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1040 Central Avenue # 11 Riverside, CA 92507

3 Beds 2 Baths 1,800 sqft Built 1970

INVESTimate

$395,000

List Price

$2,050

$1,845 - $2,255

Rent Est.

$425,692  ( +7.77%)   1 YR EST. FORECAST

PROPERTY INFO

August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 1970
  • Price/Sqft : $219.44
  • 6 Days on Market
  • MLS # : IV20170841
  • Updated Date : 08/24/2020 at 13:12
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,800 sqft
  • Baths : 1 full , 1 half
Listing Agent

Shepherd Realty Group

Listing Agent's Description

Spacious and Updated with an awsome view... on the 6th green of the Canyon Crest Country Club. This 2-story condominium has 1800 square feet of living space, 3 bedrooms all upstairs. Plantation shutters, new energy efficient vinyl windows throughout. New interior paint . 2 1/2 bathrooms This is PERFECTION for ...anyone lookin to live the simple life without worry of yard maintenance and close proximity to all things FUN! Walk across the street to Canyon Crest Town Center - Restaurants, specialty stores, grocery store, Rite-Aid, banking and more. Plus short bike ride to Sycamore Highlands Park with biking & hiking trails! LOOK at all the updated amenities of this home: Kitchen upgrades, granite counters, stainless steel appliances, tile floors, wood laminate floors in living space downstairs. Individual indoor laundry room. Washer and dryer is included. Plus Wood burning fireplace in living room. Spacious rear deck and patio with decorative concrete and plenty of space for entertaining of friends and family. There is an HOA gated pool with community club house. Two covered parking spaces. You got to see this one! Live your dream...in Canyon Crest of Riverside!

SEE MORE

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: Canyon Crest

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550kPrice in $144k598k

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

Neighborhood: Canyon Crest

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q210001200140016001800200022002400Rent in $9672496

* 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
Emerson Elementary School Primary Regular 798 32 4
Emerson Elementary School Middle Regular 798 32 4
John W. North High School High Regular 2,281 95 4

Emerson Elementary School

  • Education Level: Primary
  • # of students: 798
  • # of teachers: 32
4
GreatSchools Rating

Emerson Elementary School

  • Education Level: Middle
  • # of students: 798
  • # of teachers: 32
4
GreatSchools Rating

John W. North High School

  • Education Level: High
  • # of students: 2,281
  • # of teachers: 95
4
GreatSchools Rating
 

$355,500$434,500$395,000

PURCHASE PRICE

$1,845$2,255$2,050

RENT

DOWN PAYMENT
FINANCING

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-$8.0k-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,050
EXPENSES Loan Payment -$1,457
Property Tax -$379
Property Insurance -$71
HOA -$360
Property Management Fees -$121
CASH FLOW
-$338

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.

$395,000

PROJECTED PRICE

$2,050

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 7.77%
Maintenance Year (1-5) 8.00%
Vacancy 5.35%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$110,425

INVESTMENT

$110,425

Down Payment
$98,750
Rehab Estimate
$5,750
Closing Costs
$5,925

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$1,457

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $98,750
Loan Amount $296,250
See What Happens When You Reinvest Cash Flow

1.33

YEARS SAVED

$3,047

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,050

    LIST RENT
  • $1.14

    LIST RENT PER SQFT
  • $2,426

    COMP ESTIMATED VALUE
  • $1.35

    COMP AVG. RENT PER SQFT
Comps Range
$2,050
1$2,0502$2,1953$2,4004$2,4505$2,500
$2,500
RENT COMPS ANALYSIS
  • 1040 Central Avenue Riverside, 1
    • 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 1970 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 1970
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $1.14
    •  
  • 5050 Pearblossom Drive Riverside, 2
    • 4 beds 2 baths ∙ 1,682 Sqft ∙ Built 1969 4 beds 2 baths ∙ 1,682 Sqft ∙ Built 1969
    LEASED 07/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,195
    • $1.30
    •  
  • 5439 Via Alberca Riverside, 3
    • 4 beds 2 baths ∙ 1,727 Sqft ∙ Built 1980 4 beds 2 baths ∙ 1,727 Sqft ∙ Built 1980
    LEASED 01/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.39
    •  
  • 1350 Le Conte Drive Riverside, 4
    • 4 beds 3 baths ∙ 1,909 Sqft ∙ Built 1979 4 beds 3 baths ∙ 1,909 Sqft ∙ Built 1979
    LEASED 02/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $1.28
    •  
  • 700 Via Zapata Riverside, 5
    • 3 beds 2 baths ∙ 1,764 Sqft ∙ Built 1970 3 beds 2 baths ∙ 1,764 Sqft ∙ Built 1970
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.42
    •  
PROPERTY LISTING DETAILS
Doug Shepherd
Shepherd Realty Group
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV20170841
Last Updated: 08/24/2020
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