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

14222 Harvey Lane Riverside, CA 92503

3 Beds 2 Baths 1,934 sqft Built 1980

$488,900

List Price

$2,600

$2.4K - $2.9K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
January 28, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1980
  • Price/Sqft : $252.79
  • 5 Days on Market
  • MLS # : OC21016741
  • Updated Date : 01/27/2021 at 12:40
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,934 sqft
  • Baths : 2 full
Listing Agent

Active Realty

Listing Agent's Description

Beautiful single story home with a huge lot and views! Located in the community of Canyon Ridge Estates, this home features an open layout, 3 bed 2 baths, and is the perfect balance of private rural living within minutes of convenient city life. Relax and enjoy the breeze and panoramic view from the backyard deck! Property has an abundance of usable land, a flat lush green yard to entertain and a private driveway with parking for all your family/guest cars which includes a gated entry for added security, privacy and peace. Inside the house has been upgraded with plantation shutters, newer carpet in areas and lovely tile floors. The house has been maintained elegantly, new paint, septic cert done, and is in move in ready condition! No HOA or Mello-Roos and Low Taxes

SEE MORE

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: Canyon Ridge

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $144k648k

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

Neighborhood: Canyon Ridge

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q210001200140016001800200022002400Rent in $9672598

* 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
Frank Augustus Miller Middle School Middle Regular 1,023 40 8
Arlington High School High Regular 1,956 79 5
Frank Augustus Miller Middle School Middle Unknown NA

Frank Augustus Miller Middle School

  • Education Level: Middle
  • # of students: 1,023
  • # of teachers: 40
8
GreatSchools Rating

Arlington High School

  • Education Level: High
  • # of students: 1,956
  • # of teachers: 79
5
GreatSchools Rating

Frank Augustus Miller Middle School

  • Education Level: Middle
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$440,010$537,790$488,900

PURCHASE PRICE

$2,340$2,860$2,600

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,600
EXPENSES Loan Payment -$1,698
Property Tax -$455
Property Insurance -$74
Property Management Fees -$153
CASH FLOW
$219

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.

$488,900

PROJECTED PRICE

$2,600

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 9.0%
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$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k$25k

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$135,309

INVESTMENT

$135,309

Down Payment
$122,225
Rehab Estimate
$5,750
Closing Costs
$7,334

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,698

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $122,225
Loan Amount $366,675
See What Happens When You Reinvest Cash Flow

8.33

YEARS SAVED

$54,752

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,600

    LIST RENT
  • $1.34

    LIST RENT PER SQFT
  • $3,036

    COMP ESTIMATED VALUE
  • $1.57

    COMP AVG. RENT PER SQFT
Comps Range
$2,600
1$2,6002$2,800
$2,800
RENT COMPS ANALYSIS
  • 14222 Harvey Lane Riverside, CA 1
    • 3 beds 2 baths ∙ 1,934 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,934 Sqft ∙ Built 1980
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.34
    •  
  • 15690 Silver Spur Road Riverside, CA 2
    • 4 beds 3 baths ∙ 1,781 Sqft ∙ Built 1985 4 beds 3 baths ∙ 1,781 Sqft ∙ Built 1985
    LEASED 01/18/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.57
    •  
PROPERTY LISTING DETAILS
Justin Tye
Active Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21016741
Last Updated: 01/27/2021
BESbswy