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3570 Mustang Drive Ontario, CA 91761

5 Beds 3 Baths 2,872 sqft Built 1998

$644,900

List Price

$2,830

$2.6K - $3.1K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1998
  • Price/Sqft : $224.55
  • 41 Days on Market
  • MLS # : CV20261598
  • Updated Date : 01/28/2021 at 22:23
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,872 sqft
  • Baths : 3 full
Listing Agent

Coldwell Banker Top Team

Listing Agent's Description

Welcome home!!! This beautiful home boasts over 2800 sqft. of living space; 5 bedrooms, 3 full bathrooms, and a very private guest bedroom & bathroom on the first floor, ideal for overnight guests, formal living room & dining room and high ceilings are a part of the spacious floor plan. Fresh paint, new tile, carpets adorn and accent the interior decor. Entertain effortlessly with this open floor plan; the updated kitchen & wet bar opens up to the warm & cozy family room that includes a glowing fireplace; in addition, the updated kitchen features a mid-size island, granite counter tops, new appliances, sink & fixtures and enough custom cabinets for all of your family dinners and storage needs. Upstairs, the private master bedroom suite showcases a spacious retreat with dual sinks, relaxing soaking tub, roomy shower, and a large walk-in closet in addition to three (3) more spacious bedrooms & a full bathroom. Finally, the laundry room is conveniently located on the upper level. Enjoy the California sunshine in this large backyard that features a covered patio area that awaits your special touch! Video to come! Hurry, call the listing agent, and make an appointment to schedule a private showing to see this beautiful home! It won't be on the market for long!

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: 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
Ranch View Elementary School Primary Regular 586 21 6
Grace Yokley Middle School Middle Regular 928 33 6
Colony High School High Regular 2,079 84 6

Ranch View Elementary School

  • Education Level: Primary
  • # of students: 586
  • # of teachers: 21
6
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
 

$580,410$709,390$644,900

PURCHASE PRICE

$2,547$3,113$2,830

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,830
EXPENSES Loan Payment -$2,240
Property Tax -$580
Property Insurance -$97
Property Management Fees -$167
CASH FLOW
-$253

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.

$644,900

PROJECTED PRICE

$2,830

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$500k$1.0M$1.5M$2.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$176,649

INVESTMENT

$176,649

Down Payment
$161,225
Rehab Estimate
$5,750
Closing Costs
$9,674

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,240

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $161,225
Loan Amount $483,675
See What Happens When You Reinvest Cash Flow

3.5

YEARS SAVED

$19,658

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,830

    LIST RENT
  • $0.99

    LIST RENT PER SQFT
  • $2,973

    COMP ESTIMATED VALUE
  • $1.04

    COMP AVG. RENT PER SQFT
Comps Range
$2,830
1$2,8302$2,9003$2,9754$3,0005$3,100
$3,100
RENT COMPS ANALYSIS
  • 3570 Mustang Drive Ontario, CA 1
    • 5 beds 3 baths ∙ 2,872 Sqft ∙ Built 1998 5 beds 3 baths ∙ 2,872 Sqft ∙ Built 1998
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,830
    • $0.99
    •  
  • 3192 S Newton Ave Ontario, CA 2
    • 4 beds 3 baths ∙ 3,040 Sqft ∙ Built 2018 4 beds 3 baths ∙ 3,040 Sqft ∙ Built 2018
    property image
    LEASED 04/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $0.95
    •  
  • 3198 S Newton Avenue Ontario, CA 3
    • 5 beds 4 baths ∙ 2,844 Sqft ∙ Built 2018 5 beds 4 baths ∙ 2,844 Sqft ∙ Built 2018
    property image
    LEASED 10/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,975
    • $1.05
    •  
  • 3162 S Colonial Avenue Ontario, CA 4
    • 5 beds 4 baths ∙ 2,844 Sqft ∙ Built 2018 5 beds 4 baths ∙ 2,844 Sqft ∙ Built 2018
    property image
    LEASED 02/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $1.05
    •  
  • 2449 E Lewiston Street Ontario, CA 5
    • 6 beds 4 baths ∙ 2,844 Sqft ∙ Built 2017 6 beds 4 baths ∙ 2,844 Sqft ∙ Built 2017
    property image
    LEASED 07/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,100
    • $1.09
    •  
PROPERTY LISTING DETAILS
Kevin George
Coldwell Banker Top Team
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV20261598
Last Updated: 01/28/2021
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