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11725 Carmine Street Riverside, CA 92505

4 Beds 3 Baths 2,455 sqft Built 2016

$600,000

List Price

$2,490

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

November 21, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2016
  • Price/Sqft : $244.40
  • 2 Days on Market
  • MLS # : EV20244647
  • Updated Date : 11/21/2020 at 13:35
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,455 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Advantage

Listing Agent's Description

La Sierra area of Riverside on the back side of La Sierra University. 4 bedrooms + den and 2.5 bathrooms. 3 car garage. Views of the city lights from the backyard and Master bedroom. Laminate wood flooring throughout the main level. Laundry room with sink. Bathrooms tiled and carpet in all bedrooms upstairs. Oversized concrete back patio with a generous sized back yard on artificial turf and lots of fruit trees. No HOA, Low taxes, No Mello Roos.

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: La Sierra

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $142k484k

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

Neighborhood: La Sierra

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2100011001200130014001500160017001800190020002100Rent in $9672141

* 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
Valley View Elementary School Primary Regular 394 15 2
Villegas Middle School Middle Regular 1,356 53 5
La Sierra High School High Regular 2,137 91 4

Valley View Elementary School

  • Education Level: Primary
  • # of students: 394
  • # of teachers: 15
2
GreatSchools Rating

Villegas Middle School

  • Education Level: Middle
  • # of students: 1,356
  • # of teachers: 53
5
GreatSchools Rating

La Sierra High School

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

$540,000$660,000$600,000

PURCHASE PRICE

$2,241$2,739$2,490

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,490
EXPENSES Loan Payment -$2,214
Property Tax -$607
Property Insurance -$87
Property Management Fees -$147
CASH FLOW
-$565

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.

$600,000

PROJECTED PRICE

$2,490

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 8.6%
Maintenance Year (1-5) 8.00%
Vacancy 5.43%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
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$164,750

INVESTMENT

$164,750

Down Payment
$150,000
Rehab Estimate
$5,750
Closing Costs
$9,000

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,214

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $150,000
Loan Amount $450,000
See What Happens When You Reinvest Cash Flow

1.42

YEARS SAVED

$5,162

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,490

    LIST RENT
  • $1.01

    LIST RENT PER SQFT
  • $2,486

    COMP ESTIMATED VALUE
  • $1.01

    COMP AVG. RENT PER SQFT
Comps Range
$2,300
1$2,3002$2,4903$2,5504$2,6005$2,650
$2,650
RENT COMPS ANALYSIS
  • 11725 Carmine Street Riverside, CA 2
    • 4 beds 3 baths ∙ 2,455 Sqft ∙ Built 2016 4 beds 3 baths ∙ 2,455 Sqft ∙ Built 2016
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,490
    • $1.01
    •  
  • 5182 Olivia Lane Riverside, CA 1
    • 3 beds 3 baths ∙ 2,355 Sqft ∙ Built 2012 3 beds 3 baths ∙ 2,355 Sqft ∙ Built 2012
    property image
    LEASED 09/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.98
    •  
  • 11146 Lakecreek Court Riverside, CA 3
    • 3 beds 3 baths ∙ 2,561 Sqft ∙ Built 2002 3 beds 3 baths ∙ 2,561 Sqft ∙ Built 2002
    property image
    LEASED 09/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $1.00
    •  
  • 4237 Pondhill Court Riverside, CA 4
    • 5 beds 3 baths ∙ 2,431 Sqft ∙ Built 2001 5 beds 3 baths ∙ 2,431 Sqft ∙ Built 2001
    property image
    LEASED 06/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.07
    •  
  • 4285 Gardendale Court Riverside, CA 5
    • 4 beds 2 baths ∙ 2,654 Sqft ∙ Built 2001 4 beds 2 baths ∙ 2,654 Sqft ∙ Built 2001
    property image
    LEASED 01/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $1.00
    •  
PROPERTY LISTING DETAILS
Johnny Cho
Re/max Advantage
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: EV20244647
Last Updated: 11/21/2020
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