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984 N Turner Avenue #289 Ontario, CA 91764

3 Beds 2 Baths 1,316 sqft Built 1997

$368,000

List Price

$2,120

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

January 22, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1997
  • Price/Sqft : $279.64
  • 4 Days on Market
  • MLS # : IV21012896
  • Updated Date : 01/22/2021 at 13:54
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,316 sqft
  • Baths : 2 full
Listing Agent

Redfin

Listing Agent's Description

Definitely better than renting!!! This townhome is steps away from the community pool and features direct garage access. The interior has been recently painted and the seller has taken extra care to make sure the house is ready to show. The garage is in the first level and living quarters are in second floor, plus there's a great sized loft for your enjoyment or to have guests stay in. This home is filled with natural light and offers an open floor concept. Enjoy BBQ's in your balcony off the dining room, or sip your favorite beverage in the mornings in the balcony off the master bedroom. This townhome is conveniently located as it is close to the pool and the mailboxes. It is also close to shopping, banking and freeways. Don't miss the opportunity to own your own place and call for a private tour NOW!

SEE MORE

MARKET HIGHLIGHTS

  • 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.
  • 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)

PRICE & RENT TRENDS

Neighborhood: Ontario Center

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $143k477k

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

Neighborhood: Ontario Center

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q28001000120014001600180020002200Rent in $6652212

* 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
The Ontario Center School Primary Regular 704 28 5
Rancho Cucamonga Middle School Middle Regular 768 37 5
Colony High School High Regular 2,079 84 6

The Ontario Center School

  • Education Level: Primary
  • # of students: 704
  • # of teachers: 28
5
GreatSchools Rating

Rancho Cucamonga Middle School

  • Education Level: Middle
  • # of students: 768
  • # of teachers: 37
5
GreatSchools Rating

Colony High School

  • Education Level: High
  • # of students: 2,079
  • # of teachers: 84
6
GreatSchools Rating
 

$331,200$404,800$368,000

PURCHASE PRICE

$1,908$2,332$2,120

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,120
EXPENSES Loan Payment -$1,278
Property Tax -$322
Property Insurance -$59
HOA -$300
Property Management Fees -$125
CASH FLOW
$35

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.

$368,000

PROJECTED PRICE

$2,120

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 7.6%
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

PROJECTED ANNUAL CASH FLOW

11530$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$103,270

INVESTMENT

$103,270

Down Payment
$92,000
Rehab Estimate
$5,750
Closing Costs
$5,520

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,278

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $92,000
Loan Amount $276,000
See What Happens When You Reinvest Cash Flow

5.67

YEARS SAVED

$23,612

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,120

    LIST RENT
  • $1.61

    LIST RENT PER SQFT
  • $1,961

    COMP ESTIMATED VALUE
  • $1.49

    COMP AVG. RENT PER SQFT
Comps Range
$1,800
1$1,8002$1,8503$2,1204$2,1505$2,225
$2,225
RENT COMPS ANALYSIS
  • 984 N Turner Avenue Ontario, CA 3
    • 3 beds 2 baths ∙ 1,316 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,316 Sqft ∙ Built 1997
    • Rent
    • Rent Per SQFT
    •  
    • $2,120
    • $1.61
    •  
  • 758 Corvette Drive Ontario, CA 1
    • 3 beds 2 baths ∙ 1,100 Sqft ∙ Built 1990 3 beds 2 baths ∙ 1,100 Sqft ∙ Built 1990
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.64
    •  
  • 2030 E 5th Street Ontario, CA 2
    • 3 beds 3 baths ∙ 1,281 Sqft ∙ Built 1982 3 beds 3 baths ∙ 1,281 Sqft ∙ Built 1982
    LEASED 03/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.44
    •  
  • 2924 E Via Fiano Ontario, CA 4
    • 3 beds 3 baths ∙ 1,462 Sqft ∙ Built 2016 3 beds 3 baths ∙ 1,462 Sqft ∙ Built 2016
    LEASED 07/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $1.47
    •  
  • 3022 E Via Fiano Ontario, CA 5
    • 3 beds 3 baths ∙ 1,580 Sqft ∙ Built 2016 3 beds 3 baths ∙ 1,580 Sqft ∙ Built 2016
    LEASED 08/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,225
    • $1.41
    •  
PROPERTY LISTING DETAILS
Elizabeth Rodriguez
Redfin
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV21012896
Last Updated: 01/22/2021
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