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6437 Wheeler Avenue La Verne, CA 91750

4 Beds 2 Baths 2,298 sqft Built 1965

$859,800

List Price

$3,460

$3.2K - $3.7K

Rent Est.

PROPERTY INFO

February 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1965
  • Price/Sqft : $374.15
  • 2 Days on Market
  • MLS # : CV21024504
  • Updated Date : 02/06/2021 at 09:47
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,298 sqft
  • Baths : 2 full
Listing Agent

Re/max Masters Realty

Listing Agent's Description

SINGLE STORY HOME W/GATED FRONT YARD & MOUNTAIN VIEW. Front yard features manicured grounds w/drought tolerant landscaping & a covered front porch that leads to double entry doors. The tiled entry way leads you to a spacious family room w/crown molding, recessed lighting & a floor to ceiling fireplace. There is an adjacent formal dining room currently used as a work station w/direct kitchen access. The bonus rm/living room is accessible through French doors & also offers tiled floors, crown molding, ceiling fans, plantation shutters & overlooks the backyard w/two sets of sliding doors. The kitchen offers wood cabinets, granite countertops, stainless steel appliances, a breakfast bar & a huge breakfast nook w/crown molding & shutters overlooking the front yard. Master bedroom offers carpeted floors, crown molding, shutters & direct access to the master bath. Master bathroom offers tiled floors, a vanity w/granite counters, walk-in shower & a spacious closet area. Three additional bedrooms w/crown, shutters & two w/ceiling fans. Hall bath is very spacious w/full custom tile work, jetted tub/shower w/frameless glass enclosure & dual sinks. Backyard offers a driveway through the alley that leads to an attached two car garage. Nice grass yard w/perimeter planters, block walls, a covered patio & mountain views. Oak Mesa Elementary.

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: North la Verne Hillside

NeighborhoodNIR Market*CityMarket2010Year20002019200k300k400k500k600k700k800k900k1000kPrice in $199k1098k

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

Neighborhood: North la Verne Hillside

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q218002000220024002600280030003200340036003800400042004400Rent in $16244432

* 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
Oak Mesa Elementary School Primary Regular 585 23 10
Ramona Middle School Middle Regular 1,406 51 9
Bonita High School High Regular 1,968 74 9

Oak Mesa Elementary School

  • Education Level: Primary
  • # of students: 585
  • # of teachers: 23
10
GreatSchools Rating

Ramona Middle School

  • Education Level: Middle
  • # of students: 1,406
  • # of teachers: 51
9
GreatSchools Rating

Bonita High School

  • Education Level: High
  • # of students: 1,968
  • # of teachers: 74
9
GreatSchools Rating
 

$773,820$945,780$859,800

PURCHASE PRICE

$3,114$3,806$3,460

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,460
EXPENSES Loan Payment -$2,986
Property Tax -$855
Property Insurance -$83
Property Management Fees -$170
CASH FLOW
-$633

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.

$859,800

PROJECTED PRICE

$3,460

PROJECTED RENT

0.40%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 4.5%
Maintenance Year (1-5) 8.00%
Vacancy 5.05%
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-$15k-$10k-$5.0k$0.0$5.0k$10k$15k$20k$25k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$233,597

INVESTMENT

$233,597

Down Payment
$214,950
Rehab Estimate
$5,750
Closing Costs
$12,897

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$2,986

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $214,950
Loan Amount $644,850
See What Happens When You Reinvest Cash Flow

2.42

YEARS SAVED

$15,757

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,460

    LIST RENT
  • $1.51

    LIST RENT PER SQFT
  • $3,458

    COMP ESTIMATED VALUE
  • $1.51

    COMP AVG. RENT PER SQFT
Comps Range
$3,200
1$3,2002$3,3003$3,4604$3,5005$3,525
$3,525
RENT COMPS ANALYSIS
  • 6437 Wheeler Avenue La Verne, CA 3
    • 4 beds 2 baths ∙ 2,298 Sqft ∙ Built 1965 4 beds 2 baths ∙ 2,298 Sqft ∙ Built 1965
    • Rent
    • Rent Per SQFT
    •  
    • $3,460
    • $1.51
    •  
  • 1162 Oak Knoll Ter La Verne, CA 1
    • 4 beds 2 baths ∙ 2,224 Sqft ∙ Built 1973 4 beds 2 baths ∙ 2,224 Sqft ∙ Built 1973
    LEASED 02/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $1.44
    •  
  • 2156 Driver Lane La Verne, CA 2
    • 4 beds 3 baths ∙ 2,287 Sqft ∙ Built 1981 4 beds 3 baths ∙ 2,287 Sqft ∙ Built 1981
    LEASED 08/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $1.44
    •  
  • 6765 Cactus Lane La Verne, CA 4
    • 4 beds 2 baths ∙ 2,286 Sqft ∙ Built 1985 4 beds 2 baths ∙ 2,286 Sqft ∙ Built 1985
    LEASED 01/03/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $1.53
    •  
  • 1806 Orangewood Street La Verne, CA 5
    • 4 beds 3 baths ∙ 2,183 Sqft ∙ Built 1985 4 beds 3 baths ∙ 2,183 Sqft ∙ Built 1985
    LEASED 08/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,525
    • $1.61
    •  
PROPERTY LISTING DETAILS
Nicholas Abbadessa
Re/max Masters Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV21024504
Last Updated: 02/06/2021
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