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10705 Bingham Avenue Riverside, CA 92505

4 Beds 2 Baths 1,458 sqft Built 1955

$453,000

List Price

$1,930

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1955
  • Price/Sqft : $310.70
  • 7 Days on Market
  • MLS # : IV21048636
  • Updated Date : 03/13/2021 at 15:28
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,458 sqft
  • Baths : 2 full
Listing Agent

Windermere R.e. Tower Prop.

Listing Agent's Description

Very well maintained, lush green grass and beautiful palm trees, single story, three bedroom, one bathroom home. Formal living room with laminate flooring, Spacious kitchen with updated cabinets countertops and tile flooring. Backyard has a huge patio cover, various citrus, fruit trees and plenty of room for play or gatherings. Garage has been converted into a studio featuring one bedroom, updated bathroom, its own kitchenette with updated cabinets and granite countertops.

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: Sierra Gardens

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $107k484k

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

Neighborhood: Sierra Gardens

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2900100011001200130014001500160017001800190020002100Rent in $8522101

* 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
Myra Linn Elementary School Primary Regular 627 27 4
Arizona Middle School Middle Regular 1,111 42 4
La Sierra High School High Regular 2,137 91 4

Myra Linn Elementary School

  • Education Level: Primary
  • # of students: 627
  • # of teachers: 27
4
GreatSchools Rating

Arizona Middle School

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

La Sierra High School

  • Education Level: High
  • # of students: 2,137
  • # of teachers: 91
4
GreatSchools Rating
 

$407,700$498,300$453,000

PURCHASE PRICE

$1,737$2,123$1,930

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,930
EXPENSES Loan Payment -$1,573
Property Tax -$459
Property Insurance -$63
Property Management Fees -$114
CASH FLOW
-$278

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.

$453,000

PROJECTED PRICE

$1,930

PROJECTED RENT

0.43%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 10.3%
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

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$125,795

INVESTMENT

$125,795

Down Payment
$113,250
Rehab Estimate
$5,750
Closing Costs
$6,795

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,573

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $113,250
Loan Amount $339,750
See What Happens When You Reinvest Cash Flow

2.33

YEARS SAVED

$7,430

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,930

    LIST RENT
  • $1.32

    LIST RENT PER SQFT
  • $2,080

    COMP ESTIMATED VALUE
  • $1.43

    COMP AVG. RENT PER SQFT
Comps Range
$1,930
1$1,9302$2,0853$2,1504$2,250
$2,250
RENT COMPS ANALYSIS
  • 10705 Bingham Avenue Riverside, CA 1
    • 4 beds 2 baths ∙ 1,458 Sqft ∙ Built 1955 4 beds 2 baths ∙ 1,458 Sqft ∙ Built 1955
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,930
    • $1.32
    •  
  • 2985 Winifred Street Riverside, CA 2
    • 3 beds 2 baths ∙ 1,335 Sqft ∙ Built 1960 3 beds 2 baths ∙ 1,335 Sqft ∙ Built 1960
    property image
    LEASED 04/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,085
    • $1.56
    •  
  • 3855 Mckenzie Street Riverside, CA 3
    • 3 beds 2 baths ∙ 1,718 Sqft ∙ Built 1940 3 beds 2 baths ∙ 1,718 Sqft ∙ Built 1940
    property image
    LEASED 02/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $1.25
    •  
  • 10599 Cochran Avenue Riverside, CA 4
    • 4 beds 2 baths ∙ 1,534 Sqft ∙ Built 1959 4 beds 2 baths ∙ 1,534 Sqft ∙ Built 1959
    property image
    LEASED 01/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $1.47
    •  
PROPERTY LISTING DETAILS
Jesse Arreola
Windermere R.e. Tower Prop.
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV21048636
Last Updated: 03/13/2021
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