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7928 Monterey Street Fontana, CA 92336

4 Beds 2 Baths 2,032 sqft Built 1993

$539,000

List Price

$2,320

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

November 22, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1993
  • Price/Sqft : $265.26
  • 2 Days on Market
  • MLS # : CV20244807
  • Updated Date : 11/21/2020 at 22:14
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,032 sqft
  • Baths : 2 full
Listing Agent

Re/max Time Realty

Listing Agent's Description

Desirable spanish style home beaming with natural light and an open layout nestled in a cozy neighborhood of Fontana. This 4 bedroom, 2 bathroom house offers ample living space of over 2,000 sqft in a lovely layout complete with arched doorways, a laundry room, and an attached 3 car garage. As you enter, all are greeted by a tastefully styled home perfect for a family who loves to entertain with an inviting kitchen that opens to a living room with a fireplace that flows to a beautiful back yard with a covered patio. The master bedroom has an attached bathroom and a sliding glass door with direct access to the backyard. Although it is tucked into a quiet neighborhood it is centrally located to many local schools, victoria gardens, and the 15 and 210 freeways.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: West End

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550kPrice in $148k584k

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

Neighborhood: West End

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q211001200130014001500160017001800190020002100220023002400Rent in $10822496

* 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
East Heritage Elementary School Primary Regular 586 23 7
Heritage Intermediate School Middle Regular 1,240 48 8
Etiwanda High School High Regular 3,458 126 8

East Heritage Elementary School

  • Education Level: Primary
  • # of students: 586
  • # of teachers: 23
7
GreatSchools Rating

Heritage Intermediate School

  • Education Level: Middle
  • # of students: 1,240
  • # of teachers: 48
8
GreatSchools Rating

Etiwanda High School

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

$485,100$592,900$539,000

PURCHASE PRICE

$2,088$2,552$2,320

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,320
EXPENSES Loan Payment -$1,989
Property Tax -$601
Property Insurance -$76
Property Management Fees -$137
CASH FLOW
-$483

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.

$539,000

PROJECTED PRICE

$2,320

PROJECTED RENT

0.43%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 6.9%
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$1.6M

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$1.6M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$148,585

INVESTMENT

$148,585

Down Payment
$134,750
Rehab Estimate
$5,750
Closing Costs
$8,085

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,989

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $134,750
Loan Amount $404,250
See What Happens When You Reinvest Cash Flow

1.5

YEARS SAVED

$5,341

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,320

    LIST RENT
  • $1.14

    LIST RENT PER SQFT
  • $2,459

    COMP ESTIMATED VALUE
  • $1.21

    COMP AVG. RENT PER SQFT
Comps Range
$2,320
1$2,3202$2,3953$2,4004$2,5005$2,750
$2,750
RENT COMPS ANALYSIS
  • 7928 Monterey Street Fontana, CA 1
    • 4 beds 2 baths ∙ 2,032 Sqft ∙ Built 1993 4 beds 2 baths ∙ 2,032 Sqft ∙ Built 1993
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,320
    • $1.14
    •  
  • 8081 Milan Court Fontana, CA 2
    • 4 beds 2 baths ∙ 1,837 Sqft ∙ Built 1992 4 beds 2 baths ∙ 1,837 Sqft ∙ Built 1992
    property image
    LEASED 08/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $1.30
    •  
  • 7889 Saint Helena Court Fontana, CA 3
    • 4 beds 3 baths ∙ 2,136 Sqft ∙ Built 1994 4 beds 3 baths ∙ 2,136 Sqft ∙ Built 1994
    property image
    LEASED 09/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.12
    •  
  • 7896 Noelke Court Fontana, CA 4
    • 4 beds 3 baths ∙ 2,133 Sqft ∙ Built 1991 4 beds 3 baths ∙ 2,133 Sqft ∙ Built 1991
    property image
    LEASED 04/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.17
    •  
  • 14217 E Constitution Way Fontana, CA 5
    • 4 beds 3 baths ∙ 2,207 Sqft ∙ Built 1990 4 beds 3 baths ∙ 2,207 Sqft ∙ Built 1990
    property image
    LEASED 01/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $1.25
    •  
PROPERTY LISTING DETAILS
Kevin Watson
Re/max Time Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV20244807
Last Updated: 11/21/2020
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