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905 W I Street Ontario, CA 91762

4 Beds 2 Baths 1,807 sqft Built 1963

$579,000

List Price

$2,500

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

November 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1963
  • Price/Sqft : $320.42
  • 4 Days on Market
  • MLS # : CV20238404
  • Updated Date : 11/12/2020 at 12:23
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,807 sqft
  • Baths : 2 full
Listing Agent

Realty Masters & Associates

Listing Agent's Description

THIS ONE HAS IT ALL! BEAUTIFUL CUSTOM HOME located on a large corner lot. BRING ALL YOUR TOYS EVERYTHING WILL FIT IN THIS HUGE RV GARAGE HAS A LARGE MOTORHOME IN IT RIGHT NOW. RV GARAGE approx. measurements are 29ft long and 14ft wide with a 10 ft high opening. Ceiling height is approx. 12ft high. PLUS YOU HAVE ANOTHER TWO CAR GARAGE. This is truly a rare find a CUSTOM SINGLE STORY HOME with an open floor plan, with large windows in living room and family room that lets in lots of natural light. Features a large living room as you walk in, and a spacious family room with a wood burning fireplace that opens up to your kitchen. Dining area is located just off the family room and large breakfast bar to sit at off the kitchen. Spacious kitchen with lots of cabinets for storage and plenty of counter space. Indoor laundry room right off your kitchen. Features four bedrooms and two full baths. The fourth bedroom being used as an office no closet. Seller has SPENT THOUSANDS IN UPGRADING THE PLUMBING WITH COPPER PIPING.APPROX IN 2004. UPGRADED NEWER METAL ROOF WAS PUT IN WITH 100 YEAR WARRANTY TRANSFERABLE TO NEW OWNER. Features high end Casablanca ceiling fans. Has a built in mail box off the front porch the mail goes directly into your home. Has a large inviting fully covered patio right off your family room sits between the garage & the house offers lots of shade, private and protection from the wind. Desirable location close to shopping.

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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: Ontario

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $116k477k

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

Neighborhood: Ontario

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2100011001200130014001500160017001800190020002100Rent in $9112126

* 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
Elderberry Elementary School Primary Regular 837 30 6
Elderberry Elementary School Middle Regular 837 30 6
Chaffey High School High Regular 3,530 138 4

Elderberry Elementary School

  • Education Level: Primary
  • # of students: 837
  • # of teachers: 30
6
GreatSchools Rating

Elderberry Elementary School

  • Education Level: Middle
  • # of students: 837
  • # of teachers: 30
6
GreatSchools Rating

Chaffey High School

  • Education Level: High
  • # of students: 3,530
  • # of teachers: 138
4
GreatSchools Rating
 

$521,100$636,900$579,000

PURCHASE PRICE

$2,250$2,750$2,500

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,500
EXPENSES Loan Payment -$2,136
Property Tax -$533
Property Insurance -$71
Property Management Fees -$148
CASH FLOW
-$387

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.

$579,000

PROJECTED PRICE

$2,500

PROJECTED RENT

0.43%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 8.1%
Maintenance Year (1-5) 8.00%
Vacancy 5.41%
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-$10k-$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$159,185

INVESTMENT

$159,185

Down Payment
$144,750
Rehab Estimate
$5,750
Closing Costs
$8,685

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,136

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $144,750
Loan Amount $434,250
See What Happens When You Reinvest Cash Flow

2.33

YEARS SAVED

$11,998

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,500

    LIST RENT
  • $1.38

    LIST RENT PER SQFT
  • $2,692

    COMP ESTIMATED VALUE
  • $1.49

    COMP AVG. RENT PER SQFT
Comps Range
$2,300
1$2,3002$2,3503$2,5004$2,5005$2,600
$2,600
RENT COMPS ANALYSIS
  • 905 W I Street Ontario, CA 4
    • 4 beds 2 baths ∙ 1,807 Sqft ∙ Built 1963 4 beds 2 baths ∙ 1,807 Sqft ∙ Built 1963
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.38
    •  
  • 904 Hollowell Street Ontario, CA 1
    • 3 beds 2 baths ∙ 1,594 Sqft ∙ Built 1952 3 beds 2 baths ∙ 1,594 Sqft ∙ Built 1952
    LEASED 03/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.44
    •  
  • 537 W J Street Ontario, CA 2
    • 3 beds 2 baths ∙ 1,458 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,458 Sqft ∙ Built 1958
    LEASED 01/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $1.61
    •  
  • 1060 N Benson Avenue Ontario, CA 3
    • 4 beds 2 baths ∙ 1,666 Sqft ∙ Built 1955 4 beds 2 baths ∙ 1,666 Sqft ∙ Built 1955
    LEASED 07/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.50
    •  
  • 1515 W Berkeley Court Ontario, CA 5
    • 3 beds 2 baths ∙ 1,845 Sqft ∙ Built 1956 3 beds 2 baths ∙ 1,845 Sqft ∙ Built 1956
    LEASED 09/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.41
    •  
PROPERTY LISTING DETAILS
Dana Mccausland
Realty Masters & Associates
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV20238404
Last Updated: 11/12/2020
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