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17860 Spring View Lane Riverside, CA 92503

3 Beds 3 Baths 1,755 sqft Built 1998

$469,000

List Price

$2,430

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

November 07, 2020 RECENTLY ADDED
FACTS
  • Built In 1998
  • Price/Sqft : $267.24
  • 3 Days on Market
  • MLS # : EV20234900
  • Updated Date : 11/07/2020 at 11:01
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,755 sqft
  • Baths : 2 full , 1 half
Listing Agent

Southland Realtors

Listing Agent's Description

Beautiful Lake Hills 3 bedroom, 2 and 1/2 bath home! Located on a cul de sac with sweeping views and ultimate privacy with open space to the side and back. This home has been freshly painted inside and out, and immaculately well kept. There is an open kitchen/living area with a brand new slider leading outside. Also downstairs is a separate living space and large dining room or office, plus a laundry room with extra storage. There is brand new flooring throughout and a newly rebuilt deck to capture the incredible scenery from the master bedroom. The huge master retreat includes a spacious master bath with double sinks. There is also a bonus space for a reading nook, home gym or expanding the already large closet space. 2 well sized bedrooms and another full bathroom are also upstairs. The backyard is great for entertaining! Relax and enjoy the beautiful surroundings that the Lake Hills area is known for.

SEE MORE

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: 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 Hills Elementary School Primary Regular 832 32 9
Villegas Middle School Middle Regular 1,356 53 5
Hillcrest High School High Unknown 1,353 53 NA

Lake Hills Elementary School

  • Education Level: Primary
  • # of students: 832
  • # of teachers: 32
9
GreatSchools Rating

Villegas Middle School

  • Education Level: Middle
  • # of students: 1,356
  • # of teachers: 53
5
GreatSchools Rating

Hillcrest High School

  • Education Level: High
  • # of students: 1,353
  • # of teachers: 53
NA
GreatSchools Rating
 

$422,100$515,900$469,000

PURCHASE PRICE

$2,187$2,673$2,430

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,430
EXPENSES Loan Payment -$1,730
Property Tax -$464
Property Insurance -$70
HOA -$97
Property Management Fees -$143
CASH FLOW
-$74

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.

$469,000

PROJECTED PRICE

$2,430

PROJECTED RENT

0.52%

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

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$130,035

INVESTMENT

$130,035

Down Payment
$117,250
Rehab Estimate
$5,750
Closing Costs
$7,035

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,730

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $117,250
Loan Amount $351,750
See What Happens When You Reinvest Cash Flow

5

YEARS SAVED

$28,321

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,430

    LIST RENT
  • $1.38

    LIST RENT PER SQFT
  • $2,536

    COMP ESTIMATED VALUE
  • $1.44

    COMP AVG. RENT PER SQFT
Comps Range
$2,430
1$2,4302$2,5003$2,575
$2,575
RENT COMPS ANALYSIS
  • 17860 Spring View Lane Riverside, CA 1
    • 3 beds 3 baths ∙ 1,755 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,755 Sqft ∙ Built 1998
    • Rent
    • Rent Per SQFT
    •  
    • $2,430
    • $1.38
    •  
  • 17258 Rosy Sky Circle Riverside, CA 2
    • 3 beds 3 baths ∙ 1,750 Sqft ∙ Built 1995 3 beds 3 baths ∙ 1,750 Sqft ∙ Built 1995
    LEASED 04/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.43
    •  
  • 17647 Morning Sun Court Riverside, CA 3
    • 3 beds 3 baths ∙ 1,759 Sqft ∙ Built 1990 3 beds 3 baths ∙ 1,759 Sqft ∙ Built 1990
    LEASED 08/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,575
    • $1.46
    •  
PROPERTY LISTING DETAILS
Amanda Salter
Southland Realtors
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: EV20234900
Last Updated: 11/07/2020
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