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

606 Illinois Street Pomona, CA 91768

3 Beds 1 Baths 1,264 sqft Built 1912

$450,000

List Price

$2,010

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

February 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1912
  • Price/Sqft : $356.01
  • 3 Days on Market
  • MLS # : IV21030279
  • Updated Date : 02/13/2021 at 11:34
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,264 sqft
  • Baths : 1 full
Listing Agent

Houzerz

Listing Agent's Description

This classic 3 bedroom, 1 bath home is located in the historic community of Pomona with an abundance of personality and charm. Right away, you are greeted with a high ceiling and large windows that bring light into the entire home. In addition, this home is only a few minutes away from the famous Cal Poly College, Mt. Sac and Western College. This house is cozy with lots of open space that invites you in. The backyard has great space for family gatherings and celebrations! Not only does this property have so much character, but it brings you right home. Virtual Tour: https://my.matterport.com/show/?m=fVfe1Eipif6&mls=1

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
Pomona Senior High School High Regular 1,286 59 2
Pomona High School High Unknown NA

Pomona Senior High School

  • Education Level: High
  • # of students: 1,286
  • # of teachers: 59
2
GreatSchools Rating

Pomona High School

  • Education Level: High
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

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

PURCHASE PRICE

$1,809$2,211$2,010

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,010
EXPENSES Loan Payment -$1,563
Property Tax -$496
Property Insurance -$58
Property Management Fees -$99
CASH FLOW
-$206

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.

$450,000

PROJECTED PRICE

$2,010

PROJECTED RENT

0.45%

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$200k$400k$600k$800k$1.0M$1.2M$1.4M

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

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 55% 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

3.75

YEARS SAVED

$15,873

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,010

    LIST RENT
  • $1.59

    LIST RENT PER SQFT
  • $2,128

    COMP ESTIMATED VALUE
  • $1.68

    COMP AVG. RENT PER SQFT
Comps Range
$1,895
1$1,8952$2,0103$2,2504$2,250
$2,250
RENT COMPS ANALYSIS
  • 606 Illinois Street Pomona, CA 2
    • 3 beds 1 baths ∙ 1,264 Sqft ∙ Built 1912 3 beds 1 baths ∙ 1,264 Sqft ∙ Built 1912
    • Rent
    • Rent Per SQFT
    •  
    • $2,010
    • $1.59
    •  
  • 749 William Street Pomona, CA 1
    • 3 beds 2 baths ∙ 1,080 Sqft ∙ Built 1915 3 beds 2 baths ∙ 1,080 Sqft ∙ Built 1915
    LEASED 09/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $1.75
    •  
  • 380 Kenoak Drive Pomona, CA 3
    • 3 beds 1 baths ∙ 1,354 Sqft ∙ Built 1913 3 beds 1 baths ∙ 1,354 Sqft ∙ Built 1913
    LEASED 12/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $1.66
    •  
  • 825 S Reservoir Street Pomona, CA 4
    • 3 beds 2 baths ∙ 1,372 Sqft ∙ Built 1930 3 beds 2 baths ∙ 1,372 Sqft ∙ Built 1930
    LEASED 05/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $1.64
    •  
PROPERTY LISTING DETAILS
Alyssa Barretto
Houzerz
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV21030279
Last Updated: 02/13/2021
BESbswy