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6319 Redhead Way Fontana, CA 92336

3 Beds 2 Baths 1,570 sqft Built 2003

$495,000

List Price

$2,060

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

December 09, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $315.29
  • 5 Days on Market
  • MLS # : CV20254267
  • Updated Date : 12/09/2020 at 10:06
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,570 sqft
  • Baths : 2 full
Listing Agent

Homequest Real Estate

Listing Agent's Description

Welcome home to this beautiful single story home in Summit Heights, located just north of the 210 freeway, on a corner lot, with charming curb appeal. The home features 3 large bedrooms, 2 bathrooms, and a large open floor plan. The spacious and well-kept kitchen opens to the nice-size family room. The floors are beautiful porcelain tile floors and in the family room they look like wood laminate, great for kids and pets! The property is nicely landscaped with a large backyard because of it's corner location. There is giant RV or boat parking next to the two car garage. This home shows great pride of ownership. The location of this home provides very convenient access to the highly acclaimed Etiwanda School District schools, freeway, and shopping Call us today to schedule a tour!

SEE MORE

MARKET HIGHLIGHTS

  • 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.
  • 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)

PRICE & RENT TRENDS

Neighborhood: Summit Heights

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550kPrice in $148k592k

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

Neighborhood: Summit Heights

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q212001400160018002000220024002600Rent in $10822651

* 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
Etiwanda Colony Elementary School Primary Regular 885 35 9
Summit Intermediate School Middle Regular 1,108 49 7
Etiwanda High School High Regular 3,458 126 8

Etiwanda Colony Elementary School

  • Education Level: Primary
  • # of students: 885
  • # of teachers: 35
9
GreatSchools Rating

Summit Intermediate School

  • Education Level: Middle
  • # of students: 1,108
  • # of teachers: 49
7
GreatSchools Rating

Etiwanda High School

  • Education Level: High
  • # of students: 3,458
  • # of teachers: 126
8
GreatSchools Rating
 

$445,500$544,500$495,000

PURCHASE PRICE

$1,854$2,266$2,060

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,060
EXPENSES Loan Payment -$1,826
Property Tax -$594
Property Insurance -$65
Property Management Fees -$122
CASH FLOW
-$547

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.

$495,000

PROJECTED PRICE

$2,060

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 6.6%
Maintenance Year (1-5) 8.00%
Vacancy 5.35%
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-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$136,925

INVESTMENT

$136,925

Down Payment
$123,750
Rehab Estimate
$5,750
Closing Costs
$7,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,826

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $123,750
Loan Amount $371,250
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$1,511

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,060

    LIST RENT
  • $1.31

    LIST RENT PER SQFT
  • $2,076

    COMP ESTIMATED VALUE
  • $1.32

    COMP AVG. RENT PER SQFT
Comps Range
$2,060
1$2,0602$2,3003$2,4004$2,4005$2,500
$2,500
RENT COMPS ANALYSIS
  • 6319 Redhead Way Fontana, CA 1
    • 3 beds 2 baths ∙ 1,570 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,570 Sqft ∙ Built 2003
    • Rent
    • Rent Per SQFT
    •  
    • $2,060
    • $1.31
    •  
  • 6948 Lisa Drive Fontana, CA 2
    • 3 beds 2 baths ∙ 1,765 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,765 Sqft ∙ Built 2004
    LEASED 03/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.30
    •  
  • 15129 Wright Court Fontana, CA 3
    • 4 beds 2 baths ∙ 1,755 Sqft ∙ Built 1998 4 beds 2 baths ∙ 1,755 Sqft ∙ Built 1998
    LEASED 11/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.37
    •  
  • 15245 Yeager Avenue Fontana, CA 4
    • 3 beds 3 baths ∙ 1,859 Sqft ∙ Built 1997 3 beds 3 baths ∙ 1,859 Sqft ∙ Built 1997
    LEASED 09/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.29
    •  
  • 15425 Jeanette Drive Fontana, CA 5
    • 4 beds 2 baths ∙ 1,883 Sqft ∙ Built 2003 4 beds 2 baths ∙ 1,883 Sqft ∙ Built 2003
    LEASED 08/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.33
    •  
PROPERTY LISTING DETAILS
Ashley Howie
Homequest Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV20254267
Last Updated: 12/09/2020
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