Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

1142 Atwater Avenue Riverside, CA 92506

4 Beds 2 Baths 1,954 sqft Built 1973

$615,000

List Price

$2,470

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

January 15, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1973
  • Price/Sqft : $314.74
  • 3 Days on Market
  • MLS # : IV21008813
  • Updated Date : 01/15/2021 at 15:46
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,954 sqft
  • Baths : 2 full
Listing Agent

Providence Realty

Listing Agent's Description

Luxurious Single-Story Canyon Crest Pool Home, Fully Remodeled with Tech upgrades. Door opens to a bright open floor plan Living, Dining, and Kitchen space complete with built in surround sound, fireplace and high ceilings. Entire house was remodeled in 2016 and the bathrooms in 2018 including: Category 5 wiring in every room, integrated security cameras, Wi-Fi enabled (controlled from device) sprinklers, thermostat, and lights in the front of the house as well as 30 & 50 amp plugs in garage. Backyard has a beautiful swimming pool, and covered patio complete with surround sound and TV: makes this the perfect entertaining space. The craftsmanship and care taken in this remodel is superb and leaves nothing to be desired, take a look while it lasts!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Canyon Crest

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550kPrice in $144k598k

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

Neighborhood: Canyon Crest

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q210001200140016001800200022002400Rent in $9672496

* 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
Castle View Elementary School Primary Regular 609 24 5
Castle View Elementary School Middle Regular 609 24 5
Poly High School High Regular 2,777 106 6

Castle View Elementary School

  • Education Level: Primary
  • # of students: 609
  • # of teachers: 24
5
GreatSchools Rating

Castle View Elementary School

  • Education Level: Middle
  • # of students: 609
  • # of teachers: 24
5
GreatSchools Rating

Poly High School

  • Education Level: High
  • # of students: 2,777
  • # of teachers: 106
6
GreatSchools Rating
 

$553,500$676,500$615,000

PURCHASE PRICE

$2,223$2,717$2,470

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,470
EXPENSES Loan Payment -$2,136
Property Tax -$589
Property Insurance -$75
Property Management Fees -$146
CASH FLOW
-$475

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.

$615,000

PROJECTED PRICE

$2,470

PROJECTED RENT

0.40%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 7.8%
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-$10k-$5.0k$0.0$5.0k$10k$15k

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$168,725

INVESTMENT

$168,725

Down Payment
$153,750
Rehab Estimate
$5,750
Closing Costs
$9,225

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$2,136

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $153,750
Loan Amount $461,250
See What Happens When You Reinvest Cash Flow

1.67

YEARS SAVED

$6,990

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,470

    LIST RENT
  • $1.26

    LIST RENT PER SQFT
  • $2,462

    COMP ESTIMATED VALUE
  • $1.26

    COMP AVG. RENT PER SQFT
Comps Range
$2,200
1$2,2002$2,4003$2,4704$2,5005$2,650
$2,650
RENT COMPS ANALYSIS
  • 1142 Atwater Avenue Riverside, CA 3
    • 4 beds 2 baths ∙ 1,954 Sqft ∙ Built 1973 4 beds 2 baths ∙ 1,954 Sqft ∙ Built 1973
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,470
    • $1.26
    •  
  • 6561 Hemingway Drive Riverside, CA 1
    • 3 beds 3 baths ∙ 1,866 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,866 Sqft ∙ Built 1988
    property image
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.18
    •  
  • 1526 Tonia Court Riverside, CA 2
    • 4 beds 3 baths ∙ 1,961 Sqft ∙ Built 1987 4 beds 3 baths ∙ 1,961 Sqft ∙ Built 1987
    property image
    LEASED 02/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.22
    •  
  • 1312 Melville Drive Riverside, CA 4
    • 4 beds 2 baths ∙ 1,890 Sqft ∙ Built 1987 4 beds 2 baths ∙ 1,890 Sqft ∙ Built 1987
    property image
    LEASED 09/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.32
    •  
  • 5957 Wimbledon Drive Riverside, CA 5
    • 4 beds 2 baths ∙ 2,012 Sqft ∙ Built 1972 4 beds 2 baths ∙ 2,012 Sqft ∙ Built 1972
    property image
    LEASED 07/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $1.32
    •  
PROPERTY LISTING DETAILS
Scott Tucker
Providence Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV21008813
Last Updated: 01/15/2021
BESbswy