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16055 Washington Street Riverside, CA 92504

4 Beds 2 Baths 2,532 sqft Built 1970

$849,900

List Price

$2,770

$2.5K - $3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
FACTS
  • Single Family
  • Built In 1970
  • Price/Sqft : $335.66
  • 15 Days on Market
  • MLS # : SW21140387
  • Updated Date : 07/12/2021 at 18:56
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,532 sqft
  • Baths : 2 full
Listing Agent

Kw Temecula

Listing Agent's Description

Horse and Pool Property!! Enjoy the beauty of the park like setting of trees and landscaping throughout this property. This Tuscan Style Old World Ranch home filled with warmth and color can be yours! A stamped concrete circular drive surrounds a variety of fruit trees; orange, tangerine, lemon, pomelo, avocado, peach, nectarine, pomegranate and apple. The front porch will bring a soothing ambiance with sounds of the waterfall that feed the pond while looking out on the beautiful front yard. 4 bedrooms are decorated to take your guests away to foreign places, the Tropics, an Old Western Cabin, Ancient Egyptian Room and an over the moon Glam, Bling Master. The great room has custom cabinetry made of olive wood from a tree on the property, which is incorporated into the kitchen cabinets. The kitchen has a large island with an end bar, granite counters, drawer microwave, large spice drawer, mixer lift, pot filler at the 5-burner cooktop stove, stainless steel appliances, double oven with thermometers and a Perfect Turkey button! The Butler’s pantry has a wine refrigerator, a kegerator and display cabinets for your favorite glassware. There is a large studio/bonus room with a retreat area that has a statue/fountain inside the double doors. The frameless corner window has a gorgeous view of the mountains. The entire home has crown molding, wainscoting, custom drapes, motorized window treatments, Venetian plastered walls, custom wallpaper and all ceilings are impressively designed. The backyard has a beautiful swimming pool with a spa and diving board. The pergola covered patio is a peaceful retreat as you gaze onto the pool and beautifully landscaped yard. All windows have been upgraded to energy efficient and a water heater booster was added to heat water throughout the home quickly. The entire home is wheelchair accessible. The 2-car garage has a wall of cabinets and a workbench. A 2-car covered carport is attached to the garage. 3 storage/outbuildings remain with the property. This house is ready for Christmas lighting! The flick of a switch turns on the 50’ Christmas Tree that is adorned with lights and a lighted star. There is an electrical supply that outlines the roof line and every fruit tree. There is a non-permitted one bedroom, one bath casita with a kitchen and a living area at the back of the property. This home is a must see and impressive for home entertaining. Your guests will be mesmerized by this interior designed Old World Villa style home!

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: Woodcrest

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600k650kPrice in $144k687k

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

Neighborhood: Woodcrest

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q21000120014001600180020002200240026002800Rent in $9672838

* 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
Martin Luther King High School High Regular 3,324 124 9
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

Martin Luther King High School

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

Frank Augustus Miller Middle School

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

$764,910$934,890$849,900

PURCHASE PRICE

$2,493$3,047$2,770

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,770
EXPENSES Loan Payment -$2,952
Property Tax -$792
Property Insurance -$88
Property Management Fees -$163
CASH FLOW
-$1,226

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.

$849,900

PROJECTED PRICE

$2,770

PROJECTED RENT

0.33%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 6.3%
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$500k$1.0M$1.5M$2.0M$2.5M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$230,974

INVESTMENT

$230,974

Down Payment
$212,475
Rehab Estimate
$5,750
Closing Costs
$12,749

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$2,952

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $212,475
Loan Amount $637,425
See What Happens When You Reinvest Cash Flow

0.17

YEARS SAVED

$84

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,770

    LIST RENT
  • $1.09

    LIST RENT PER SQFT
  • $2,794

    COMP ESTIMATED VALUE
  • $1.1

    COMP AVG. RENT PER SQFT
Comps Range
$2,550
1$2,5502$2,6003$2,7704$3,450
$3,450
RENT COMPS ANALYSIS
  • 16055 Washington Street Riverside, CA 3
    • 4 beds 2 baths ∙ 2,532 Sqft ∙ Built 1970 4 beds 2 baths ∙ 2,532 Sqft ∙ Built 1970
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,770
    • $1.09
    •  
  • 16435 Grey Lane Riverside, CA 1
    • 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
    •  
  • 16650 Stallion Place Riverside, CA 2
    • 4 beds 2 baths ∙ 2,700 Sqft ∙ Built 1973 4 beds 2 baths ∙ 2,700 Sqft ∙ Built 1973
    property image
    LEASED 02/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $0.96
    •  
  • 16100 Gamble Avenue Riverside, CA 4
    • 5 beds 2 baths ∙ 2,672 Sqft ∙ Built 1976 5 beds 2 baths ∙ 2,672 Sqft ∙ Built 1976
    property image
    LEASED 04/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,450
    • $1.29
    •  
PROPERTY LISTING DETAILS
Jenene Weeden
Kw Temecula
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SW21140387
Last Updated: 07/12/2021
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