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17241 Iris Avenue Riverside, CA 92504

3 Beds 3 Baths 2,418 sqft Built 1977

$800,000

List Price

$2,930

$2.7K - $3.2K

Rent Est.

PROPERTY INFO

January 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1977
  • Price/Sqft : $330.85
  • 6 Days on Market
  • MLS # : SW21007440
  • Updated Date : 01/13/2021 at 07:46
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,418 sqft
  • Baths : 3 full
Listing Agent

Lemarkrealty

Listing Agent's Description

Nestled in the hills of Woodcrest you will find this 3500 sq ft 4 bedroom 4 bath entertainer’s Home on just under one acre of land with Mother-in-Law quarters, separate entrance, kitchen, central living area and private bedroom and bath. Can be use as a multi-generation family home or rented it out for additional income. Two driveways and corner lot access, flat and usable land, bring those horses and all your pets, build that barn, and still have plenty of room to park your cars, trailer and RV! The location is close to the City yet you feel the country & private setting. Thoughtfully designed with a unique courtyard, custom fountains & multiple water features. The first floor includes all of the main living area, with a central kitchen which serves as an anchor for the living & dining rooms. Expansive family room and fireplace. Placement of windows allows for an abundance of natural lighting. Each bedroom has its own private bath. The backyard offers the ideal setting for outdoor entertaining Back patio. This home is gated with a long private driveway. Plenty of parking with additional flat areas for potential workshop, guest house or RV storage. Mature trees & landscaping on almost an acre of land. No HOA/ Low Taxes! Solar powered electricity.

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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: Woodcrest Acres

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550kPrice in $144k590k

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

Neighborhood: Woodcrest 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
Woodcrest Elementary School Primary Regular 660 25 5
Frank Augustus Miller Middle School Middle Regular 1,023 40 8
Martin Luther King High School High Regular 3,324 124 9

Woodcrest Elementary School

  • Education Level: Primary
  • # of students: 660
  • # of teachers: 25
5
GreatSchools Rating

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
 

$720,000$880,000$800,000

PURCHASE PRICE

$2,637$3,223$2,930

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,930
EXPENSES Loan Payment -$2,779
Property Tax -$745
Property Insurance -$86
Property Management Fees -$173
CASH FLOW
-$853

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.

$800,000

PROJECTED PRICE

$2,930

PROJECTED RENT

0.37%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 7.1%
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-$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$2.5M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$217,750

INVESTMENT

$217,750

Down Payment
$200,000
Rehab Estimate
$5,750
Closing Costs
$12,000

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,779

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $200,000
Loan Amount $600,000
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$2,092

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,930

    LIST RENT
  • $1.21

    LIST RENT PER SQFT
  • $2,442

    COMP ESTIMATED VALUE
  • $1.01

    COMP AVG. RENT PER SQFT
Comps Range
$2,550
1$2,5502$2,6003$2,930
$2,930
RENT COMPS ANALYSIS
  • 17241 Iris Avenue Riverside, CA 3
    • 3 beds 3 baths ∙ 2,418 Sqft ∙ Built 1977 3 beds 3 baths ∙ 2,418 Sqft ∙ Built 1977
    • Rent
    • Rent Per SQFT
    •  
    • $2,930
    • $1.21
    •  
  • 16435 Grey Lane Riverside, CA 1
    • 4 beds 2 baths ∙ 2,413 Sqft ∙ Built 1980 4 beds 2 baths ∙ 2,413 Sqft ∙ Built 1980
    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
    LEASED 02/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $0.96
    •  
PROPERTY LISTING DETAILS
Caroline Graziano
Lemarkrealty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SW21007440
Last Updated: 01/13/2021
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