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10222 Tanforan Drive Riverside, CA 92503

4 Beds 2 Baths 1,579 sqft Built 1974

$420,000

List Price

$2,090

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

November 07, 2020 RECENTLY ADDED
FACTS
  • Built In 1974
  • Price/Sqft : $265.99
  • 2 Days on Market
  • MLS # : EV20235133
  • Updated Date : 11/07/2020 at 09:16
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,579 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Realty

Listing Agent's Description

Cute 4 bedroom 2 bath home perfect for downsizing or as a starter home! Seller has painted, installed new carpet, guest bathroom has been upgraded, new water heater and has put the HVAC system on its own breaker. Property is conveniently next to community playground and green area. The dining room and kitchen have an open concept with a peak through window into living room. Living room has a cozy fireplace and large open entry. The bedrooms are nicely sized and laundry is located inside the garage (garage has access to interior). Home is easy to show!

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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'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)

PRICE & RENT TRENDS

Neighborhood: Arlanza

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $114k484k

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

Neighborhood: Arlanza

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2900100011001200130014001500160017001800190020002100Rent in $8762101

* 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
Rosemary Kennedy Elementary School Primary Regular 550 21 5
Loma Vista Middle School Middle Regular 1,070 43 4
Norte Vista High School High Regular 2,189 86 3

Rosemary Kennedy Elementary School

  • Education Level: Primary
  • # of students: 550
  • # of teachers: 21
5
GreatSchools Rating

Loma Vista Middle School

  • Education Level: Middle
  • # of students: 1,070
  • # of teachers: 43
4
GreatSchools Rating

Norte Vista High School

  • Education Level: High
  • # of students: 2,189
  • # of teachers: 86
3
GreatSchools Rating
 

$378,000$462,000$420,000

PURCHASE PRICE

$1,881$2,299$2,090

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,090
EXPENSES Loan Payment -$1,550
Property Tax -$426
Property Insurance -$65
HOA -$27
Property Management Fees -$123
CASH FLOW
-$101

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.

$420,000

PROJECTED PRICE

$2,090

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 13.9%
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-$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$117,050

INVESTMENT

$117,050

Down Payment
$105,000
Rehab Estimate
$5,750
Closing Costs
$6,300

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,550

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $105,000
Loan Amount $315,000
See What Happens When You Reinvest Cash Flow

4.33

YEARS SAVED

$20,920

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,090

    LIST RENT
  • $1.32

    LIST RENT PER SQFT
  • $2,242

    COMP ESTIMATED VALUE
  • $1.42

    COMP AVG. RENT PER SQFT
Comps Range
$2,090
1$2,0902$2,1003$2,1954$2,3005$2,350
$2,350
RENT COMPS ANALYSIS
  • 10222 Tanforan Drive Riverside, CA 1
    • 4 beds 2 baths ∙ 1,579 Sqft ∙ Built 1974 4 beds 2 baths ∙ 1,579 Sqft ∙ Built 1974
    • Rent
    • Rent Per SQFT
    •  
    • $2,090
    • $1.32
    •  
  • 7921 Carlyle Drive Riverside, CA 2
    • 3 beds 3 baths ∙ 1,465 Sqft ∙ Built 1990 3 beds 3 baths ∙ 1,465 Sqft ∙ Built 1990
    LEASED 05/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.43
    •  
  • 10120 Mandalay Court Riverside, CA 3
    • 4 beds 2 baths ∙ 1,588 Sqft ∙ Built 1976 4 beds 2 baths ∙ 1,588 Sqft ∙ Built 1976
    LEASED 04/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,195
    • $1.38
    •  
  • 11030 Country Bluffs Road Riverside, CA 4
    • 4 beds 2 baths ∙ 1,555 Sqft ∙ Built 1988 4 beds 2 baths ∙ 1,555 Sqft ∙ Built 1988
    LEASED 07/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.48
    •  
  • 8071 Townsend Drive Jurupa Valley, CA 5
    • 3 beds 3 baths ∙ 1,688 Sqft ∙ Built 1985 3 beds 3 baths ∙ 1,688 Sqft ∙ Built 1985
    LEASED 10/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $1.39
    •  
PROPERTY LISTING DETAILS
Veronica Ramos
Keller Williams Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: EV20235133
Last Updated: 11/07/2020
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