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1628 Southport Drive Riverside, CA 92506

4 Beds 3 Baths 2,861 sqft Built 1987

$829,900

List Price

$3,210

$3K - $3.5K

Rent Est.

PROPERTY INFO

November 05, 2020 RECENTLY ADDED
FACTS
  • Built In 1987
  • Price/Sqft : $290.07
  • 5 Days on Market
  • MLS # : IV20233264
  • Updated Date : 11/04/2020 at 19:48
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,861 sqft
  • Baths : 3 full
Listing Agent

Compass

Listing Agent's Description

ALESSANDRO HEIGHTS- "WHITEGATE"- The Colony- This exceptionally well maintained and tastefully updated residence has been home to its original owners for over 33 years! Traditional curb appeal, quality construction and gracious living spaces create a truly enviable opportunity to reside in this most desirable neighborhood! The hospitable covered front porch yields to the welcoming double doors and the gracious foyer from which the open floorplan emanates. Large formal living room with fireplace; Spacious formal dining room with bay window; Completely remodeled kitchen with custom cabinetry, stone counter-tops, stainless steel Kitchenaid appliances adjacent to the inviting family room with massive brick fireplace. One ground-floor bedroom and bath; Large indoor laundry room; The second floor hosts the secluded master suite with remodeled bath, walk-in-closet and private balcony along with two additional bedrooms adjoining the Jack and Jill bath. The grounds have been beautifully landscaped and encompass mature specimen quality trees and plantings of various Mediterranean varietals designed to minimize water usage while maintaining an attractive outdoor environment with views of adjacent groves and old growth Eucalyptus trees.

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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: 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
Washington Elementary School Primary Regular 799 32 4
Gage Middle School Middle Regular 1,004 40 4
Poly High School High Regular 2,777 106 6

Washington Elementary School

  • Education Level: Primary
  • # of students: 799
  • # of teachers: 32
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
 

$746,910$912,890$829,900

PURCHASE PRICE

$2,889$3,531$3,210

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,210
EXPENSES Loan Payment -$3,062
Property Tax -$803
Property Insurance -$96
Property Management Fees -$189
CASH FLOW
-$941

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.

$829,900

PROJECTED PRICE

$3,210

PROJECTED RENT

0.39%

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$500k$1.0M$1.5M$2.0M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$225,674

INVESTMENT

$225,674

Down Payment
$207,475
Rehab Estimate
$5,750
Closing Costs
$12,449

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,062

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $207,475
Loan Amount $622,425
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$2,842

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,210

    LIST RENT
  • $1.12

    LIST RENT PER SQFT
  • $3,061

    COMP ESTIMATED VALUE
  • $1.07

    COMP AVG. RENT PER SQFT
Comps Range
$2,600
1$2,6002$3,2103$3,250
$3,250
RENT COMPS ANALYSIS
  • 1628 Southport Drive Riverside, CA 2
    • 4 beds 3 baths ∙ 2,861 Sqft ∙ Built 1987 4 beds 3 baths ∙ 2,861 Sqft ∙ Built 1987
    • Rent
    • Rent Per SQFT
    •  
    • $3,210
    • $1.12
    •  
  • 16650 Stallion Place Riverside, CA 1
    • 4 beds 2 baths ∙ 2,700 Sqft ∙ Built 1973 4 beds 2 baths ∙ 2,700 Sqft ∙ Built 1973
    LEASED 02/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $0.96
    •  
  • 1790 Washington Street Riverside, CA 3
    • 4 beds 2 baths ∙ 2,761 Sqft ∙ Built 1976 4 beds 2 baths ∙ 2,761 Sqft ∙ Built 1976
    LEASED 01/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,250
    • $1.18
    •  
PROPERTY LISTING DETAILS
Brad Alewine
Compass
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV20233264
Last Updated: 11/04/2020
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