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20328 Canaan Cir Riverside, CA 92507

4 Beds 3 Baths 2,221 sqft Built 2018

$567,000

List Price

$2,540

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 2018
  • Price/Sqft : $255.29
  • 10 Days on Market
  • MLS # : PW21014544
  • Updated Date : 01/22/2021 at 13:12
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,221 sqft
  • Baths : 3 full
Listing Agent

Remington Re Services

Listing Agent's Description

Gorgeous move- in ready home sitting on a large flat lot with views of the surrounding hills! This stunning two story home features; an open floor plan, recessed lighting, upgraded light fixtures, brand new carpet with 3/4 inch moisture barrier padding, new laminate flooring throughout, custom chandelier in the dining room, the kitchen has been renovated with quartz countertops and a huge custom island, cast fire farmhouse sink. The home is equip with a home fan, tankless water heater, solar panels (leased $68), and brand new stainless steel appliances.

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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: Highgrove

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $116k484k

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

Neighborhood: Highgrove

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q21000110012001300140015001600170018001900200021002200Rent in $9112237

* 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
Highgrove Elementary School Primary Regular 669 26 4
Highgrove Elementary School Middle Regular 669 26 4
John W. North High School High Regular 2,281 95 4

Highgrove Elementary School

  • Education Level: Primary
  • # of students: 669
  • # of teachers: 26
4
GreatSchools Rating

Highgrove Elementary School

  • Education Level: Middle
  • # of students: 669
  • # of teachers: 26
4
GreatSchools Rating

John W. North High School

  • Education Level: High
  • # of students: 2,281
  • # of teachers: 95
4
GreatSchools Rating
 

$510,300$623,700$567,000

PURCHASE PRICE

$2,286$2,794$2,540

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,540
EXPENSES Loan Payment -$1,969
Property Tax -$555
Property Insurance -$81
HOA -$67
Property Management Fees -$150
CASH FLOW
-$282

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.

$567,000

PROJECTED PRICE

$2,540

PROJECTED RENT

0.45%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 5.8%
Maintenance Year (1-5) 8.00%
Vacancy 5.41%
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-$5.0k$0.0$5.0k$10k$15k

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$156,005

INVESTMENT

$156,005

Down Payment
$141,750
Rehab Estimate
$5,750
Closing Costs
$8,505

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,969

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $141,750
Loan Amount $425,250
See What Happens When You Reinvest Cash Flow

2.75

YEARS SAVED

$12,628

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,540

    LIST RENT
  • $1.14

    LIST RENT PER SQFT
  • $2,532

    COMP ESTIMATED VALUE
  • $1.14

    COMP AVG. RENT PER SQFT
Comps Range
$2,400
1$2,4002$2,4503$2,5004$2,540
$2,540
RENT COMPS ANALYSIS
  • 20328 Canaan Cir Riverside, CA 4
    • 4 beds 3 baths ∙ 2,221 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,221 Sqft ∙ Built 2018
    • Rent
    • Rent Per SQFT
    •  
    • $2,540
    • $1.14
    •  
  • 1370 Villa Street Riverside, CA 1
    • 4 beds 2 baths ∙ 2,106 Sqft ∙ Built 2006 4 beds 2 baths ∙ 2,106 Sqft ∙ Built 2006
    LEASED 07/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.14
    •  
  • 20347 Lyon Road Riverside, CA 2
    • 3 beds 3 baths ∙ 2,341 Sqft ∙ Built 2015 3 beds 3 baths ∙ 2,341 Sqft ∙ Built 2015
    LEASED 03/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $1.05
    •  
  • 11836 Greenbrier Lane Grand Terrace, CA 3
    • 5 beds 3 baths ∙ 2,027 Sqft ∙ Built 2017 5 beds 3 baths ∙ 2,027 Sqft ∙ Built 2017
    LEASED 12/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.23
    •  
PROPERTY LISTING DETAILS
Freddy Durango
Remington Re Services
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21014544
Last Updated: 01/22/2021
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