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20030 Harvard Way Riverside, CA 92507

3 Beds 2 Baths 1,866 sqft Built 1979

$423,000

List Price

$2,340

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

November 05, 2020 RECENTLY ADDED
FACTS
  • Built In 1979
  • Price/Sqft : $226.69
  • 4 Days on Market
  • MLS # : IV20232556
  • Updated Date : 11/06/2020 at 21:58
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,866 sqft
  • Baths : 2 full
Listing Agent

Berkshire Hathaway Homeservices California Realty

Listing Agent's Description

Sycamore Canyon ranch style home. So close to everything yet feels like you are living in a rural area. Home has 3 bedrooms with 2 bathrooms. Plus a den and a study room( it can be easily converted to a huge living room). The kitchen connects directly to the dining area and family room while still allowing separation. The kitchen has a granite countertop and a new vinyl plank floor. New interior paint, New exterior designer light fixtures. New designer light fixture at family room, New drapes on all windows. Tile floor on the family room and hallway. Lots of windows with natural lights. Big beautiful rock fireplace in the family room which not only grabs your attention, it gives you those warm cozy wood-burning fires during the winter months. Step out from the cozy family room leads you to the spacious backyard surround by some mature trees. Plenty of spaces for you to design your own oasis. You can have the morning coffee/tea and evening relaxing in the back yard to enjoy the wonderful view of Sunrise and Sunset. Spacious Garage at a lower level. Lot is 10,019 Sf. Plenty of room for outdoor living. Great scenic views overlooking the valley, mountain and city. The good size lot affords comfortable separation from neighbors, Low property tax.The property is located minutes from 60/215 freeways, UCR campus, and major shopping center...It is a very comfortable house to raise kids here or use it as a rental!

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: University City

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500kPrice in $143k531k

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

Neighborhood: University City

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2100011001200130014001500160017001800190020002100Rent in $9672152

* 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
Seneca Elementary School Primary Regular 471 19 3
Vista Heights Middle School Middle Regular 1,414 51 5
Canyon Springs High School High Regular 2,488 96 5

Seneca Elementary School

  • Education Level: Primary
  • # of students: 471
  • # of teachers: 19
3
GreatSchools Rating

Vista Heights Middle School

  • Education Level: Middle
  • # of students: 1,414
  • # of teachers: 51
5
GreatSchools Rating

Canyon Springs High School

  • Education Level: High
  • # of students: 2,488
  • # of teachers: 96
5
GreatSchools Rating
 

$380,700$465,300$423,000

PURCHASE PRICE

$2,106$2,574$2,340

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,340
EXPENSES Loan Payment -$1,561
Property Tax -$396
Property Insurance -$72
Property Management Fees -$138
CASH FLOW
$173

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.

$423,000

PROJECTED PRICE

$2,340

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 9.2%
Maintenance Year (1-5) 8.00%
Vacancy 5.43%
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

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k$25k

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$117,845

INVESTMENT

$117,845

Down Payment
$105,750
Rehab Estimate
$5,750
Closing Costs
$6,345

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,561

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $105,750
Loan Amount $317,250
See What Happens When You Reinvest Cash Flow

8.25

YEARS SAVED

$54,030

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,340

    LIST RENT
  • $1.25

    LIST RENT PER SQFT
  • $2,398

    COMP ESTIMATED VALUE
  • $1.29

    COMP AVG. RENT PER SQFT
Comps Range
$2,200
1$2,2002$2,3403$2,4004$2,5505$2,800
$2,800
RENT COMPS ANALYSIS
  • 20030 Harvard Way Riverside, CA 2
    • 3 beds 2 baths ∙ 1,866 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,866 Sqft ∙ Built 1979
    • Rent
    • Rent Per SQFT
    •  
    • $2,340
    • $1.25
    •  
  • 1429 Lovat Court Riverside, CA 1
    • 4 beds 2 baths ∙ 1,774 Sqft ∙ Built 1998 4 beds 2 baths ∙ 1,774 Sqft ∙ Built 1998
    LEASED 07/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.24
    •  
  • 5769 Applecross Drive Riverside, CA 3
    • 4 beds 3 baths ∙ 1,922 Sqft ∙ Built 1992 4 beds 3 baths ∙ 1,922 Sqft ∙ Built 1992
    LEASED 08/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.25
    •  
  • 5972 Kendrick Drive Riverside, CA 4
    • 4 beds 3 baths ∙ 1,985 Sqft ∙ Built 1998 4 beds 3 baths ∙ 1,985 Sqft ∙ Built 1998
    LEASED 08/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $1.28
    •  
  • 512 Athens Street Riverside, CA 5
    • 4 beds 3 baths ∙ 2,043 Sqft ∙ Built 1992 4 beds 3 baths ∙ 2,043 Sqft ∙ Built 1992
    LEASED 10/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.37
    •  
PROPERTY LISTING DETAILS
Karen Cheng
Berkshire Hathaway Homeservices California Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV20232556
Last Updated: 11/06/2020
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