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1030 Carriage Drive Norco, CA 92860

4 Beds 2 Baths 1,876 sqft Built 1968

$605,000

List Price

$2,630

$2.4K - $2.9K

Rent Est.

PROPERTY INFO

December 10, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1968
  • Price/Sqft : $322.49
  • 5 Days on Market
  • MLS # : IG20252862
  • Updated Date : 12/10/2020 at 08:44
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,876 sqft
  • Baths : 2 full
Listing Agent

Century 21 Garland

Listing Agent's Description

***BRING THE BIG FAMILY AND ENJOY THIS MINI RANCH COMPLETE WITH CORRALS,TACK ROOM, CHICKEN COOPS,BIRD AVARY AND STORAGE SHEDS. THIS SINGLE STORY HOME FEATURES FOUR BEDROOMS TWO BATHROOMS WITH APROX 1900 SQ FT.OPEN SPACIOUS FORMAL LIVING AND DINING AREA GREAT FOR ENTERTAINING.THE FAMILY ROOM HAS A WARM COZY CORNER FIREPLACE,BUILT IN ENTERTAINMENT AND VAULTED BEAM CEILINGS WITH SKYLIGHTS.FOUR BEDROOMS AND TWO BATHROOMS. THE HALL BATHROOM HAS BEEN REMODELED TO ACCOMDATE A LARGE SHOWER.NEWER FLOORING.NEWER COMP ROOF,LARGE COVERED TILE FLOOR PATIO WITH CEILING FANS.LOTS OF ROOM OUTBACK FOR ADDITIONAL CORRALS/RIDING ARENA. OVER 27,000 SQ FT LOT.THE HOME IS LOCATED NEAR GEORGE INGALLS ARENA, RIDING TRAILS AND SILVER LAKES EQUESTRIAN PARK.ENJOY THE PICTURES OF YOUR NEW HOME.

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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: Norco Farms

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $143k643k

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

Neighborhood: Norco Farms

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q212001400160018002000220024002600Rent in $10822630

* 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
Riverview Elementary School Primary Regular 319 12 5
Norco Intermediate School Middle Regular 751 31 7
John F. Kennedy Middle College High School High Magnet 646 22 7

Riverview Elementary School

  • Education Level: Primary
  • # of students: 319
  • # of teachers: 12
5
GreatSchools Rating

Norco Intermediate School

  • Education Level: Middle
  • # of students: 751
  • # of teachers: 31
7
GreatSchools Rating

John F. Kennedy Middle College High School

  • Education Level: High
  • # of students: 646
  • # of teachers: 22
7
GreatSchools Rating
 

$544,500$665,500$605,000

PURCHASE PRICE

$2,367$2,893$2,630

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,630
EXPENSES Loan Payment -$2,232
Property Tax -$563
Property Insurance -$73
Property Management Fees -$155
CASH FLOW
-$393

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.

$605,000

PROJECTED PRICE

$2,630

PROJECTED RENT

0.43%

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$1.4M$1.6M$1.8M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k$10k$15k$20k

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$166,075

INVESTMENT

$166,075

Down Payment
$151,250
Rehab Estimate
$5,750
Closing Costs
$9,075

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,232

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $151,250
Loan Amount $453,750
See What Happens When You Reinvest Cash Flow

2.5

YEARS SAVED

$14,212

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,630

    LIST RENT
  • $1.4

    LIST RENT PER SQFT
  • $2,758

    COMP ESTIMATED VALUE
  • $1.47

    COMP AVG. RENT PER SQFT
Comps Range
$2,450
1$2,4502$2,6303$2,7004$3,000
$3,000
RENT COMPS ANALYSIS
  • 1030 Carriage Drive Norco, CA 2
    • 4 beds 2 baths ∙ 1,876 Sqft ∙ Built 1968 4 beds 2 baths ∙ 1,876 Sqft ∙ Built 1968
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,630
    • $1.40
    •  
  • 1020 Carriage Drive Norco, CA 1
    • 3 beds 2 baths ∙ 1,740 Sqft ∙ Built 1967 3 beds 2 baths ∙ 1,740 Sqft ∙ Built 1967
    property image
    LEASED 08/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $1.41
    •  
  • 283 8th Street Norco, CA 3
    • 3 beds 3 baths ∙ 1,754 Sqft ∙ Built 1971 3 beds 3 baths ∙ 1,754 Sqft ∙ Built 1971
    property image
    LEASED 03/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.54
    •  
  • 2180 Rimcrest Drive Norco, CA 4
    • 4 beds 2 baths ∙ 2,054 Sqft ∙ Built 1986 4 beds 2 baths ∙ 2,054 Sqft ∙ Built 1986
    property image
    LEASED 06/28/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $1.46
    •  
PROPERTY LISTING DETAILS
Ed Garland
Century 21 Garland
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IG20252862
Last Updated: 12/10/2020
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