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10444 Charleston Drive Riverside, CA 92503

4 Beds 2 Baths 1,834 sqft Built 1977

$515,000

List Price

$2,270

$2K - $2.5K

Rent Est.

PROPERTY INFO

January 18, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1977
  • Price/Sqft : $280.81
  • 8 Days on Market
  • MLS # : CV21010711
  • Updated Date : 01/17/2021 at 16:11
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,834 sqft
  • Baths : 2 full
Listing Agent

Re/max Champions

Listing Agent's Description

Great family home in warm and inviting neighborhood close to metro-link and the 91 freeway and just a few minutes from the Tyler Mall and shopping galore. New zeroscape landscaping in front yard for easy maintenance. 2 car attached garage and gated RV parking. The formal front room has fireplace and built-in shelving. Bright open concept kitchen with 2 drawer dishwasher and family room with oak bar makes this a perfect home for entertaining. Wood burning fireplace in the family room with a large mantle to hold collectibles. This house also has a large bonus room (currently a kids playroom) with access to the back yard for a private entrance if you need one. The patio furniture and Pergola (with cover, not included in pictures) will stay with the house. Instant entertainment area. 3 full bedrooms including a private bath in main bedroom. New fencing and fresh paint with 30 year warranty gives this home great curb appeal.

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: La Sierra South

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500kPrice in $143k518k

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

Neighborhood: La Sierra South

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2100011001200130014001500160017001800190020002100Rent in $9542106

* 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
Orrenmaa Elementary School Primary Regular 596 23 4
Arizona Middle School Middle Regular 1,111 42 4
Hillcrest High School High Unknown 1,353 53 NA

Orrenmaa Elementary School

  • Education Level: Primary
  • # of students: 596
  • # of teachers: 23
4
GreatSchools Rating

Arizona Middle School

  • Education Level: Middle
  • # of students: 1,111
  • # of teachers: 42
4
GreatSchools Rating

Hillcrest High School

  • Education Level: High
  • # of students: 1,353
  • # of teachers: 53
NA
GreatSchools Rating
 

$463,500$566,500$515,000

PURCHASE PRICE

$2,043$2,497$2,270

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,270
EXPENSES Loan Payment -$1,789
Property Tax -$519
Property Insurance -$72
Property Management Fees -$134
CASH FLOW
-$243

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.

$515,000

PROJECTED PRICE

$2,270

PROJECTED RENT

0.44%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 11.2%
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$500k$1.0M$1.5M$2.0M

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$142,225

INVESTMENT

$142,225

Down Payment
$128,750
Rehab Estimate
$5,750
Closing Costs
$7,725

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,789

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $128,750
Loan Amount $386,250
See What Happens When You Reinvest Cash Flow

3.25

YEARS SAVED

$13,586

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,270

    LIST RENT
  • $1.24

    LIST RENT PER SQFT
  • $2,251

    COMP ESTIMATED VALUE
  • $1.23

    COMP AVG. RENT PER SQFT
Comps Range
$2,270
1$2,2702$2,2953$2,3004$2,4505$2,750
$2,750
RENT COMPS ANALYSIS
  • 10444 Charleston Drive Riverside, CA 1
    • 4 beds 2 baths ∙ 1,834 Sqft ∙ Built 1977 4 beds 2 baths ∙ 1,834 Sqft ∙ Built 1977
    • Rent
    • Rent Per SQFT
    •  
    • $2,270
    • $1.24
    •  
  • 3465 Pickwick Street Riverside, CA 2
    • 4 beds 1 baths ∙ 1,826 Sqft ∙ Built 1969 4 beds 1 baths ∙ 1,826 Sqft ∙ Built 1969
    LEASED 05/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $1.26
    •  
  • 2730 Mcallister Street Riverside, CA 3
    • 3 beds 3 baths ∙ 1,999 Sqft ∙ Built 1966 3 beds 3 baths ∙ 1,999 Sqft ∙ Built 1966
    LEASED 11/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.15
    •  
  • 11541 Victoria Avenue Riverside, CA 4
    • 3 beds 2 baths ∙ 2,125 Sqft ∙ Built 1989 3 beds 2 baths ∙ 2,125 Sqft ∙ Built 1989
    LEASED 01/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $1.15
    •  
  • 10955 Cleveland Avenue Riverside, CA 5
    • 3 beds 2 baths ∙ 2,038 Sqft ∙ Built 1986 3 beds 2 baths ∙ 2,038 Sqft ∙ Built 1986
    LEASED 12/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $1.35
    •  
PROPERTY LISTING DETAILS
Mary Mulvey
Re/max Champions
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV21010711
Last Updated: 01/17/2021
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