Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

3410 Morningwood Court Ontario, CA 91761

4 Beds 3 Baths 1,945 sqft Built 1988

$525,000

List Price

$2,360

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

November 07, 2020 RECENTLY ADDED
FACTS
  • Built In 1988
  • Price/Sqft : $269.92
  • 3 Days on Market
  • MLS # : CV20234025
  • Updated Date : 11/07/2020 at 10:12
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,945 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Signature Rlty

Listing Agent's Description

Everyone in the family has room to spread out in this 4-bed Spanish-style bungalow on a quiet cul-de-sac in the community of Creekside. This home has such a great layout! The main level has tile flooring, soaring ceilings and it’s flooded with natural light through several large windows. There are two adjacent living areas -- one with a cozy fireplace and another with lots of space for movie/game night with the entire family. Your updated kitchen is just steps away, featuring granite counters, s/s appliances and a breakfast bar. You can eat in the more formal dining room off the kitchen, or grill up dinner on your big patio while the kids run around in the fenced-in backyard. Back inside, the first level packs in a guest room as well as the fabulous master suite, complete with high ceilings, two closets, dual sinks and a soaking tub. Head upstairs to find 2 more big bedrooms (with newer carpets) that share a hallway bath. This home is as efficient as it is beautiful, as the A/C is new, the roof was installed last year, and the entire home has newer dual-pane windows+sliding doors. So, what can you expect as a homeowner in Creekside? This wonderful, safe development is close to schools, parks, shopping, freeways & the airport. And just take a look at all the amenities you get for your very low monthly HOA: access to the community tennis/bball courts, a clubhouse, multiple pools and an adorable lake. Wow! Make your appointment to tour now!

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: 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
 

$472,500$577,500$525,000

PURCHASE PRICE

$2,124$2,596$2,360

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,360
EXPENSES Loan Payment -$1,937
Property Tax -$468
Property Insurance -$74
HOA -$84
Property Management Fees -$139
CASH FLOW
-$343

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.

$525,000

PROJECTED PRICE

$2,360

PROJECTED RENT

0.45%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 8.7%
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$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

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$144,875

INVESTMENT

$144,875

Down Payment
$131,250
Rehab Estimate
$5,750
Closing Costs
$7,875

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,937

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $131,250
Loan Amount $393,750
See What Happens When You Reinvest Cash Flow

2.42

YEARS SAVED

$11,725

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,360

    LIST RENT
  • $1.21

    LIST RENT PER SQFT
  • $2,499

    COMP ESTIMATED VALUE
  • $1.29

    COMP AVG. RENT PER SQFT
Comps Range
$2,200
1$2,2002$2,3003$2,3604$2,4005$2,800
$2,800
RENT COMPS ANALYSIS
  • 3410 Morningwood Court Ontario, CA 3
    • 4 beds 3 baths ∙ 1,945 Sqft ∙ Built 1988 4 beds 3 baths ∙ 1,945 Sqft ∙ Built 1988
    • Rent
    • Rent Per SQFT
    •  
    • $2,360
    • $1.21
    •  
  • 2717 Foxglen Ontario, CA 1
    • 4 beds 3 baths ∙ 1,760 Sqft ∙ Built 1987 4 beds 3 baths ∙ 1,760 Sqft ∙ Built 1987
    LEASED 09/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.25
    •  
  • 2705 Applewood Drive Ontario, CA 2
    • 3 beds 3 baths ∙ 1,810 Sqft ∙ Built 1986 3 beds 3 baths ∙ 1,810 Sqft ∙ Built 1986
    LEASED 01/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.27
    •  
  • 3517 Strawberry Creek Place Ontario, CA 4
    • 4 beds 2 baths ∙ 1,870 Sqft ∙ Built 1995 4 beds 2 baths ∙ 1,870 Sqft ∙ Built 1995
    LEASED 11/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.28
    •  
  • 3001 E Chaparral Street Ontario, CA 5
    • 4 beds 2 baths ∙ 2,092 Sqft ∙ Built 1993 4 beds 2 baths ∙ 2,092 Sqft ∙ Built 1993
    LEASED 07/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.34
    •  
PROPERTY LISTING DETAILS
Paul Siu
Keller Williams Signature Rlty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV20234025
Last Updated: 11/07/2020
BESbswy