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700 Golden Springs Drive #B Diamond Bar, CA 91765

3 Beds 2 Baths 1,438 sqft Built 1981

$478,000

List Price

$2,370

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 19, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1981
  • Price/Sqft : $332.41
  • 4 Days on Market
  • MLS # : IG21031886
  • Updated Date : 02/20/2021 at 08:13
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,438 sqft
  • Baths : 2 full
Listing Agent

R.e. Pros

Listing Agent's Description

Fabulous End Unit 3 bedroom and 2.5 bathroom home in the city of Diamond Bar next to the hillside in the back of the community. Spacious family rooms with fireplace. Nice dining room and Gourmet Kitchen connected. Wood flooring upstairs and down. A detached 2 car garage and a quaint backyard for trellises. Right next to the community pool for conveniences also close by to guess and public parking. Convenient access to the 57, 60, 10 & 71 freeways. Won't last!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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]
  • Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 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)

PRICE & RENT TRENDS

Neighborhood: Diamond Bar

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $199k856k

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

Neighborhood: Diamond Bar

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q21800200022002400260028003000320034003600Rent in $17843697

* 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
Lorbeer Middle School Middle Regular 754 29 6
Diamond Ranch High School High Regular 1,791 70 7
Lorbeer Middle School Middle Unknown NA

Lorbeer Middle School

  • Education Level: Middle
  • # of students: 754
  • # of teachers: 29
6
GreatSchools Rating

Diamond Ranch High School

  • Education Level: High
  • # of students: 1,791
  • # of teachers: 70
7
GreatSchools Rating

Lorbeer Middle School

  • Education Level: Middle
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$430,200$525,800$478,000

PURCHASE PRICE

$2,133$2,607$2,370

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,370
EXPENSES Loan Payment -$1,660
Property Tax -$532
Property Insurance -$62
HOA -$317
Property Management Fees -$116
CASH FLOW
-$317

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.

$478,000

PROJECTED PRICE

$2,370

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 3.5%
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$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$132,420

INVESTMENT

$132,420

Down Payment
$119,500
Rehab Estimate
$5,750
Closing Costs
$7,170

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,660

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $119,500
Loan Amount $358,500
See What Happens When You Reinvest Cash Flow

2.42

YEARS SAVED

$8,606

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,370

    LIST RENT
  • $1.65

    LIST RENT PER SQFT
  • $2,387

    COMP ESTIMATED VALUE
  • $1.66

    COMP AVG. RENT PER SQFT
Comps Range
$2,250
1$2,2502$2,3503$2,3704$2,3805$2,695
$2,695
RENT COMPS ANALYSIS
  • 700 Golden Springs Drive Diamond Bar, CA 3
    • 3 beds 2 baths ∙ 1,438 Sqft ∙ Built 1981 3 beds 2 baths ∙ 1,438 Sqft ∙ Built 1981
    • Rent
    • Rent Per SQFT
    •  
    • $2,370
    • $1.65
    •  
  • 510 Golden Springs Drive Diamond Bar, CA 1
    • 3 beds 4 baths ∙ 1,438 Sqft ∙ Built 1982 3 beds 4 baths ∙ 1,438 Sqft ∙ Built 1982
    LEASED 08/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $1.56
    •  
  • 450 Golden Springs Drive Diamond Bar, CA 2
    • 3 beds 2 baths ∙ 1,438 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,438 Sqft ∙ Built 1986
    LEASED 10/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $1.63
    •  
  • 24131 High Knob Road Diamond Bar, CA 4
    • 3 beds 3 baths ∙ 1,438 Sqft ∙ Built 1985 3 beds 3 baths ∙ 1,438 Sqft ∙ Built 1985
    LEASED 09/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,380
    • $1.66
    •  
  • 24066 Willow Creek Road Diamond Bar, CA 5
    • 4 beds 2 baths ∙ 1,503 Sqft ∙ Built 1966 4 beds 2 baths ∙ 1,503 Sqft ∙ Built 1966
    LEASED 07/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,695
    • $1.79
    •  
PROPERTY LISTING DETAILS
Mindy Chou
R.e. Pros
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IG21031886
Last Updated: 02/20/2021
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