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7945 Drake Street Fontana, CA 92336

4 Beds 3 Baths 2,536 sqft Built 1988

$549,900

List Price

$2,550

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

October 29, 2020 RECENTLY ADDED
FACTS
  • Built In 1988
  • Price/Sqft : $216.84
  • 6 Days on Market
  • MLS # : EV20228296
  • Updated Date : 10/29/2020 at 09:36
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,536 sqft
  • Baths : 2 full , 1 half
Listing Agent

Ponce & Ponce Realty

Listing Agent's Description

Welcome to this beautiful must see, turn-key home with the modern look you are looking for located in the desired Heritage Community. The location of the home gives the opportunity of being in the high rated Etiwanda School District. The well distributed floor plan offers 4 bedrooms and 2.5 bathrooms and a bonus entertainment room. This unique home has many features that have been done the past year such as fresh paint inside and out, upgraded wood like tile flooring throughout the first floor, beautiful re done fireplace, upgraded wood laminate flooring throughout the stairway and hallways upstairs, recessed led lighting throughout the home, inside high end speakers installed for premium sound and much more to list. The home also has an oversized three car garage, RV access & Parking, equipped with solar panels, beautiful landscaping out front and back. The backyard has enough room for the whole family and friends; it offers an oversized patio cover with ceiling fans, swing set jungle gym for the kids and a gated dog run. It is a must see home.

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)
  • 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.

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
West Heritage Elementary School Primary Regular 598 25 5
Heritage Intermediate School Middle Regular 1,240 48 8
Etiwanda High School High Regular 3,458 126 8

West Heritage Elementary School

  • Education Level: Primary
  • # of students: 598
  • # of teachers: 25
5
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
 

$494,910$604,890$549,900

PURCHASE PRICE

$2,295$2,805$2,550

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,550
EXPENSES Loan Payment -$2,029
Property Tax -$613
Property Insurance -$77
Property Management Fees -$150
CASH FLOW
-$319

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.

$549,900

PROJECTED PRICE

$2,550

PROJECTED RENT

0.46%

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-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$151,474

INVESTMENT

$151,474

Down Payment
$137,475
Rehab Estimate
$5,750
Closing Costs
$8,249

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$2,029

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $137,475
Loan Amount $412,425
See What Happens When You Reinvest Cash Flow

2.83

YEARS SAVED

$14,608

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,550

    LIST RENT
  • $1.24

    LIST RENT PER SQFT
  • $2,559

    COMP ESTIMATED VALUE
  • $1.25

    COMP AVG. RENT PER SQFT
Comps Range
$2,400
1$2,4002$2,4503$2,5004$2,5505$2,600
$2,600
RENT COMPS ANALYSIS
  • 7945 Drake Street Fontana, CA 4
    • 4 beds 3 baths ∙ 2,051 Sqft ∙ Built 1988 4 beds 3 baths ∙ 2,051 Sqft ∙ Built 1988
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $1.24
    •  
  • 7812 Cape Cod Court Fontana, CA 1
    • 4 beds 3 baths ∙ 1,943 Sqft ∙ Built 1989 4 beds 3 baths ∙ 1,943 Sqft ∙ Built 1989
    LEASED 10/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.24
    •  
  • 13773 Boston Court Fontana, CA 2
    • 4 beds 3 baths ∙ 1,943 Sqft ∙ Built 1989 4 beds 3 baths ∙ 1,943 Sqft ∙ Built 1989
    LEASED 01/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $1.26
    •  
  • 14019 Ticonderoga Court Fontana, CA 3
    • 4 beds 3 baths ∙ 1,918 Sqft ∙ Built 1990 4 beds 3 baths ∙ 1,918 Sqft ∙ Built 1990
    LEASED 02/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.30
    •  
  • 13634 Morgan Street Fontana, CA 5
    • 4 beds 3 baths ∙ 2,182 Sqft ∙ Built 1988 4 beds 3 baths ∙ 2,182 Sqft ∙ Built 1988
    LEASED 06/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.19
    •  
PROPERTY LISTING DETAILS
James Ortiz
Ponce & Ponce Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: EV20228296
Last Updated: 10/29/2020
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