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1131 W Church Street Riverside, CA 92507

4 Beds 2 Baths 1,506 sqft Built 2019

$399,900

List Price

$2,210

$2K - $2.4K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
Built 2019 NEW CONSTRUCTION
November 11, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2019
  • Price/Sqft : $265.54
  • 6 Days on Market
  • MLS # : OC20235094
  • Updated Date : 11/10/2020 at 20:55
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,506 sqft
  • Baths : 2 full
Listing Agent

Homebay Broker Ca, Inc

Listing Agent's Description

MOVE IN READY! Home in Highgrove community with open floor plan and plenty of space to entertain. NO HOA or MELLO ROOS. Family safe neighborhood with attached garage and plenty of additional parking available. Enter the large entryway and be greeted with many upgraded finishings, recessed lighting, granite countertops and so much more! For being a year old this home shows as brand new! Schedule a safe visit today!

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: Highgrove

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $116k484k

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

Neighborhood: Highgrove

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q21000110012001300140015001600170018001900200021002200Rent in $9112237

* 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
Highgrove Elementary School Primary Regular 669 26 4
Highgrove Elementary School Middle Regular 669 26 4
John W. North High School High Regular 2,281 95 4

Highgrove Elementary School

  • Education Level: Primary
  • # of students: 669
  • # of teachers: 26
4
GreatSchools Rating

Highgrove Elementary School

  • Education Level: Middle
  • # of students: 669
  • # of teachers: 26
4
GreatSchools Rating

John W. North High School

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

$359,910$439,890$399,900

PURCHASE PRICE

$1,989$2,431$2,210

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,210
EXPENSES Loan Payment -$1,475
Property Tax -$413
Property Insurance -$64
Property Management Fees -$130
CASH FLOW
$128

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 8% of earned rent to cover both maintenance and periods of vacancy.

$399,900

PROJECTED PRICE

$2,210

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 5.8%
Maintenance Year (1-5) 3.00%
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

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$107,974

INVESTMENT

$107,974

Down Payment
$99,975
Rehab Estimate
$2,000
Closing Costs
$5,999

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$1,475

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $99,975
Loan Amount $299,925
See What Happens When You Reinvest Cash Flow

7.58

YEARS SAVED

$46,964

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,210

    LIST RENT
  • $1.47

    LIST RENT PER SQFT
  • $1,958

    COMP ESTIMATED VALUE
  • $1.3

    COMP AVG. RENT PER SQFT
Comps Range
$1,850
1$1,8502$1,9953$2,0004$2,0955$2,210
$2,210
RENT COMPS ANALYSIS
  • 1131 W Church Street Riverside, CA 5
    • 4 beds 2 baths ∙ 1,506 Sqft ∙ Built 2019 4 beds 2 baths ∙ 1,506 Sqft ∙ Built 2019
    • Rent
    • Rent Per SQFT
    •  
    • $2,210
    • $1.47
    •  
  • 3827 Carrotwood Street Riverside, CA 1
    • 3 beds 3 baths ∙ 1,381 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,381 Sqft ∙ Built 2006
    LEASED 02/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.34
    •  
  • 2019 Marlborough Avenue Riverside, CA 2
    • 3 beds 1 baths ∙ 1,514 Sqft ∙ Built 2015 3 beds 1 baths ∙ 1,514 Sqft ∙ Built 2015
    LEASED 07/12/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $1.32
    •  
  • 3809 Clarkson Street Riverside, CA 3
    • 3 beds 3 baths ∙ 1,634 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,634 Sqft ∙ Built 2006
    LEASED 09/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.22
    •  
  • 22441 Canal Circle Grand Terrace, CA 4
    • 3 beds 3 baths ∙ 1,589 Sqft ∙ Built 2011 3 beds 3 baths ∙ 1,589 Sqft ∙ Built 2011
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $1.32
    •  
PROPERTY LISTING DETAILS
David Bezeau
Homebay Broker Ca, Inc
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC20235094
Last Updated: 11/10/2020
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