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624 W G Street Ontario, CA 91762

3 Beds 1 Baths 1,174 sqft Built 1953

$515,000

List Price

$1,890

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

January 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1953
  • Price/Sqft : $438.67
  • 7 Days on Market
  • MLS # : TR21001694
  • Updated Date : 01/05/2021 at 17:53
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,174 sqft
  • Baths : 1 full
Listing Agent

Heritage Real Estate

Listing Agent's Description

Beautifully remodeled family home in prime Ontario neighborhood. Huge kitchen, Dining and Living room with open floor plan. Assessor shows 2 bedrooms but clearly has 3 large bedrooms. Ready to move in with extra large lot and seller has blue prints and plans for 2 bedroom, 1 bath 847 Sq. Foot ADU that was to be built behind the garage that are included in sale. Buyer to build. Seller has a remodeled kitchen and bath. The house and water main has been replumbed and the seller installed a iron gate in front.

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: 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
Hawthorne Elementary School Primary Regular 761 29 4
Hawthorne Elementary School Middle Regular 761 29 4
Chaffey High School High Regular 3,530 138 4

Hawthorne Elementary School

  • Education Level: Primary
  • # of students: 761
  • # of teachers: 29
4
GreatSchools Rating

Hawthorne Elementary School

  • Education Level: Middle
  • # of students: 761
  • # of teachers: 29
4
GreatSchools Rating

Chaffey High School

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

$463,500$566,500$515,000

PURCHASE PRICE

$1,701$2,079$1,890

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,890
EXPENSES Loan Payment -$1,789
Property Tax -$474
Property Insurance -$56
Property Management Fees -$112
CASH FLOW
-$540

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.

$515,000

PROJECTED PRICE

$1,890

PROJECTED RENT

0.37%

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$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k$10k

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$142,225

INVESTMENT

$142,225

Down Payment
$128,750
Rehab Estimate
$5,750
Closing Costs
$7,725

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$1,789

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $128,750
Loan Amount $386,250
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$1,218

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,890

    LIST RENT
  • $1.61

    LIST RENT PER SQFT
  • $1,914

    COMP ESTIMATED VALUE
  • $1.63

    COMP AVG. RENT PER SQFT
Comps Range
$1,890
1$1,8902$1,9203$2,3004$2,3505$2,395
$2,395
RENT COMPS ANALYSIS
  • 624 W G Street Ontario, CA 1
    • 3 beds 1 baths ∙ 1,174 Sqft ∙ Built 1953 3 beds 1 baths ∙ 1,174 Sqft ∙ Built 1953
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,890
    • $1.61
    •  
  • 839 W El Morado Court Ontario, CA 2
    • 3 beds 2 baths ∙ 1,246 Sqft ∙ Built 1952 3 beds 2 baths ∙ 1,246 Sqft ∙ Built 1952
    property image
    LEASED 04/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,920
    • $1.54
    •  
  • 1513 W F Street Ontario, CA 3
    • 4 beds 2 baths ∙ 1,438 Sqft ∙ Built 1955 4 beds 2 baths ∙ 1,438 Sqft ∙ Built 1955
    property image
    LEASED 09/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.60
    •  
  • 537 W J Street Ontario, CA 4
    • 3 beds 2 baths ∙ 1,458 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,458 Sqft ∙ Built 1958
    property image
    LEASED 01/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $1.61
    •  
  • 726 W Granada Court Ontario, CA 5
    • 3 beds 2 baths ∙ 1,351 Sqft ∙ Built 1949 3 beds 2 baths ∙ 1,351 Sqft ∙ Built 1949
    property image
    LEASED 03/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $1.77
    •  
PROPERTY LISTING DETAILS
Josephine Taylor
Heritage Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: TR21001694
Last Updated: 01/05/2021
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