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628 E Cornell Drive Rialto, CA 92376

3 Beds 2 Baths 1,456 sqft Built 1978

INVESTimate

$360,000

List Price

$1,790

$1,611 - $1,969

Rent Est.

$392,580  ( +9.05%)   1 YR EST. FORECAST

PROPERTY INFO

August 25, 2020 RECENTLY ADDED
FACTS
  • Built In 1978
  • Price/Sqft : $247.25
  • 2 Days on Market
  • MLS # : CV20174274
  • Updated Date : 08/25/2020 at 14:06
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,456 sqft
  • Baths : 2 full
Listing Agent

Realty One Group West

Listing Agent's Description

WEDLCOME TO THIS AMAZING SINGLE STORY HOME! WELL KEPT IN A QUITE AND FRIENDLY CUL DE SAC NEIGHBOHOOD. WITH A UNIQUE OUTSTANDING CURB APPEAL. OFFERS 3 GOOD SIZE BEDROOMS, MASTER WITH FRENCH DOORS THE LEAD TO PATIO, WALKING CLOSET AND BATHROOM WITH PORCELAIN TILES A LONG WITH HALLWAY BATHROOM. AS YOU COME IN YOU'LL SEE COZY LIVING ROOM WITH FIREPLACE THAT TAKE YOU TO A SPACIOUS DINING ROOM AND OPEN KITCHEN PLAN WITH NICE CABINETS, PANTRY, CORIAN COUNTERS, RECESSED LIGHTS AND BEUTIFUL LAMINATE FLOORING. ALL 3 BEDROOMS AND LIVING ROOM WITH CARPET. CROWN MOULDING AND BASE BOARD THROUGHOUT THE HOME. LOTS OF NATURAL LIGHTING COMING FROM ALL DUAL PANE ENERGY SAVER WINDOWS, INCORPORATED ONLY 2 YEARS AGO, IN ADDTION CENTRAL AIR, HEATER AND SURROUNDING GATE IN BACKYARD FOR PRIVACY. AND LAST BUT NOT LEAST A GORGEOUS BACKYARD WITH COVERED PATIO, PALM TREES AND STUNNING LANDSCAPED FOR ALL YOUR FAMILY GATHERINGS. A TRUE MUST SEE!

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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: Rialto

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $116k459k

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

Neighborhood: Rialto

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q210001100120013001400150016001700180019002000Rent in $9112044

* 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
Bemis Elementary School Primary Regular 663 23 2
Frisbie Middle School Middle Regular 1,229 48 2
Eisenhower High School High Regular 2,456 99 4

Bemis Elementary School

  • Education Level: Primary
  • # of students: 663
  • # of teachers: 23
2
GreatSchools Rating

Frisbie Middle School

  • Education Level: Middle
  • # of students: 1,229
  • # of teachers: 48
2
GreatSchools Rating

Eisenhower High School

  • Education Level: High
  • # of students: 2,456
  • # of teachers: 99
4
GreatSchools Rating
 

$324,000$396,000$360,000

PURCHASE PRICE

$1,611$1,969$1,790

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,790
EXPENSES Loan Payment -$1,328
Property Tax -$420
Property Insurance -$62
Property Management Fees -$106
CASH FLOW
-$126

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.

$360,000

PROJECTED PRICE

$1,790

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 9.05%
Maintenance Year (1-5) 8.00%
Vacancy 5.41%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$101,150

INVESTMENT

$101,150

Down Payment
$90,000
Rehab Estimate
$5,750
Closing Costs
$5,400

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,328

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $90,000
Loan Amount $270,000
See What Happens When You Reinvest Cash Flow

3.58

YEARS SAVED

$14,101

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,790

    LIST RENT
  • $1.23

    LIST RENT PER SQFT
  • $1,820

    COMP ESTIMATED VALUE
  • $1.25

    COMP AVG. RENT PER SQFT
Comps Range
$1,700
1$1,7002$1,7503$1,7904$2,0955$2,150
$2,150
RENT COMPS ANALYSIS
  • 628 E Cornell Drive Rialto, 3
    • 3 beds 2 baths ∙ 1,456 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,456 Sqft ∙ Built 1978
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,790
    • $1.23
    •  
  • 176 E Home Street Rialto, 1
    • 3 beds 2 baths ∙ 1,327 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,327 Sqft ∙ Built 1959
    property image
    LEASED 05/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.28
    •  
  • 172 W Walnut Avenue Rialto, 2
    • 3 beds 3 baths ∙ 1,462 Sqft ∙ Built 1987 3 beds 3 baths ∙ 1,462 Sqft ∙ Built 1987
    property image
    LEASED 08/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.20
    •  
  • 423 E Mesa Drive Rialto, 4
    • 3 beds 2 baths ∙ 1,664 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,664 Sqft ∙ Built 1958
    property image
    LEASED 12/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $1.26
    •  
  • 652 N Birch Avenue Rialto, 5
    • 4 beds 3 baths ∙ 1,710 Sqft ∙ Built 1989 4 beds 3 baths ∙ 1,710 Sqft ∙ Built 1989
    property image
    LEASED 06/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $1.26
    •  
PROPERTY LISTING DETAILS
Nancy Monroy
Realty One Group West
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV20174274
Last Updated: 08/25/2020
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