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16285 Porter Avenue 
Riverside, CA
92504
4 Beds 2 Baths 2,122 sqft
Built 1977
INVESTimate
$549,000
List Price
$151,235
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PROPERTY INFO
FACTS
- Built In 1977
- Price/Sqft : $258.72
- 2 Days on Market
- MLS # : IV20174995
- Updated Date : 08/25/2020 at 17:26
CONSTRUCTION
- Beds : 4
- Floor Size : 2,122 sqft
- Baths : 2 full
Listing Agent
Windermere R.e. Tower Prop.
Listing Agent's Description
Prime Woodcrest location. RVr or classic car collectors DREAM. Two car attached garage and shop with space for 3-5 additional vehicles. Long concrete driveway leading to a shop at the rear of the property that is approximately 40 feet wide, 30 feet deep, and over 15 feet tall with two separate over-sized roll up RV doors. Single story that has been meticulously maintained and recently remodeled. Open kitchen with new custom cabinets with pull-outs, stainless steel appliances, granite counter tops, and new flooring. Newer paint inside and out, new heat/air, new carpet, and many other upgrades. Spacious separate living room that could be home office or possible 5th bedroom. Large master suite with doors that open out to one of multiple areas for outdoor entertaining. Insulated dura-wood patio covers with fans and lighting. Woodfire pizza oven, large bar, covered dining room with TV mounted to the exterior make this an ideal space for entertaining. Avocado, lemon, and lime trees...low maintenance front and rear yard. Storage shed, garden area, and concrete sports court all to the side of the detached RV garage/shop. Very rare to find a home in this condition, on 1/2 acre, with a finished shop in WOODCREST for this price...
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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: Woodcrest Acres
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Woodcrest Acres
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
PROJECTED ACCUMULATED WEALTH
30 YEAR PROJECTION
- Cash Flow
- Appreciation
- Principal
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $2,340 |
| EXPENSES | Loan Payment | -$2,026 |
| Property Tax | -$512 | |
| Property Insurance | -$79 | |
| Property Management Fees | -$138 | |
|
CASH FLOW
-$414
|
||
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.
$549,000
PROJECTED PRICE
$2,340
PROJECTED RENT
0.43%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 3.95% |
| Appreciation Year (1-5) | 7.09% |
| Maintenance Year (1-5) | 8.00% |
| Vacancy | 5.35% |
| Length of Stay Years | 2 |
TOTAL CASH OUT OF POCKET
INVESTMENT
$151,235
LOAN DETAILS
$2,026
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 4.25% |
| Down Payment | $137,250 |
| Loan Amount | $411,750 |
2.17
YEARS SAVED
$9,556
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$2,340
LIST RENT -
$1.1
LIST RENT PER SQFT
-
$2,451
COMP ESTIMATED VALUE -
$1.15
COMP AVG. RENT PER SQFT
Comps Range
-
16285 Porter Avenue Riverside, 4
- 4 beds 2 baths ∙ 2,122 Sqft ∙ Built 1977 4 beds 2 baths ∙ 2,122 Sqft ∙ Built 1977
- Rent
- Rent Per SQFT
- $2,340
- $1.10
-
16209 Gamble Avenue Riverside, 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
-
15060 Pauls Lane Riverside, 2
- 4 beds 2 baths ∙ 1,905 Sqft ∙ Built 1988 4 beds 2 baths ∙ 1,905 Sqft ∙ Built 1988
LEASED 03/27/19- Rent
- Rent Per SQFT
- $2,250
- $1.18
-
16201 Alta Cresta Avenue Riverside, 3
- 3 beds 3 baths ∙ 2,041 Sqft ∙ Built 1997 3 beds 3 baths ∙ 2,041 Sqft ∙ Built 1997
LEASED 02/25/20- Rent
- Rent Per SQFT
- $2,295
- $1.12
-
17845 Roberts Road Riverside, 5
- 4 beds 2 baths ∙ 2,150 Sqft ∙ Built 1979 4 beds 2 baths ∙ 2,150 Sqft ∙ Built 1979
LEASED 06/20/19- Rent
- Rent Per SQFT
- $2,450
- $1.14
PROPERTY LISTING DETAILS
Windermere R.e. Tower Prop.
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: IV20174995
Last Updated: 08/25/2020
