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15741 Ridgeway Avenue Riverside, CA 92508

4 Beds 2 Baths 2,128 sqft Built 1967

$580,000

List Price

$2,630

$2.4K - $2.9K

Rent Est.

PROPERTY INFO

January 02, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1967
  • Price/Sqft : $272.56
  • 2 Days on Market
  • MLS # : PW20264814
  • Updated Date : 01/02/2021 at 17:12
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,128 sqft
  • Baths : 2 full
Listing Agent

Lucid Realty Corporation

Listing Agent's Description

This is a must see home located in the nice quite area of Woodcrest in Riverside on a huge corner lot of 21,780 Sq Ft Lot. Lots of room to create your own paradise with plenty of Room to garden and incudes RV access. This home offers a large half circle drive, Wrought Iron Fence, electric gates and has beautiful views. This 4 bedroom 2 bath home offers a large family room along with a formal living room that includes a bar that is perfect for entertaining. Recently redone Kitchen cabinets and Granite counter tops, Kitchen window over looks large back yard and pool. The home includes lots storage space with large bedrooms. You would love to make this house your home. Property will be sold "AS IS" in present condition seller will not do any repairs. All information should be verified not responsible for any errors on public information. Submit all offers with Proof of Funds, Lender Pre-approval Letter and FICO. Buyers to be cross qualified with our Lender of choice.

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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: Olive Grove Park

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $144k628k

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

Neighborhood: Olive Grove Park

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q210001200140016001800200022002400Rent in $9672496

* 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
Woodcrest Elementary School Primary Regular 660 25 5
Frank Augustus Miller Middle School Middle Regular 1,023 40 8
Martin Luther King High School High Regular 3,324 124 9

Woodcrest Elementary School

  • Education Level: Primary
  • # of students: 660
  • # of teachers: 25
5
GreatSchools Rating

Frank Augustus Miller Middle School

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

Martin Luther King High School

  • Education Level: High
  • # of students: 3,324
  • # of teachers: 124
9
GreatSchools Rating
 

$522,000$638,000$580,000

PURCHASE PRICE

$2,367$2,893$2,630

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,630
EXPENSES Loan Payment -$2,140
Property Tax -$540
Property Insurance -$79
Property Management Fees -$155
CASH FLOW
-$284

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.

$580,000

PROJECTED PRICE

$2,630

PROJECTED RENT

0.45%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 6.6%
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-$5.0k$0.0$5.0k$10k$15k$20k

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$159,450

INVESTMENT

$159,450

Down Payment
$145,000
Rehab Estimate
$5,750
Closing Costs
$8,700

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,140

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $145,000
Loan Amount $435,000
See What Happens When You Reinvest Cash Flow

3.42

YEARS SAVED

$20,039

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,630

    LIST RENT
  • $1.24

    LIST RENT PER SQFT
  • $2,660

    COMP ESTIMATED VALUE
  • $1.25

    COMP AVG. RENT PER SQFT
Comps Range
$2,150
1$2,1502$2,6303$2,700
$2,700
RENT COMPS ANALYSIS
  • 15741 Ridgeway Avenue Riverside, CA 2
    • 4 beds 2 baths ∙ 2,128 Sqft ∙ Built 1967 4 beds 2 baths ∙ 2,128 Sqft ∙ Built 1967
    • Rent
    • Rent Per SQFT
    •  
    • $2,630
    • $1.24
    •  
  • 16209 Gamble Avenue Riverside, CA 1
    • 4 beds 2 baths ∙ 1,816 Sqft ∙ Built 1976 4 beds 2 baths ∙ 1,816 Sqft ∙ Built 1976
    LEASED 07/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $1.18
    •  
  • 18085 Gentian Avenue Riverside, CA 3
    • 4 beds 2 baths ∙ 2,045 Sqft ∙ Built 1977 4 beds 2 baths ∙ 2,045 Sqft ∙ Built 1977
    LEASED 10/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.32
    •  
PROPERTY LISTING DETAILS
Mariah Vanoostendorp
Lucid Realty Corporation
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW20264814
Last Updated: 01/02/2021
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