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1751 Redfield Road Riverside, CA 92507

5 Beds 3 Baths 2,112 sqft Built 2006

$485,000

List Price

$2,380

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

November 04, 2020 RECENTLY ADDED
FACTS
  • Built In 2006
  • Price/Sqft : $229.64
  • 5 Days on Market
  • MLS # : SW20231830
  • Updated Date : 11/05/2020 at 09:26
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,112 sqft
  • Baths : 3 full
Listing Agent

Listed Simply

Listing Agent's Description

Home is currently rented out for $3,000/month with the lease ending in August 2021 and perfect for an investor to cash flow on Day One. Owner requires buyer to honor current lease to tenants (on a 2nd year lease). Property will be shown with accepted offer. This two-story home includes a full kitchen with appliances (stove/oven, refrigerator, microwave and dish washer) and also comes with a washer and dryer. There are a total of 5 bedrooms and 3 full bathrooms. Upstairs you will find 4 bedrooms and two full bathrooms and downstairs will be 1 bedroom and one full bathroom. Huge master bedroom suite. It also features newer carpet. Central air and heat. There is a 2-car garage and additional driveway parking for an additional 2-3 cars. Come check out this beautiful home, conveniently located less than 2 miles from the UCR. Walking distance to bus line, markets, and restaurants. The house is located in the beautiful and well-kept Redington Community, which features a park, playground, swimming pool, hot tub, and community security patrol.

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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: Eastside

NeighborhoodNIR Market*CityMarket2010Year20002019100k150k200k250k300k350k400k450kPrice in $99k484k

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

Neighborhood: Eastside

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2800900100011001200130014001500160017001800190020002100Rent in $7962101

* 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
Emerson Elementary School Primary Regular 798 32 4
Emerson Elementary School Middle Regular 798 32 4
Poly High School High Regular 2,777 106 6

Emerson Elementary School

  • Education Level: Primary
  • # of students: 798
  • # of teachers: 32
4
GreatSchools Rating

Emerson Elementary School

  • Education Level: Middle
  • # of students: 798
  • # of teachers: 32
4
GreatSchools Rating

Poly High School

  • Education Level: High
  • # of students: 2,777
  • # of teachers: 106
6
GreatSchools Rating
 

$436,500$533,500$485,000

PURCHASE PRICE

$2,142$2,618$2,380

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,380
EXPENSES Loan Payment -$1,789
Property Tax -$469
Property Insurance -$78
HOA -$165
Property Management Fees -$140
CASH FLOW
-$263

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.

$485,000

PROJECTED PRICE

$2,380

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 10.3%
Maintenance Year (1-5) 8.00%
Vacancy 5.41%
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-$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$134,275

INVESTMENT

$134,275

Down Payment
$121,250
Rehab Estimate
$5,750
Closing Costs
$7,275

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,789

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $121,250
Loan Amount $363,750
See What Happens When You Reinvest Cash Flow

2.58

YEARS SAVED

$11,950

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,380

    LIST RENT
  • $1.13

    LIST RENT PER SQFT
  • $2,323

    COMP ESTIMATED VALUE
  • $1.1

    COMP AVG. RENT PER SQFT
Comps Range
$2,100
1$2,1002$2,2753$2,3504$2,3805$2,500
$2,500
RENT COMPS ANALYSIS
  • 1751 Redfield Road Riverside, CA 4
    • 5 beds 3 baths ∙ 2,112 Sqft ∙ Built 2006 5 beds 3 baths ∙ 2,112 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $2,380
    • $1.13
    •  
  • 1731 Redfield Road Riverside, CA 1
    • 4 beds 3 baths ∙ 2,112 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,112 Sqft ∙ Built 2006
    LEASED 04/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.99
    •  
  • 4591 Sandano Street Riverside, CA 2
    • 4 beds 3 baths ∙ 2,112 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,112 Sqft ∙ Built 2006
    LEASED 05/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,275
    • $1.08
    •  
  • 2968 Mission Inn Riverside, CA 3
    • 4 beds 3 baths ∙ 2,040 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,040 Sqft ∙ Built 2004
    LEASED 06/22/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $1.15
    •  
  • 4560 Filson Street Riverside, CA 5
    • 4 beds 3 baths ∙ 2,112 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,112 Sqft ∙ Built 2006
    LEASED 08/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.18
    •  
PROPERTY LISTING DETAILS
Sinan Zakaria
Listed Simply
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SW20231830
Last Updated: 11/05/2020
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