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1071 Raquel Road Norco, CA 92860

4 Beds 3 Baths 2,428 sqft Built 1968

$650,000

List Price

$2,980

$2.7K - $3.2K

Rent Est.

PROPERTY INFO

January 02, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1968
  • Price/Sqft : $267.71
  • 3 Days on Market
  • MLS # : OC20260443
  • Updated Date : 01/01/2021 at 17:59
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,428 sqft
  • Baths : 3 full
Listing Agent

Pacificrest Real Estate

Listing Agent's Description

Welcome to Norco!! This spacious ranch style home is 4 bedrooms, 3 baths, situated on almost a half acre, featuring an open single story floor plan, updated kitchen, perfect for family gatherings. The home has a spacious family room including a fireplace and exposed beams. The oversized master suite has an en-suite attached, built - in closet organizers and access to the backyard. This home has many upgrades, including dual payne windows, plantation shutters. and laminate flooring. The backyard has plenty of space for entertaining including a fenced off area for farm animals or horses. Multiple fruit trees in the backyard, including an area to start your own fruit and vegetable garden. This large lot is just over 20,000 square feet and space for RV parking on the side of the home. This home is close to schools in the area and is a must see if you are looking in the NORCO area.

SEE MORE

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: Norco

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $149k643k

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

Neighborhood: Norco

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q212001400160018002000220024002600Rent in $10822691

* 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
Norco Elementary School Primary Regular 629 25 7
Norco Elementary School Middle Regular 629 25 7
John F. Kennedy Middle College High School High Magnet 646 22 7

Norco Elementary School

  • Education Level: Primary
  • # of students: 629
  • # of teachers: 25
7
GreatSchools Rating

Norco Elementary School

  • Education Level: Middle
  • # of students: 629
  • # of teachers: 25
7
GreatSchools Rating

John F. Kennedy Middle College High School

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

$585,000$715,000$650,000

PURCHASE PRICE

$2,682$3,278$2,980

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,980
EXPENSES Loan Payment -$2,398
Property Tax -$605
Property Insurance -$86
Property Management Fees -$176
CASH FLOW
-$285

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.

$650,000

PROJECTED PRICE

$2,980

PROJECTED RENT

0.46%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 7.2%
Maintenance Year (1-5) 8.00%
Vacancy 5.35%
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$20k$25k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$178,000

INVESTMENT

$178,000

Down Payment
$162,500
Rehab Estimate
$5,750
Closing Costs
$9,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,398

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $162,500
Loan Amount $487,500
See What Happens When You Reinvest Cash Flow

3.58

YEARS SAVED

$25,281

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,980

    LIST RENT
  • $1.23

    LIST RENT PER SQFT
  • $2,938

    COMP ESTIMATED VALUE
  • $1.21

    COMP AVG. RENT PER SQFT
Comps Range
$2,980
1$2,9802$3,350
$3,350
RENT COMPS ANALYSIS
  • 1071 Raquel Road Norco, CA 1
    • 4 beds 3 baths ∙ 2,428 Sqft ∙ Built 1968 4 beds 3 baths ∙ 2,428 Sqft ∙ Built 1968
    • Rent
    • Rent Per SQFT
    •  
    • $2,980
    • $1.23
    •  
  • 2248 Corona Avenue Norco, CA 2
    • 4 beds 3 baths ∙ 2,777 Sqft ∙ Built 1970 4 beds 3 baths ∙ 2,777 Sqft ∙ Built 1970
    LEASED 11/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,350
    • $1.21
    •  
PROPERTY LISTING DETAILS
Dana Chaney
Pacificrest Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC20260443
Last Updated: 01/01/2021
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