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8770 Festival Street Chino, CA 91708

4 Beds 3 Baths 2,079 sqft Built 2018

$578,899

List Price

$2,700

$2.5K - $3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2018
  • Price/Sqft : $278.45
  • 2 Days on Market
  • MLS # : TR21047167
  • Updated Date : 03/06/2021 at 10:33
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,079 sqft
  • Baths : 3 full
Listing Agent

Highlands Realty

Listing Agent's Description

Modern Smart-Home Enabled House on a Corner Lot in a Gated Community. 4 Bedrooms Plus a Loft and 3 Full Bathrooms. One Downstairs Bedroom. Upgraded Wood Floors Downstairs. Kitchen with Granite Counters and Stainless Steel Appliances. Spacious Master Bedroom, 2 Bedrooms, and Loft Upstairs with Carpet. Solar Panels. Tankless Water Heater. 2 Separate Garage Doors. Easy to maintain Rockscape Backyard. Part of the prestigious Preserve Master Planned Community. Nice Amenities for residents of this private gated community include: playground, swimming pool, workout room, and Greenhouse garden.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
 

$521,009$636,789$578,899

PURCHASE PRICE

$2,430$2,970$2,700

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,700
EXPENSES Loan Payment -$2,011
Property Tax -$558
Property Insurance -$78
HOA -$229
Property Management Fees -$159
CASH FLOW
-$334

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.

$578,899

PROJECTED PRICE

$2,700

PROJECTED RENT

0.47%

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$1.6M$1.8M

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$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$159,158

INVESTMENT

$159,158

Down Payment
$144,725
Rehab Estimate
$5,750
Closing Costs
$8,683

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,011

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $144,725
Loan Amount $434,174
See What Happens When You Reinvest Cash Flow

2.42

YEARS SAVED

$10,441

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,700

    LIST RENT
  • $1.3

    LIST RENT PER SQFT
  • $2,703

    COMP ESTIMATED VALUE
  • $1.3

    COMP AVG. RENT PER SQFT
Comps Range
$2,700
1$2,7002$2,7003$2,7004$2,7005$2,800
$2,800
RENT COMPS ANALYSIS
  • 8770 Festival Street Chino, CA 4
    • 4 beds 3 baths ∙ 2,079 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,079 Sqft ∙ Built 2018
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.30
    •  
  • 8771 Festival Street Chino, CA 1
    • 4 beds 4 baths ∙ 1,943 Sqft ∙ Built 2018 4 beds 4 baths ∙ 1,943 Sqft ∙ Built 2018
    LEASED 07/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.39
    •  
  • 8680 Founders Grove Street Chino, CA 2
    • 4 beds 3 baths ∙ 2,161 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,161 Sqft ∙ Built 2017
    LEASED 10/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.25
    •  
  • 8596 Founders Grove Street Chino, CA 3
    • 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
    •  
  • 8767 Festival Street Chino, CA 5
    • 4 beds 4 baths ∙ 2,119 Sqft ∙ Built 2018 4 beds 4 baths ∙ 2,119 Sqft ∙ Built 2018
    LEASED 11/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.32
    •  
PROPERTY LISTING DETAILS
Thomas Wong
Highlands Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: TR21047167
Last Updated: 03/06/2021
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