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PROPERTY INFO
FACTS
- Single Family
- Built In 1993
- Price/Sqft : $233.61
- 7 Days on Market
- MLS # : IV20241086
- Updated Date : 11/16/2020 at 16:13
CONSTRUCTION
- Beds : 3
- Floor Size : 1,708 sqft
- Baths : 2 full , 1 half
Listing Agent
Westcoe Realtors Inc
Listing Agent's Description
Beautiful two-story home in the desirable Woodbridge Community in the sought after Mission Grove neighborhood. Lovely open floor plan with Living room, dining room, powder room, and the cozy family room has a fireplace and is open to the kitchen with an eating area and breakfast bar. High vaulted ceiling leading upstairs to 3 bedrooms and 2 full baths. Bright and cheerful. The covered patio and low maintenance backyard is great for entertaining. Conveniently located near grocery stores, dining, great schools and freeway access. Please make appt. To show this lovely home after 10:00 am.
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MARKET HIGHLIGHTS
- 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)
- 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)
PRICE & RENT TRENDS
Neighborhood: Mission Grove
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Mission Grove
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $2,190 |
| EXPENSES | Loan Payment | -$1,472 |
| Property Tax | -$383 | |
| Property Insurance | -$69 | |
| HOA | -$169 | |
| Property Management Fees | -$129 | |
|
CASH FLOW
-$32
|
||
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.
$399,000
PROJECTED PRICE
$2,190
PROJECTED RENT
0.55%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 3.95% |
| Appreciation Year (1-5) | 6.9% |
| Maintenance Year (1-5) | 8.00% |
| Vacancy | 5.35% |
| Length of Stay Years | 2 |
PROJECTED ACCUMULATED WEALTH
30 YEAR PROJECTION
- Cash Flow
- Appreciation
- Principal
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
TOTAL CASH OUT OF POCKET
INVESTMENT
$111,485
LOAN DETAILS
$1,472
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 4.25% |
| Down Payment | $99,750 |
| Loan Amount | $299,250 |
5.25
YEARS SAVED
$25,904
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$2,190
LIST RENT -
$1.28
LIST RENT PER SQFT
-
$2,220
COMP ESTIMATED VALUE -
$1.3
COMP AVG. RENT PER SQFT
Comps Range
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7641 Botany Bay Road Riverside, CA 4
- 3 beds 3 baths ∙ 1,728 Sqft ∙ Built 1997 3 beds 3 baths ∙ 1,728 Sqft ∙ Built 1997
LEASED 09/08/20- Rent
- Rent Per SQFT
- $2,250
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19281 Foxtail Lane Riverside, CA 5
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LEASED 06/12/20- Rent
- Rent Per SQFT
- $2,400
- $1.31
PROPERTY LISTING DETAILS
Westcoe Realtors Inc
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: IV20241086
Last Updated: 11/16/2020
