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12324 Leahy Drive Moreno Valley, CA 92557

3 Beds 1 Baths 1,140 sqft Built 1980

$340,000

List Price

$1,680

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

January 15, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1980
  • Price/Sqft : $298.25
  • 4 Days on Market
  • MLS # : IV21009021
  • Updated Date : 01/16/2021 at 11:01
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,140 sqft
  • Baths : 1 full
Listing Agent

Citizens National Re Co

Listing Agent's Description

EXCELLENT LOCATION OF MORENO VALLEY. NORTH OF THE 60 FREEWAY. PRICE REFLECTS THE CONDITION. NEEDS SOME CLEANING AND TLC BUT IN VERY GOOD CONDITION. 3 BEDROOMS, 2 BATHROOM, LARGE LIVING ROOM WITH FIREPLACE. BRIGHT AND CHEERFUL KITCHEN WITH LARGE WINDOWS AND SLIDING DOOR TO PATIO AREA. REAR YARD HAS LARGE SIDE YARD WITH DOUBLE GATES.

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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: 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
Midland Elementary School Primary Regular 685 25 4
Palm Middle School Middle Regular 1,261 46 3
Canyon Springs High School High Regular 2,488 96 5

Midland Elementary School

  • Education Level: Primary
  • # of students: 685
  • # of teachers: 25
4
GreatSchools Rating

Palm Middle School

  • Education Level: Middle
  • # of students: 1,261
  • # of teachers: 46
3
GreatSchools Rating

Canyon Springs High School

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

$306,000$374,000$340,000

PURCHASE PRICE

$1,512$1,848$1,680

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,680
EXPENSES Loan Payment -$1,181
Property Tax -$348
Property Insurance -$55
Property Management Fees -$99
CASH FLOW
-$3

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.

$340,000

PROJECTED PRICE

$1,680

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 9.1%
Maintenance Year (1-5) 8.00%
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

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

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$95,850

INVESTMENT

$95,850

Down Payment
$85,000
Rehab Estimate
$5,750
Closing Costs
$5,100

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,181

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $85,000
Loan Amount $255,000
See What Happens When You Reinvest Cash Flow

5.42

YEARS SAVED

$19,966

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,680

    LIST RENT
  • $1.47

    LIST RENT PER SQFT
  • $1,342

    COMP ESTIMATED VALUE
  • $1.18

    COMP AVG. RENT PER SQFT
Comps Range
$1,350
1$1,3502$1,4003$1,6004$1,6505$1,680
$1,680
RENT COMPS ANALYSIS
  • 12324 Leahy Drive Moreno Valley, CA 5
    • 3 beds 2 baths ∙ 1,140 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,140 Sqft ∙ Built 1980
    • Rent
    • Rent Per SQFT
    •  
    • $1,680
    • $1.47
    •  
  • 12237 Orchid Lane Moreno Valley, CA 1
    • 3 beds 2 baths ∙ 1,152 Sqft ∙ Built 1975 3 beds 2 baths ∙ 1,152 Sqft ∙ Built 1975
    LEASED 07/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $1.17
    •  
  • 24065 Fir Avenue Moreno Valley, CA 2
    • 3 beds 2 baths ∙ 1,240 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,240 Sqft ∙ Built 1984
    LEASED 09/24/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $1.13
    •  
  • 23583 Whispering Winds Way Moreno Valley, CA 3
    • 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
    •  
  • 24755 Moontide Lane Moreno Valley, CA 4
    • 3 beds 2 baths ∙ 1,389 Sqft ∙ Built 1981 3 beds 2 baths ∙ 1,389 Sqft ∙ Built 1981
    LEASED 11/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.19
    •  
PROPERTY LISTING DETAILS
Richard Garcia
Citizens National Re Co
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV21009021
Last Updated: 01/16/2021
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