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1979 Elsinore Road Riverside, CA 92506

3 Beds 3 Baths 2,725 sqft Built 1961

$729,900

List Price

$2,950

$2.7K - $3.2K

Rent Est.

PROPERTY INFO

November 29, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1961
  • Price/Sqft : $267.85
  • 2 Days on Market
  • MLS # : IV20247856
  • Updated Date : 11/28/2020 at 21:11
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,725 sqft
  • Baths : 2 full , 1 half
Listing Agent

Compass

Listing Agent's Description

VICTORIA WOODS- MID-CENTURY MODERN RANCH- Expertly remodeled and updated while maintaining all of the architectural splendor that make these very special homes so appealing! Custom built on an elevated corner lot with garage at the rear of the property. Elegant foyer with original Vermont Slate floor yields to the large sunken formal living room with the original stone fireplace; Large formal dining room; Separate family room with additional stone fireplace; Completely remodeled kitchen with period appropriate cabinetry, Kitchenaid™ stainless steel appliances including built-in double oven, range and microwave; Spacious indoor laundry room and guest bath. Hall bath completely remodeled with double vanity, tub/shower combination and separate water closet. Master suite with large ensuite bath completely remodeled with two separate vanities, large walk-in shower and loads of storage space. Covered back patio with built-in brick barbecue views onto block wall enclosed backyard with mature trees all around creating privacy and as well as an inviting environment. Over-sized two car garage. All new dual-paned windows and sliding doors, newer heat and air-conditioning system insure worry free living for years to come!

SEE MORE

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: Victoria Hills

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600k650k700kPrice in $144k726k

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

Neighborhood: Victoria Hills

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q21000120014001600180020002200240026002800Rent in $9672838

* 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
Alcott Elementary School Primary Regular 772 31 5
Alcott Elementary School Middle Regular 772 31 5
Poly High School High Regular 2,777 106 6

Alcott Elementary School

  • Education Level: Primary
  • # of students: 772
  • # of teachers: 31
5
GreatSchools Rating

Alcott Elementary School

  • Education Level: Middle
  • # of students: 772
  • # of teachers: 31
5
GreatSchools Rating

Poly High School

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

$656,910$802,890$729,900

PURCHASE PRICE

$2,655$3,245$2,950

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,950
EXPENSES Loan Payment -$2,693
Property Tax -$706
Property Insurance -$93
Property Management Fees -$174
CASH FLOW
-$716

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.

$729,900

PROJECTED PRICE

$2,950

PROJECTED RENT

0.40%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 8.0%
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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$199,174

INVESTMENT

$199,174

Down Payment
$182,475
Rehab Estimate
$5,750
Closing Costs
$10,949

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$2,693

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $182,475
Loan Amount $547,425
See What Happens When You Reinvest Cash Flow

1.33

YEARS SAVED

$5,501

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,950

    LIST RENT
  • $1.08

    LIST RENT PER SQFT
  • $2,998

    COMP ESTIMATED VALUE
  • $1.1

    COMP AVG. RENT PER SQFT
Comps Range
$2,600
1$2,6002$2,9503$3,0004$3,100
$3,100
RENT COMPS ANALYSIS
  • 1979 Elsinore Road Riverside, CA 2
    • 3 beds 3 baths ∙ 2,725 Sqft ∙ Built 1961 3 beds 3 baths ∙ 2,725 Sqft ∙ Built 1961
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $1.08
    •  
  • 1505 Via Tioga Riverside, CA 1
    • 4 beds 3 baths ∙ 2,744 Sqft ∙ Built 1967 4 beds 3 baths ∙ 2,744 Sqft ∙ Built 1967
    LEASED 07/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $0.95
    •  
  • 5670 Argyle Way Riverside, CA 3
    • 4 beds 3 baths ∙ 2,793 Sqft ∙ Built 1961 4 beds 3 baths ∙ 2,793 Sqft ∙ Built 1961
    LEASED 03/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $1.07
    •  
  • 2321 Prince Albert Drive Riverside, CA 4
    • 4 beds 3 baths ∙ 2,424 Sqft ∙ Built 1975 4 beds 3 baths ∙ 2,424 Sqft ∙ Built 1975
    LEASED 07/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,100
    • $1.28
    •  
PROPERTY LISTING DETAILS
Brad Alewine
Compass
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV20247856
Last Updated: 11/28/2020
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