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PROPERTY INFO
FACTS
- Single Family
- Built In 1989
- Price/Sqft : $302.87
- 12 Days on Market
- MLS # : PW21143123
- Updated Date : 07/11/2021 at 19:36
CONSTRUCTION
- Beds : 5
- Floor Size : 2,856 sqft
- Baths : 3 full
Listing Agent
Century 21 Award
Listing Agent's Description
Views views and more views! Perched at the top of Sierra Hills community, this home offers panoramic mountain & city views! Upon entering, this home boasts high vaulted ceilings and hardwood flooring throughout. The formal living and dining area are connects directly with kitchen. The light and bright country-style kitchen features open views of pool and patio area. Kitchen offers granite counter tops, stainless appliance and an additional dining area. This home offers 2 bedroom and 2 baths downstairs. One of which is a recently updated Mother In Law/ Guest Quarters (Perfect for rental unit), complete with its own living, dining, updated full bathroom and kitchenette (This unit has its own private entrance off the back of the home). The wrap-around staircase gives access to the 4 bedrooms upstairs, one of which is a large game room that’s currently being used as a bedroom. The master bedroom features high vaulted ceilings, large walk-in closet, fireplace and an extending private balcony to take in those spectacular views! Master bath includes custom shower, complete w/ bench seat, seamless glass entry door and dual shower heads. Heading outside, the paradise-like backyard offers a large attached covered patio which gives plenty of shade and features outdoor speakers. The sparkling pool and spa have recently been updated with stone tile and a waterfall feature. The brand new BBQ island, offers stainless grill, sink and storage. The new granite counter-tops offers plenty of counter space, and the large bar top presents plenty of poolside seating. Across from the pool is the weather-proof aluminum covered patio area, perfect for those summertime get togethers! The nicely landscaped backyard showcases a large grassy lawn and includes 12 different fruit trees such as grapefruit, persimum, avocado, plum and peach. This home offers plenty of parking with large front driveway and RV/Boat parking on the side of the house. Other features include Solar panels (Already paid off by seller!), newer AC condenser, a large storage/tool shed and security cameras throughout property. Some great outdoor activities nearby include the Hidden Valley Nature Center and Santa Ana River Trail. Also, only minutes from the city of Norco horseback riding trails & Hidden Valley Golf Course. This home is a MUST SEE and will not disappoint!
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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: La Sierra Hills
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: La Sierra Hills
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $2,910 |
| EXPENSES | Loan Payment | -$3,004 |
| Property Tax | -$869 | |
| Property Insurance | -$96 | |
| Property Management Fees | -$172 | |
|
CASH FLOW
-$1,231
|
||
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.
$865,000
PROJECTED PRICE
$2,910
PROJECTED RENT
0.34%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 3.96% |
| Appreciation Year (1-5) | 11.6% |
| Maintenance Year (1-5) | 8.00% |
| Vacancy | 5.43% |
| Length of Stay Years | 2 |
PROJECTED ACCUMULATED WEALTH
30 YEAR PROJECTION
- Cash Flow
- Appreciation
- Principal
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
TOTAL CASH OUT OF POCKET
INVESTMENT
$234,975
LOAN DETAILS
$3,004
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 3.75% |
| Down Payment | $216,250 |
| Loan Amount | $648,750 |
0.17
YEARS SAVED
$94
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$2,910
LIST RENT -
$1.02
LIST RENT PER SQFT
-
$2,885
COMP ESTIMATED VALUE -
$1.01
COMP AVG. RENT PER SQFT
Comps Range
-
11275 Swenson Street Riverside, CA 2
- 5 beds 3 baths ∙ 2,856 Sqft ∙ Built 1989 5 beds 3 baths ∙ 2,856 Sqft ∙ Built 1989
- Rent
- Rent Per SQFT
- $2,910
- $1.02
-
11233 Cadbury Drive Riverside, CA 1
- 4 beds 3 baths ∙ 2,581 Sqft ∙ Built 1989 4 beds 3 baths ∙ 2,581 Sqft ∙ Built 1989
LEASED 09/28/20- Rent
- Rent Per SQFT
- $2,595
- $1.01
PROPERTY LISTING DETAILS
Century 21 Award
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: PW21143123
Last Updated: 07/11/2021
