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740 E Deerfield Street Ontario, CA 91761

3 Beds 2 Baths 1,608 sqft Built 1981

$579,900

List Price

$2,330

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 25, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1981
  • Price/Sqft : $360.63
  • 4 Days on Market
  • MLS # : IV21062792
  • Updated Date : 03/26/2021 at 13:59
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,608 sqft
  • Baths : 2 full
Listing Agent

Re/max Impact

Listing Agent's Description

Absolutely gorgeous Ontario home in turnkey condition. Spacious and open living room with tile flooring and tile surround fireplace with sliding door leading to the backyard patio. Formal dining area with a wet bar with shelving and tile flooring. Recently upgraded galley kitchen with eating area, newer cabinets, granite counter tops, recessed lighting, sliding door leading to the backyard and tile flooring. Three spacious bedrooms with tile flooring and 2 bathrooms. The main suite has high ceilings and a sliding door leading to the back patio. Two bathrooms with tile flooring and an enclosed bathtub. Well maintained, fully fenced with block wall backyard with mature fruit trees and landscaping and concrete patio. Other amenities are indoor laundry, 2 car attached garage, covered front porch with arches, backyard concrete patio, RV parking, lash green front yard. Great location, close to all amenities. Kitchen and flooring were upgraded approximately a year ago.

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'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)
  • Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: Ontario

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $116k477k

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

Neighborhood: Ontario

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2100011001200130014001500160017001800190020002100Rent in $9112126

* 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
Woodcrest Junior High School Middle Regular 416 19 6
Chino High School High Regular 2,369 99 5

Woodcrest Junior High School

  • Education Level: Middle
  • # of students: 416
  • # of teachers: 19
6
GreatSchools Rating

Chino High School

  • Education Level: High
  • # of students: 2,369
  • # of teachers: 99
5
GreatSchools Rating
 

$521,910$637,890$579,900

PURCHASE PRICE

$2,097$2,563$2,330

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,330
EXPENSES Loan Payment -$2,014
Property Tax -$535
Property Insurance -$66
Property Management Fees -$137
CASH FLOW
-$422

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.

$579,900

PROJECTED PRICE

$2,330

PROJECTED RENT

0.40%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 8.1%
Maintenance Year (1-5) 8.00%
Vacancy 5.41%
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$1.8M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k$10k$15k

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$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$159,424

INVESTMENT

$159,424

Down Payment
$144,975
Rehab Estimate
$5,750
Closing Costs
$8,699

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,014

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $144,975
Loan Amount $434,925
See What Happens When You Reinvest Cash Flow

1.83

YEARS SAVED

$7,012

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,330

    LIST RENT
  • $1.45

    LIST RENT PER SQFT
  • $2,488

    COMP ESTIMATED VALUE
  • $1.55

    COMP AVG. RENT PER SQFT
Comps Range
$2,300
1$2,3002$2,3303$2,5004$2,6005$2,700
$2,700
RENT COMPS ANALYSIS
  • 740 E Deerfield Street Ontario, CA 2
    • 3 beds 2 baths ∙ 1,608 Sqft ∙ Built 1981 3 beds 2 baths ∙ 1,608 Sqft ∙ Built 1981
    • Rent
    • Rent Per SQFT
    •  
    • $2,330
    • $1.45
    •  
  • 6818 Rockrose Street Chino, CA 1
    • 3 beds 3 baths ∙ 1,487 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,487 Sqft ∙ Built 2001
    LEASED 10/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.55
    •  
  • 6826 Corybus Street Chino, CA 3
    • 3 beds 3 baths ∙ 1,654 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,654 Sqft ∙ Built 2001
    LEASED 02/15/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.51
    •  
  • 821 E Oak Hill Street Ontario, CA 4
    • 3 beds 2 baths ∙ 1,704 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,704 Sqft ∙ Built 1978
    LEASED 01/14/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.53
    •  
  • 1450 E Merion Court Ontario, CA 5
    • 3 beds 2 baths ∙ 1,692 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,692 Sqft ∙ Built 1983
    LEASED 01/15/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.60
    •  
PROPERTY LISTING DETAILS
Hasina Hason
Re/max Impact
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV21062792
Last Updated: 03/26/2021
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