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653 Elaine Street Pomona, CA 91767

3 Beds 1 Baths 1,224 sqft Built 1952

$499,900

List Price

$1,860

$1.7K - $2K

Rent Est.

PROPERTY INFO

January 23, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1952
  • Price/Sqft : $408.42
  • 3 Days on Market
  • MLS # : DW21013575
  • Updated Date : 01/22/2021 at 18:08
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,224 sqft
  • Baths : 1 full
Listing Agent

First Team Real Estate - Torrance

Listing Agent's Description

Spacious Beautiful and Welcoming 3 bedroom 2 bathroom home in the heart of Pomona. Be welcomed by a large living room lined with new laminate floors and vast amount of sunlight, and a decorative fireplace. Make cooking a delight in the generous kitchen that has been upgraded with new cabinets, countertops, and fixtures. Appliance voucher provided for stainless steel stove, dishwasher and microwave-hood (provided a close of escrow There is something for everyone, spacious bedrooms and a master with an upgraded shower, perfect for the family. Other upgrades include freshly painted interior and exterior, HVAC, indoor laundry, 2 car detached garage with additional off street parking, enclosed back yard, lush green grass and vegetation. Conveniently located near the 10 freeway, shopping centers, school and parks this home won't last. Tax rolls show different bath count, buyer to verify.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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]

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
Allison Elementary School Primary Regular 333 15 3
Allison Elementary School Middle Regular 333 15 3
Pomona Senior High School High Regular 1,286 59 2

Allison Elementary School

  • Education Level: Primary
  • # of students: 333
  • # of teachers: 15
3
GreatSchools Rating

Allison Elementary School

  • Education Level: Middle
  • # of students: 333
  • # of teachers: 15
3
GreatSchools Rating

Pomona Senior High School

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

$449,910$549,890$499,900

PURCHASE PRICE

$1,674$2,046$1,860

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,860
EXPENSES Loan Payment -$1,736
Property Tax -$551
Property Insurance -$57
Property Management Fees -$99
CASH FLOW
-$583

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.

$499,900

PROJECTED PRICE

$1,860

PROJECTED RENT

0.37%

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$1.6M

PROJECTED ANNUAL CASH FLOW

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

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$138,224

INVESTMENT

$138,224

Down Payment
$124,975
Rehab Estimate
$5,750
Closing Costs
$7,499

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,736

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $124,975
Loan Amount $374,925
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$1,338

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,860

    LIST RENT
  • $1.52

    LIST RENT PER SQFT
  • $1,860

    COMP ESTIMATED VALUE
  • $1.52

    COMP AVG. RENT PER SQFT
Comps Range
$1,860
1$1,8602$2,1003$2,1004$2,2005$2,350
$2,350
RENT COMPS ANALYSIS
  • 653 Elaine Street Pomona, CA 1
    • 3 beds 1 baths ∙ 1,224 Sqft ∙ Built 1952 3 beds 1 baths ∙ 1,224 Sqft ∙ Built 1952
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,860
    • $1.52
    •  
  • 1087 Terryview Avenue Pomona, CA 2
    • 3 beds 1 baths ∙ 1,325 Sqft ∙ Built 1963 3 beds 1 baths ∙ 1,325 Sqft ∙ Built 1963
    property image
    LEASED 09/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.58
    •  
  • 2018 Las Vegas Avenue Pomona, CA 3
    • 3 beds 2 baths ∙ 1,398 Sqft ∙ Built 1963 3 beds 2 baths ∙ 1,398 Sqft ∙ Built 1963
    property image
    LEASED 12/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.50
    •  
  • 458 Geneva Claremont, CA 4
    • 3 beds 1 baths ∙ 1,489 Sqft ∙ Built 1952 3 beds 1 baths ∙ 1,489 Sqft ∙ Built 1952
    property image
    LEASED 10/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.48
    •  
  • 1931 Wildrose Avenue Pomona, CA 5
    • 3 beds 1 baths ∙ 1,551 Sqft ∙ Built 1954 3 beds 1 baths ∙ 1,551 Sqft ∙ Built 1954
    property image
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $1.52
    •  
PROPERTY LISTING DETAILS
Judi Reimer
First Team Real Estate - Torrance
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: DW21013575
Last Updated: 01/22/2021
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