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1239 Highridge Street Riverside, CA 92506

3 Beds 2 Baths 2,088 sqft Built 1976

$614,900

List Price

$2,460

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

December 04, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1976
  • Price/Sqft : $294.49
  • 3 Days on Market
  • MLS # : IV20250079
  • Updated Date : 12/04/2020 at 14:30
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,088 sqft
  • Baths : 2 full
Listing Agent

Providence Realty

Listing Agent's Description

Sprawling Single Story, California Ranch Style Home on 3/4 Acres of Horse Property in Arlington Heights. RV Access! Updated, Move-In Ready! Must See! Inviting and open floorplan. Double-door entry leads to formal entry and family room offering gorgeous wood-beamed, vaulted ceiling and brick fireplace. Adjacent you will find the formal living room and dining room that opens to the updated kitchen boasting stainless steel appliances, white cabinets, and granite countertops, complete with a spacious breakfast nook. Large bedrooms including master suite featuring walk-in closet; master bathroom offers double vanity. Additional features include attached 3-car garage, indoor laundry room, ceiling fans throughout, upgraded flooring and more! Backyard is huge with a full-length patio, partially covered.

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: Alessandro Heights

NeighborhoodNIR Market*CityMarket2010Year20002019200k300k400k500k600k700k800k900k1000kPrice in $144k1048k

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

Neighborhood: Alessandro Heights

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2100012001400160018002000220024002600280030003200340036003800Rent in $9673843

* 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
Victoria Elementary School Primary Regular 580 23 4
Gage Middle School Middle Regular 1,004 40 4
Poly High School High Regular 2,777 106 6

Victoria Elementary School

  • Education Level: Primary
  • # of students: 580
  • # of teachers: 23
4
GreatSchools Rating

Gage Middle School

  • Education Level: Middle
  • # of students: 1,004
  • # of teachers: 40
4
GreatSchools Rating

Poly High School

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

$553,410$676,390$614,900

PURCHASE PRICE

$2,214$2,706$2,460

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,460
EXPENSES Loan Payment -$2,269
Property Tax -$595
Property Insurance -$78
Property Management Fees -$145
CASH FLOW
-$627

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.

$614,900

PROJECTED PRICE

$2,460

PROJECTED RENT

0.40%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 4.5%
Maintenance Year (1-5) 8.00%
Vacancy 5.03%
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$1.6M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$168,699

INVESTMENT

$168,699

Down Payment
$153,725
Rehab Estimate
$5,750
Closing Costs
$9,224

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$2,269

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $153,725
Loan Amount $461,175
See What Happens When You Reinvest Cash Flow

1.25

YEARS SAVED

$4,044

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,460

    LIST RENT
  • $1.18

    LIST RENT PER SQFT
  • $2,352

    COMP ESTIMATED VALUE
  • $1.13

    COMP AVG. RENT PER SQFT
Comps Range
$2,150
1$2,1502$2,4503$2,4604$2,550
$2,550
RENT COMPS ANALYSIS
  • 1239 Highridge Street Riverside, CA 3
    • 3 beds 2 baths ∙ 2,088 Sqft ∙ Built 1976 3 beds 2 baths ∙ 2,088 Sqft ∙ Built 1976
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,460
    • $1.18
    •  
  • 16209 Gamble Avenue Riverside, CA 1
    • 4 beds 2 baths ∙ 1,816 Sqft ∙ Built 1976 4 beds 2 baths ∙ 1,816 Sqft ∙ Built 1976
    property image
    LEASED 07/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $1.18
    •  
  • 17845 Roberts Road Riverside, CA 2
    • 4 beds 2 baths ∙ 2,150 Sqft ∙ Built 1979 4 beds 2 baths ∙ 2,150 Sqft ∙ Built 1979
    property image
    LEASED 06/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $1.14
    •  
  • 16435 Grey Lane Riverside, CA 4
    • 4 beds 2 baths ∙ 2,413 Sqft ∙ Built 1980 4 beds 2 baths ∙ 2,413 Sqft ∙ Built 1980
    property image
    LEASED 08/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $1.06
    •  
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 #: IV20250079
Last Updated: 12/04/2020
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