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12202 Formby Drive Moreno Valley, CA 92557

3 Beds 1 Baths 1,300 sqft Built 1984

INVESTimate

$339,000

List Price

$1,560

$1,404 - $1,716

Rent Est.

$369,951  ( +9.13%)   1 YR EST. FORECAST

PROPERTY INFO

August 22, 2020 RECENTLY ADDED
FACTS
  • Built In 1984
  • Price/Sqft : $260.77
  • 6 Days on Market
  • MLS # : EV20171951
  • Updated Date : 08/21/2020 at 19:31
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,300 sqft
  • Baths : 1 full
Listing Agent

Realty Masters & Associates

Listing Agent's Description

Welcome to this charming Moreno Valley home. Conveniently located near restaurants, schools, and shopping, this home is perfect for your family! It's also close to the 60 and 215 freeways, making it great for commuters. This single story home has a large driveway with rv parking! As you step into the home, you will are welcomed by the living and dining room area with plenty of natural lighting and neutral colors throughout. You will love the vinyl plank flooring and surround sound speakers, making this home a great spot to have family movie nights. The kitchen has plenty of cabinet and counter space, stainless steel appliances and open to the dining room area. There are 2 bedrooms that share a "jack-and-jill" bathroom and another large room with it's own bathroom on the other side of the house. As we step out to the backyard, you will be amazed with the amount of a blank canvas you will have to make your own. Plenty of space where you'll enjoy a wide patio with space to relax, BBQ, and even space for a pool! This is truly an incredible opportunity for a first time buyer or investment property. Schedule a viewing today!

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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: Moreno Valley

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $116k459k

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

Neighborhood: Moreno Valley

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q290010001100120013001400150016001700180019002000Rent in $8802044

* 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
Box Springs Elementary School Primary Regular 404 15 2
Vista Heights Middle School Middle Regular 1,414 51 5
Canyon Springs High School High Regular 2,488 96 5

Box Springs Elementary School

  • Education Level: Primary
  • # of students: 404
  • # of teachers: 15
2
GreatSchools Rating

Vista Heights Middle School

  • Education Level: Middle
  • # of students: 1,414
  • # of teachers: 51
5
GreatSchools Rating

Canyon Springs High School

  • Education Level: High
  • # of students: 2,488
  • # of teachers: 96
5
GreatSchools Rating
 

$305,100$372,900$339,000

PURCHASE PRICE

$1,404$1,716$1,560

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,560
EXPENSES Loan Payment -$1,251
Property Tax -$342
Property Insurance -$59
Property Management Fees -$99
CASH FLOW
-$191

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.

$339,000

PROJECTED PRICE

$1,560

PROJECTED RENT

0.46%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 9.13%
Maintenance Year (1-5) 8.00%
Vacancy 5.41%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$95,585

INVESTMENT

$95,585

Down Payment
$84,750
Rehab Estimate
$5,750
Closing Costs
$5,085

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,251

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $84,750
Loan Amount $254,250
See What Happens When You Reinvest Cash Flow

2.83

YEARS SAVED

$8,950

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,560

    LIST RENT
  • $1.2

    LIST RENT PER SQFT
  • $1,570

    COMP ESTIMATED VALUE
  • $1.21

    COMP AVG. RENT PER SQFT
Comps Range
$1,560
1$1,5602$1,6003$1,6954$1,7505$1,925
$1,925
RENT COMPS ANALYSIS
  • 12202 Formby Drive Moreno Valley, 1
    • 3 beds 1 baths ∙ 1,300 Sqft ∙ Built 1984 3 beds 1 baths ∙ 1,300 Sqft ∙ Built 1984
    • Rent
    • Rent Per SQFT
    •  
    • $1,560
    • $1.20
    •  
  • 23583 Whispering Winds Way Moreno Valley, 2
    • 3 beds 2 baths ∙ 1,308 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,308 Sqft ∙ Built 1984
    LEASED 10/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.22
    •  
  • 12283 Romford Court Moreno Valley, 3
    • 3 beds 2 baths ∙ 1,486 Sqft ∙ Built 1987 3 beds 2 baths ∙ 1,486 Sqft ∙ Built 1987
    LEASED 11/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $1.14
    •  
  • 12510 Andretti Street Moreno Valley, 4
    • 3 beds 2 baths ∙ 1,460 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,460 Sqft ∙ Built 1983
    LEASED 07/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.20
    •  
  • 22615 Sheffield Drive Moreno Valley, 5
    • 3 beds 2 baths ∙ 1,515 Sqft ∙ Built 1987 3 beds 2 baths ∙ 1,515 Sqft ∙ Built 1987
    LEASED 11/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,925
    • $1.27
    •  
PROPERTY LISTING DETAILS
Robert Wetzel
Realty Masters & Associates
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: EV20171951
Last Updated: 08/21/2020
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