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159 Goldfinch Lane Riverside, CA 92507

4 Beds 2 Baths 1,465 sqft Built 1988

$535,000

List Price

$1,980

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 1988
  • Price/Sqft : $365.19
  • 9 Days on Market
  • MLS # : CV20225821
  • Updated Date : 11/01/2020 at 09:26
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,465 sqft
  • Baths : 2 full
Listing Agent

Asiamerica Real Estate Co.

Listing Agent's Description

Newly updated single story house in Riverside , Close to shopping center, park, and easy access to 10 & 60 fwy. This bright and airy home features cozy and open living and dining area with recessed lights, fireplace, and new flooring the house. Beautiful kitchen with quartz counters, white shaker cabinets, and new appliances. laundry hookup. family room with ceiling fan and fireplace. Detached three garage with extra storage space. Large fenced backyard you can plan a lot fruit trees or build a pool,

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: Highgrove

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $116k484k

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

Neighborhood: Highgrove

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q21000110012001300140015001600170018001900200021002200Rent in $9112237

* 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
Highgrove Elementary School Primary Regular 669 26 4
Highgrove Elementary School Middle Regular 669 26 4
John W. North High School High Regular 2,281 95 4

Highgrove Elementary School

  • Education Level: Primary
  • # of students: 669
  • # of teachers: 26
4
GreatSchools Rating

Highgrove Elementary School

  • Education Level: Middle
  • # of students: 669
  • # of teachers: 26
4
GreatSchools Rating

John W. North High School

  • Education Level: High
  • # of students: 2,281
  • # of teachers: 95
4
GreatSchools Rating
 

$481,500$588,500$535,000

PURCHASE PRICE

$1,782$2,178$1,980

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,980
EXPENSES Loan Payment -$1,974
Property Tax -$513
Property Insurance -$63
Property Management Fees -$117
CASH FLOW
-$687

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.

$535,000

PROJECTED PRICE

$1,980

PROJECTED RENT

0.37%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 5.8%
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$1.4M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$147,525

INVESTMENT

$147,525

Down Payment
$133,750
Rehab Estimate
$5,750
Closing Costs
$8,025

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,974

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $133,750
Loan Amount $401,250
See What Happens When You Reinvest Cash Flow

0.33

YEARS SAVED

$392

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,980

    LIST RENT
  • $1.35

    LIST RENT PER SQFT
  • $1,967

    COMP ESTIMATED VALUE
  • $1.34

    COMP AVG. RENT PER SQFT
Comps Range
$1,850
1$1,8502$1,9803$1,9954$1,9955$2,100
$2,100
RENT COMPS ANALYSIS
  • 159 Goldfinch Lane Riverside, CA 2
    • 4 beds 2 baths ∙ 1,465 Sqft ∙ Built 1988 4 beds 2 baths ∙ 1,465 Sqft ∙ Built 1988
    • Rent
    • Rent Per SQFT
    •  
    • $1,980
    • $1.35
    •  
  • 12168 Mount Vernon Avenue Grand Terrace, CA 1
    • 3 beds 3 baths ∙ 1,427 Sqft ∙ Built 1982 3 beds 3 baths ∙ 1,427 Sqft ∙ Built 1982
    LEASED 04/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.30
    •  
  • 12804 Reed Avenue Grand Terrace, CA 3
    • 4 beds 2 baths ∙ 1,490 Sqft ∙ Built 1976 4 beds 2 baths ∙ 1,490 Sqft ∙ Built 1976
    LEASED 03/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $1.34
    •  
  • 22361 Tanager Street Grand Terrace, CA 4
    • 4 beds 2 baths ∙ 1,424 Sqft ∙ Built 1978 4 beds 2 baths ∙ 1,424 Sqft ∙ Built 1978
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $1.40
    •  
  • 22780 Robin Way Grand Terrace, CA 5
    • 3 beds 3 baths ∙ 1,581 Sqft ∙ Built 1989 3 beds 3 baths ∙ 1,581 Sqft ∙ Built 1989
    LEASED 07/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.33
    •  
PROPERTY LISTING DETAILS
Phillip Vo
Asiamerica Real Estate Co.
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV20225821
Last Updated: 11/01/2020
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