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19028 Weathervane Place Riverside, CA 92508

3 Beds 3 Baths 2,929 sqft Built 2001

$625,000

List Price

$2,450

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 07, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $213.38
  • 7 Days on Market
  • MLS # : IV21029882
  • Updated Date : 03/06/2021 at 17:19
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,929 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Horizon

Listing Agent's Description

Spacious, comfortable home on a quiet cul-de sac street. Tile entry opens to formal living and dining rooms. Granite counters in the upgraded kitchen with a custom island. This opens to the family room. Lots of natural light. The back yard features a sparkling pool and spa. Additional parking on the side of the garage behind the gate. Upstairs features 3 bedrooms plus a huge loft area. The main bedroom suite is big enough for 2 king size beds. The main bath has a separate tub and shower, 2 sinks and a walk in closet. The layout lends itself to add one or even 2 more bedrooms if desired. Close to King HS, shopping and entertainment.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Orangecrest

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $144k610k

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

Neighborhood: Orangecrest

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
 

$562,500$687,500$625,000

PURCHASE PRICE

$2,205$2,695$2,450

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,450
EXPENSES Loan Payment -$2,171
Property Tax -$594
Property Insurance -$98
HOA -$62
Property Management Fees -$145
CASH FLOW
-$620

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.

$625,000

PROJECTED PRICE

$2,450

PROJECTED RENT

0.39%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 6.2%
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

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$171,375

INVESTMENT

$171,375

Down Payment
$156,250
Rehab Estimate
$5,750
Closing Costs
$9,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,171

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $156,250
Loan Amount $468,750
See What Happens When You Reinvest Cash Flow

0.92

YEARS SAVED

$2,273

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,450

    LIST RENT
  • $0.84

    LIST RENT PER SQFT
  • $2,636

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$2,395
1$2,3952$2,4503$2,4504$2,5805$2,595
$2,595
RENT COMPS ANALYSIS
  • 19028 Weathervane Place Riverside, CA 3
    • 3 beds 3 baths ∙ 2,929 Sqft ∙ Built 2001 3 beds 3 baths ∙ 2,929 Sqft ∙ Built 2001
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $0.84
    •  
  • 18302 Blue Sky Street Riverside, CA 1
    • 4 beds 3 baths ∙ 2,700 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,700 Sqft ∙ Built 2006
    LEASED 01/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $0.89
    •  
  • 8688 Cabin Pl Riverside, CA 2
    • 4 beds 3 baths ∙ 2,593 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,593 Sqft ∙ Built 2001
    LEASED 10/19/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $0.94
    •  
  • 9508 Lost Grove Road Riverside, CA 4
    • 4 beds 3 baths ∙ 2,979 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,979 Sqft ∙ Built 2005
    LEASED 12/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,580
    • $0.87
    •  
  • 9410 Newbridge Drive Riverside, CA 5
    • 4 beds 2 baths ∙ 2,870 Sqft ∙ Built 2005 4 beds 2 baths ∙ 2,870 Sqft ∙ Built 2005
    LEASED 09/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,595
    • $0.90
    •  
PROPERTY LISTING DETAILS
Kendra Hartsell
Re/max Horizon
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV21029882
Last Updated: 03/06/2021
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