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8370 Forest Park Street Chino, CA 91708

3 Beds 2 Baths 2,022 sqft Built 2007

$488,000

List Price

$2,440

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 25, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2007
  • Price/Sqft : $241.35
  • 4 Days on Market
  • MLS # : WS21061321
  • Updated Date : 03/25/2021 at 16:53
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,022 sqft
  • Baths : 2 full
Listing Agent

Re/max Premier/sanmarino

Listing Agent's Description

Welcome to The Preserve at Chino! A planned community for every lifestyle. Tetherwind neighborhood at The Preserve by Shea Homes. Property is located at a highly desirable location. Just a short distance to The Parkhouse, an innovative & family-friendly recreation center. See photos & virtual tour of amenities at https://thepreserveatchino.com/?amenities. Original owner. This spacious property boasts 9 ft. ceiling & large covered deck w/ tall vaulted ceiling. Its open floor plan is artfully designed and cleverly appointed. Relax in the spacious great room w/ enhanced fireside ambience. It has direct access to the spacious deck w/ storage closet. The focal point of the home is the open & spacious kitchen w/ modern efficiency. It is loaded w/ lots of kitchen cabinets, counter spaces, granite kitchen counter tops, granite island counter top, under-cabinet lights, recessed lights, generous breakfast counter space, and stainless-steel appliances. It is open to the nook area w/ recessed lights & great room. Spacious master bedroom w/ walk-in closet. Large master bathroom w/ double sinks, vanity area, garden tub, separate shower stall & toilet w/ privacy. 2 spacious additional bedrooms. Linen cabinets w/ counter top are conveniently located in the hallway. Separate laundry room w/ built-in cabinets & counter top. 2-car attached garage w/ storage space & direct access to the unit. Come & see this wonderful property and well-planned community soon. You’ll love it!

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: Chino

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550kPrice in $143k560k

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

Neighborhood: Chino

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q21100120013001400150016001700180019002000210022002300Rent in $10822394

* 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
Chino Hills High School High Regular 3,012 111 8
Chino Hills High School High Unknown NA

Chino Hills High School

  • Education Level: High
  • # of students: 3,012
  • # of teachers: 111
8
GreatSchools Rating

Chino Hills High School

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

$439,200$536,800$488,000

PURCHASE PRICE

$2,196$2,684$2,440

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,440
EXPENSES Loan Payment -$1,695
Property Tax -$470
Property Insurance -$76
HOA -$250
Property Management Fees -$144
CASH FLOW
-$195

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.

$488,000

PROJECTED PRICE

$2,440

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 6.7%
Maintenance Year (1-5) 8.00%
Vacancy 5.43%
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$15k

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$135,070

INVESTMENT

$135,070

Down Payment
$122,000
Rehab Estimate
$5,750
Closing Costs
$7,320

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,695

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $122,000
Loan Amount $366,000
See What Happens When You Reinvest Cash Flow

3.25

YEARS SAVED

$13,275

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,440

    LIST RENT
  • $1.21

    LIST RENT PER SQFT
  • $2,533

    COMP ESTIMATED VALUE
  • $1.25

    COMP AVG. RENT PER SQFT
Comps Range
$2,300
1$2,3002$2,3503$2,3904$2,4405$2,700
$2,700
RENT COMPS ANALYSIS
  • 8370 Forest Park Street Chino, CA 4
    • 3 beds 2 baths ∙ 2,022 Sqft ∙ Built 2007 3 beds 2 baths ∙ 2,022 Sqft ∙ Built 2007
    • Rent
    • Rent Per SQFT
    •  
    • $2,440
    • $1.21
    •  
  • 8356 Edgewood Street Chino, CA 1
    • 3 beds 3 baths ∙ 1,861 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,861 Sqft ∙ Built 2007
    LEASED 04/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.24
    •  
  • 8398 Edgewood Street San Bernardino, CA 2
    • 3 beds 3 baths ∙ 1,881 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,881 Sqft ∙ Built 2007
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $1.25
    •  
  • 8353 Edgewood Street Chino, CA 3
    • 3 beds 3 baths ∙ 1,861 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,861 Sqft ∙ Built 2006
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,390
    • $1.28
    •  
  • 8596 Founders Grove Street Chino, CA 5
    • 4 beds 3 baths ∙ 2,169 Sqft ∙ Built 2016 4 beds 3 baths ∙ 2,169 Sqft ∙ Built 2016
    LEASED 11/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.24
    •  
PROPERTY LISTING DETAILS
David Chu
Re/max Premier/sanmarino
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: WS21061321
Last Updated: 03/25/2021
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