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16500 Brightridge Lane Riverside, CA 92503

4 Beds 2 Baths 2,241 sqft Built 1987

$649,000

List Price

$2,820

$2.6K - $3.1K

Rent Est.

PROPERTY INFO

November 21, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1987
  • Price/Sqft : $289.60
  • 5 Days on Market
  • MLS # : IV20231541
  • Updated Date : 11/20/2020 at 17:10
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,241 sqft
  • Baths : 2 full
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

Welcome to the Orchard! This home boasts some of the best features of this neighborhood that is well known for its rolling hills. This home is perched at the top of one of these hills on a large lot with over 50 citrus trees on the property and 180 degrees of city and mountain views. As you enter the front door, you’ll appreciate the high ceilings, ceramic tile floors, recessed lighting, and overall beauty of the home. The kitchen has been updated, has great views, and an open floor plan to the family room which includes a kitchenette eating area. High ceilings and tall windows throughout the home make for a bright living space everywhere. There is a full bath & bedroom downstairs, and a large laundry room. The staircase and upstairs rooms feature new carpeting. The main bedroom has awesome views and the other 2 bedrooms are both spacious. The home has been recently painted inside & out as well. Outside, enjoy the privacy of the large lot, and your orchard, which could produce wonderful fruit this winter. Sitting on the back patio, you’ll be able to enjoy sunset views from multiple sitting areas. The 3 car garage has plenty of built-in shelving, and there is room to park an RV on the east side of the home. The Orchard Community is located on the west side of the City of Riverside in the La Sierra neighborhood which is close to entertainment, shopping, and convenient transportation including Metro Link. Come see this lovely home for yourself. You won’t be disappointed.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Lake Hills-Victoria Grove

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600k650kPrice in $144k672k

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

Neighborhood: Lake Hills-Victoria Grove

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2100012001400160018002000220024002600Rent in $9672743

* 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
Lake Mathews Elementary School Primary Regular 907 33 8
Frank Augustus Miller Middle School Middle Regular 1,023 40 8
Arlington High School High Regular 1,956 79 5

Lake Mathews Elementary School

  • Education Level: Primary
  • # of students: 907
  • # of teachers: 33
8
GreatSchools Rating

Frank Augustus Miller Middle School

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

Arlington High School

  • Education Level: High
  • # of students: 1,956
  • # of teachers: 79
5
GreatSchools Rating
 

$584,100$713,900$649,000

PURCHASE PRICE

$2,538$3,102$2,820

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,820
EXPENSES Loan Payment -$2,395
Property Tax -$651
Property Insurance -$81
HOA -$37
Property Management Fees -$166
CASH FLOW
-$511

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.

$649,000

PROJECTED PRICE

$2,820

PROJECTED RENT

0.43%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 5.9%
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-$10k-$5.0k$0.0$5.0k$10k$15k

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$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$177,735

INVESTMENT

$177,735

Down Payment
$162,250
Rehab Estimate
$5,750
Closing Costs
$9,735

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$2,395

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $162,250
Loan Amount $486,750
See What Happens When You Reinvest Cash Flow

2

YEARS SAVED

$9,959

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,820

    LIST RENT
  • $1.26

    LIST RENT PER SQFT
  • $2,880

    COMP ESTIMATED VALUE
  • $1.29

    COMP AVG. RENT PER SQFT
Comps Range
$2,635
1$2,6352$2,7503$2,820
$2,820
RENT COMPS ANALYSIS
  • 16500 Brightridge Lane Riverside, CA 3
    • 4 beds 2 baths ∙ 2,241 Sqft ∙ Built 1987 4 beds 2 baths ∙ 2,241 Sqft ∙ Built 1987
    • Rent
    • Rent Per SQFT
    •  
    • $2,820
    • $1.26
    •  
  • 12536 Avocado Way Riverside, CA 1
    • 4 beds 2 baths ∙ 2,152 Sqft ∙ Built 2001 4 beds 2 baths ∙ 2,152 Sqft ∙ Built 2001
    LEASED 05/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,635
    • $1.22
    •  
  • 10955 Cleveland Avenue Riverside, CA 2
    • 3 beds 2 baths ∙ 2,038 Sqft ∙ Built 1986 3 beds 2 baths ∙ 2,038 Sqft ∙ Built 1986
    LEASED 12/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $1.35
    •  
PROPERTY LISTING DETAILS
Charlotte Mc Kenzie
Coldwell Banker Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV20231541
Last Updated: 11/20/2020
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