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8767 Festival Street Chino, CA 91708

4 Beds 4 Baths 2,119 sqft Built 2018

INVESTimate

$541,888

List Price

$2,740

$2,490 - $2,990

Rent Est.

$578,357  ( +6.73%)   1 YR EST. FORECAST

PROPERTY INFO

August 19, 2020 RECENTLY ADDED
FACTS
  • Built In 2018
  • Price/Sqft : $255.73
  • 8 Days on Market
  • MLS # : IV20168902
  • Updated Date : 08/20/2020 at 11:26
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,119 sqft
  • Baths : 3 full , 1 half
Listing Agent

Redfin

Listing Agent's Description

Gorgeous Turn-key home ready to be made yours in the desirable Preserve Master Community and features a spacious floorplan, upgraded flooring, and recessed lighting. The large living room has high ceilings and sliding glass door access to the backyard. The kitchen opens to the living room and has dark wood cabinetry, granite countertops, stainless steel appliances, and a large center island with bar seating. All of the bedrooms access a bathroom, 1 bedroom on the main floor, and 3 on the second floor, along with a loft area - perfect for an office space or game room. This home has a backyard with lush green grass. Residents can enjoy resort-like community amenities which include a sparkling swimming pool and spa, gym, beautiful green belts, and picnic areas. There is also a Harvest Club Garden (free membership) that produces an abundance of organic produce with the help of trained farmers. The produce in the neighborhood is also available for harvesting by the residents. This home is conveniently located near schools, shopping, dining, and more!

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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: 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
Cal Aero Preserve Academy Primary Regular 1,102 39 7
Cal Aero Preserve Academy Middle Regular 1,102 39 7
Chino Hills High School High Regular 3,012 111 8

Cal Aero Preserve Academy

  • Education Level: Primary
  • # of students: 1,102
  • # of teachers: 39
7
GreatSchools Rating

Cal Aero Preserve Academy

  • Education Level: Middle
  • # of students: 1,102
  • # of teachers: 39
7
GreatSchools Rating

Chino Hills High School

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

$487,699$596,077$541,888

PURCHASE PRICE

$2,466$3,014$2,740

RENT

DOWN PAYMENT
FINANCING

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,740
EXPENSES Loan Payment -$1,999
Property Tax -$522
Property Insurance -$78
HOA -$300
Property Management Fees -$162
CASH FLOW
-$321

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.

$541,888

PROJECTED PRICE

$2,740

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 6.73%
Maintenance Year (1-5) 8.00%
Vacancy 5.43%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$149,350

INVESTMENT

$149,350

Down Payment
$135,472
Rehab Estimate
$5,750
Closing Costs
$8,128

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,999

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $135,472
Loan Amount $406,416
See What Happens When You Reinvest Cash Flow

2.5

YEARS SAVED

$12,238

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,740

    LIST RENT
  • $1.29

    LIST RENT PER SQFT
  • $2,712

    COMP ESTIMATED VALUE
  • $1.28

    COMP AVG. RENT PER SQFT
Comps Range
$2,500
1$2,5002$2,7003$2,7404$2,7505$2,800
$2,800
RENT COMPS ANALYSIS
  • 8767 Festival Street Chino, 3
    • 4 beds 4 baths ∙ 2,119 Sqft ∙ Built 2018 4 beds 4 baths ∙ 2,119 Sqft ∙ Built 2018
    • Rent
    • Rent Per SQFT
    •  
    • $2,740
    • $1.29
    •  
  • 8738 Festival Street Chino, 1
    • 3 beds 3 baths ∙ 1,932 Sqft ∙ Built 2018 3 beds 3 baths ∙ 1,932 Sqft ∙ Built 2018
    LEASED 09/11/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.29
    •  
  • 15767 Sweet Bay Chino, 2
    • 4 beds 3 baths ∙ 2,214 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,214 Sqft ∙ Built 2018
    LEASED 03/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.22
    •  
  • 14405 Narcisse Drive Eastvale, 4
    • 5 beds 3 baths ∙ 2,182 Sqft ∙ Built 2012 5 beds 3 baths ∙ 2,182 Sqft ∙ Built 2012
    LEASED 06/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $1.26
    •  
  • 8756 Festival Street Chino, 5
    • 3 beds 3 baths ∙ 2,079 Sqft ∙ Built 2018 3 beds 3 baths ∙ 2,079 Sqft ∙ Built 2018
    LEASED 08/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.35
    •  
PROPERTY LISTING DETAILS
Coleen Hyams
Redfin
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV20168902
Last Updated: 08/20/2020
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