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8018 Sorrento Street Fontana, CA 92336

3 Beds 2 Baths 1,482 sqft Built 1997

$465,000

List Price

$2,020

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

January 15, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1997
  • Price/Sqft : $313.77
  • 4 Days on Market
  • MLS # : IV21007286
  • Updated Date : 01/15/2021 at 11:07
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,482 sqft
  • Baths : 2 full
Listing Agent

Redfin

Listing Agent's Description

This home is located in the Village of Heritage known for its well-maintained grounds and for its renowned School district. It is meticulously maintained and features three bedrooms, two bathrooms plus a loft. As you enter the house you are greeted by vaulted ceilings and tons of natural light. The Living room is flanked by a fireplace and has new laminated wood flooring as well as plantation shutters. The kitchen has been outfitted with stainless steel appliances, granite counters, and offers access to the backyard. The primary bedroom is spacious and offers a walk-in closet. Upstairs, there’s a loft which can be used as a tv room, extra sleeping quarters for guests, or an office. Through the French doors is the balcony which was recently repainted, and reinforced with a waterproof membrane at the flooring so that the patio under the balcony stays dry when it rains. The backyard is easy to maintain and has covered and semi-covered patio areas for your enjoyment. This home is located in close proximity to Rancho Cucamonga, where you can enjoy shopping at Victoria Gardens or dining al fresco. It is also located in the sought-after Etiwanda School District. So, don’t wait and request your private home tour!

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: 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
 

$418,500$511,500$465,000

PURCHASE PRICE

$1,818$2,222$2,020

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,020
EXPENSES Loan Payment -$1,615
Property Tax -$518
Property Insurance -$63
Property Management Fees -$119
CASH FLOW
-$296

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.

$465,000

PROJECTED PRICE

$2,020

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

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$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$128,975

INVESTMENT

$128,975

Down Payment
$116,250
Rehab Estimate
$5,750
Closing Costs
$6,975

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,615

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $116,250
Loan Amount $348,750
See What Happens When You Reinvest Cash Flow

2.33

YEARS SAVED

$7,622

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,020

    LIST RENT
  • $1.36

    LIST RENT PER SQFT
  • $2,053

    COMP ESTIMATED VALUE
  • $1.39

    COMP AVG. RENT PER SQFT
Comps Range
$2,020
1$2,0202$2,2003$2,3004$2,3505$2,400
$2,400
RENT COMPS ANALYSIS
  • 8018 Sorrento Street Fontana, CA 1
    • 3 beds 2 baths ∙ 1,482 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,482 Sqft ∙ Built 1997
    • Rent
    • Rent Per SQFT
    •  
    • $2,020
    • $1.36
    •  
  • 13580 Sutter Court Fontana, CA 2
    • 3 beds 3 baths ∙ 1,532 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,532 Sqft ∙ Built 1988
    LEASED 01/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.44
    •  
  • 13688 Tioga Court Fontana, CA 3
    • 3 beds 3 baths ∙ 1,712 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,712 Sqft ∙ Built 1988
    LEASED 01/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.34
    •  
  • 13724 Balboa Court Fontana, CA 4
    • 4 beds 3 baths ∙ 1,732 Sqft ∙ Built 1990 4 beds 3 baths ∙ 1,732 Sqft ∙ Built 1990
    LEASED 08/12/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $1.36
    •  
  • 13655 W Constitution Way Fontana, CA 5
    • 4 beds 3 baths ∙ 1,712 Sqft ∙ Built 1988 4 beds 3 baths ∙ 1,712 Sqft ∙ Built 1988
    LEASED 12/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.40
    •  
PROPERTY LISTING DETAILS
Elizabeth Rodriguez
Redfin
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV21007286
Last Updated: 01/15/2021
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