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17188 Taft Street Riverside, CA 92508

3 Beds 2 Baths 1,220 sqft Built 1982

$475,000

List Price

$2,090

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 25, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1982
  • Price/Sqft : $389.34
  • 4 Days on Market
  • MLS # : IV21039562
  • Updated Date : 02/26/2021 at 16:22
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,220 sqft
  • Baths : 2 full
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

Excellent opportunity to own this beautiful Woodcrest home. This is the lowest priced home in one of the most sought after zip codes in Riverside. Featuring 3 bedrooms and 2 bathrooms, 2 car garage, recently painted exterior, updated interior and a country chic décor. The master bedroom has a walk-in closet, the barn doors lead you to the master bathroom with his/hers sink and also incudes a sliding glass door which takes you to the back patio. The Kitchen has been well maintained and showcases a giant granite breakfast bar and sliding doors which lead you to the back patio with a newer alumawood patio cover that is perfect for barbequing or enjoying peaceful evenings with beautiful views. In addition to the back patio there is also a large lower yard perfect for the kids to play with extra room for RV, boat, or trailer parking. If you like the quiet country feel and only minutes to King Highschool and all the amenities that Woodcrest and Orangecrest have to offer... THIS IS THE PERFECT HOUSE FOR YOU!!!

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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: Rinehart Acres

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550kPrice in $144k584k

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

Neighborhood: Rinehart Acres

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q210001200140016001800200022002400Rent in $9672496

* 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
 

$427,500$522,500$475,000

PURCHASE PRICE

$1,881$2,299$2,090

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,090
EXPENSES Loan Payment -$1,650
Property Tax -$443
Property Insurance -$57
Property Management Fees -$123
CASH FLOW
-$182

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.

$475,000

PROJECTED PRICE

$2,090

PROJECTED RENT

0.44%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 9.5%
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

PROJECTED ANNUAL CASH FLOW

11530-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$131,625

INVESTMENT

$131,625

Down Payment
$118,750
Rehab Estimate
$5,750
Closing Costs
$7,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,650

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $118,750
Loan Amount $356,250
See What Happens When You Reinvest Cash Flow

3.58

YEARS SAVED

$15,683

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,090

    LIST RENT
  • $1.71

    LIST RENT PER SQFT
  • $2,062

    COMP ESTIMATED VALUE
  • $1.69

    COMP AVG. RENT PER SQFT
Comps Range
$2,090
1$2,0902$2,600
$2,600
RENT COMPS ANALYSIS
  • 17188 Taft Street Riverside, CA 1
    • 3 beds 2 baths ∙ 1,220 Sqft ∙ Built 1982 3 beds 2 baths ∙ 1,220 Sqft ∙ Built 1982
    • Rent
    • Rent Per SQFT
    •  
    • $2,090
    • $1.71
    •  
  • 9234 Whiting Way Riverside, CA 2
    • 3 beds 2 baths ∙ 1,541 Sqft ∙ Built 1990 3 beds 2 baths ∙ 1,541 Sqft ∙ Built 1990
    LEASED 12/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.69
    •  
PROPERTY LISTING DETAILS
Keven Kelley
Coldwell Banker Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV21039562
Last Updated: 02/26/2021
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