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929 Ashfield Avenue Pomona, CA 91767

4 Beds 2 Baths 1,509 sqft Built 1955

$495,000

List Price

$2,220

$2K - $2.4K

Rent Est.

PROPERTY INFO

December 30, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1955
  • Price/Sqft : $328.03
  • 6 Days on Market
  • MLS # : IV20263170
  • Updated Date : 01/02/2021 at 05:05
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,509 sqft
  • Baths : 2 full
Listing Agent

Spectrum Real Estate Network

Listing Agent's Description

Great one story home in the city of Pomona adjacent to the city of Claremont. This cozy move in ready home consist of 4 bedrooms and 2 bath. Laminate hardwood floors throughout common areas of the house. The driveway greets you with beautiful tall palm trees in a well landscaped Oasis. The long private driveway accommodates 4 cars. Property is conveniently located between the 10fwy and 210fwy near 57/71 freeways, close to Fairplex, Mt. San Antonio College, and Cal State Pomona University.

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 has 58.7% labor force participation rate; within this area, Los Angeles metro has 62.3% labor force participation rate (USMayors.org, 2018)
  • 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)
  • 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]
  • As part of Southern California area, Los Angeles market inherits all the benefits from the area.
  • 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)
  • Southern California's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: Pomona

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $138k622k

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

Neighborhood: Pomona

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q214001600180020002200240026002800Rent in $12562941

* 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
Barfield Elementary School Primary Regular 368 14 3
Palomares Academy Middle Regular 476 24 4
Palomares Academy High Regular 476 24 4

Barfield Elementary School

  • Education Level: Primary
  • # of students: 368
  • # of teachers: 14
3
GreatSchools Rating

Palomares Academy

  • Education Level: Middle
  • # of students: 476
  • # of teachers: 24
4
GreatSchools Rating

Palomares Academy

  • Education Level: High
  • # of students: 476
  • # of teachers: 24
4
GreatSchools Rating
 

$445,500$544,500$495,000

PURCHASE PRICE

$1,998$2,442$2,220

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,220
EXPENSES Loan Payment -$1,826
Property Tax -$546
Property Insurance -$64
Property Management Fees -$109
CASH FLOW
-$325

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 12% of earned rent to cover both maintenance and periods of vacancy.

$495,000

PROJECTED PRICE

$2,220

PROJECTED RENT

0.45%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.35%
Appreciation Year (1-5) 7.8%
Maintenance Year (1-5) 8.00%
Vacancy 4.14%
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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$136,925

INVESTMENT

$136,925

Down Payment
$123,750
Rehab Estimate
$5,750
Closing Costs
$7,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,826

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $123,750
Loan Amount $371,250
See What Happens When You Reinvest Cash Flow

3.17

YEARS SAVED

$14,969

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,220

    LIST RENT
  • $1.47

    LIST RENT PER SQFT
  • $2,362

    COMP ESTIMATED VALUE
  • $1.57

    COMP AVG. RENT PER SQFT
Comps Range
$2,100
1$2,1002$2,1003$2,2204$2,3505$2,500
$2,500
RENT COMPS ANALYSIS
  • 929 Ashfield Avenue Pomona, CA 3
    • 4 beds 2 baths ∙ 1,509 Sqft ∙ Built 1955 4 beds 2 baths ∙ 1,509 Sqft ∙ Built 1955
    • Rent
    • Rent Per SQFT
    •  
    • $2,220
    • $1.47
    •  
  • 1087 Terryview Avenue Pomona, CA 1
    • 3 beds 1 baths ∙ 1,325 Sqft ∙ Built 1963 3 beds 1 baths ∙ 1,325 Sqft ∙ Built 1963
    LEASED 09/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.58
    •  
  • 2018 Las Vegas Avenue Pomona, CA 2
    • 3 beds 2 baths ∙ 1,398 Sqft ∙ Built 1963 3 beds 2 baths ∙ 1,398 Sqft ∙ Built 1963
    LEASED 12/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.50
    •  
  • 1931 Wildrose Avenue Pomona, CA 4
    • 3 beds 1 baths ∙ 1,551 Sqft ∙ Built 1954 3 beds 1 baths ∙ 1,551 Sqft ∙ Built 1954
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $1.52
    •  
  • 227 Marywood Avenue Claremont, CA 5
    • 3 beds 2 baths ∙ 1,508 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,508 Sqft ∙ Built 1964
    LEASED 12/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.66
    •  
PROPERTY LISTING DETAILS
Minnie Baral
Spectrum Real Estate Network
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV20263170
Last Updated: 01/02/2021
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