450,000

PROJECTED PRICE

$2,540

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 12.6%
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$0.0$5.0k$10k$15k$20k$25k

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$125,000

INVESTMENT

$125,000

Down Payment
$112,500
Rehab Estimate
$5,750
Closing Costs
$6,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$1,563

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $112,500
Loan Amount $337,500
See What Happens When You Reinvest Cash Flow

9.75

YEARS SAVED

$64,380

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,540

    LIST RENT
  • $1.63

    LIST RENT PER SQFT
  • $3,157

    COMP ESTIMATED VALUE
  • $2.02

    COMP AVG. RENT PER SQFT
Comps Range
$2,540
1$2,5402$2,650
$2,650
RENT COMPS ANALYSIS
  • 312 N Miramonte Ave Ontario, CA 1
    • 3 beds 1 baths ∙ 1,563 Sqft ∙ Built 1921 3 beds 1 baths ∙ 1,563 Sqft ∙ Built 1921
    • Rent
    • Rent Per SQFT
    •  
    • $2,540
    • $1.63
    •  
  • 726 E F Street Ontario, CA 2
    • 3 beds 1 baths ∙ 1,314 Sqft ∙ Built 1926 3 beds 1 baths ∙ 1,314 Sqft ∙ Built 1926
    LEASED 01/18/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $2.02
    •  
PROPERTY LISTING DETAILS
Courtney Lazo
Bot Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PF21020920
Last Updated: 02/01/2021
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