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503 Richbrook Drive Pomona, CA 91767

5 Beds 3 Baths 1,934 sqft Built 1958

$585,000

List Price

$2,980

$2.7K - $3.2K

Rent Est.

PROPERTY INFO

November 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1958
  • Price/Sqft : $302.48
  • 7 Days on Market
  • MLS # : CV20236460
  • Updated Date : 11/11/2020 at 21:39
CONSTRUCTION
  • Beds : 5
  • Floor Size : 1,934 sqft
  • Baths : 3 full
Listing Agent

Premier Realty & Estates

Listing Agent's Description

Calling all investors and handyman. Great investment opportunity in the booming city of Pomona. This property borders with the beautiful city of Claremont. Prime location minutes away from Fairplex Fairgrounds, Claremont Village, Montclair Mall, Transportation, Award Winning Schools, Parks, Restaurants, the 210, 57 and 10 freeway. This property offers 5 bedrooms 3 bathrooms, spacious front and backyard, plenty of parking space, attached two car garage with ADU potential. Part of the house is divided in 2bed 1bath, kitchenette, and living room with it's own entrance.

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)
  • 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]
  • As part of Southern California area, Los Angeles market inherits all the benefits from the area.
  • 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)
  • 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 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 has 58.7% labor force participation rate; within this area, Los Angeles metro has 62.3% labor force participation rate (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: Pomona

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $138k622k

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

Neighborhood: Pomona

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q214001600180020002200240026002800Rent in $12562941

* 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
Sumner Elementary School Primary Regular 541 21 5
El Roble Intermediate School Middle Regular 1,068 43 7
Claremont High School High Regular 2,423 92 9

Sumner Elementary School

  • Education Level: Primary
  • # of students: 541
  • # of teachers: 21
5
GreatSchools Rating

El Roble Intermediate School

  • Education Level: Middle
  • # of students: 1,068
  • # of teachers: 43
7
GreatSchools Rating

Claremont High School

  • Education Level: High
  • # of students: 2,423
  • # of teachers: 92
9
GreatSchools Rating
 

$526,500$643,500$585,000

PURCHASE PRICE

$2,682$3,278$2,980

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,980
EXPENSES Loan Payment -$2,158
Property Tax -$602
Property Insurance -$74
Property Management Fees -$146
CASH FLOW
$0

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 12% of earned rent to cover both maintenance and periods of vacancy.

$585,000

PROJECTED PRICE

$2,980

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.35%
Appreciation Year (1-5) 7.8%
Maintenance Year (1-5) 8.00%
Vacancy 4.14%
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$25k$30k

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$160,775

INVESTMENT

$160,775

Down Payment
$146,250
Rehab Estimate
$5,750
Closing Costs
$8,775

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$2,158

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $146,250
Loan Amount $438,750
See What Happens When You Reinvest Cash Flow

6.67

YEARS SAVED

$56,577

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,980

    LIST RENT
  • $1.54

    LIST RENT PER SQFT
  • $2,969

    COMP ESTIMATED VALUE
  • $1.54

    COMP AVG. RENT PER SQFT
Comps Range
$2,795
1$2,7952$2,9003$2,9804$3,2005$3,300
$3,300
RENT COMPS ANALYSIS
  • 503 Richbrook Drive Pomona, CA 3
    • 5 beds 3 baths ∙ 1,934 Sqft ∙ Built 1958 5 beds 3 baths ∙ 1,934 Sqft ∙ Built 1958
    • Rent
    • Rent Per SQFT
    •  
    • $2,980
    • $1.54
    •  
  • 1445 Turning Bend Drive Claremont, CA 1
    • 4 beds 3 baths ∙ 2,124 Sqft ∙ Built 1963 4 beds 3 baths ∙ 2,124 Sqft ∙ Built 1963
    LEASED 03/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,795
    • $1.32
    •  
  • 1424 Turning Bend Drive Claremont, CA 2
    • 4 beds 2 baths ∙ 1,818 Sqft ∙ Built 1963 4 beds 2 baths ∙ 1,818 Sqft ∙ Built 1963
    LEASED 04/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $1.60
    •  
  • 1431 N Mountain Avenue Claremont, CA 4
    • 4 beds 2 baths ∙ 2,043 Sqft ∙ Built 1956 4 beds 2 baths ∙ 2,043 Sqft ∙ Built 1956
    LEASED 07/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $1.57
    •  
  • 1122 Vanderbilt Avenue Claremont, CA 5
    • 4 beds 3 baths ∙ 2,000 Sqft ∙ Built 1960 4 beds 3 baths ∙ 2,000 Sqft ∙ Built 1960
    LEASED 05/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $1.65
    •  
PROPERTY LISTING DETAILS
Angel Pineda
Premier Realty & Estates
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV20236460
Last Updated: 11/11/2020
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