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20448 Harvard Way Riverside, CA 92507

3 Beds 1 Baths 1,704 sqft Built 1962

$457,000

List Price

$2,230

$2K - $2.5K

Rent Est.

PROPERTY INFO

January 01, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1962
  • Price/Sqft : $268.19
  • 3 Days on Market
  • MLS # : IV20263800
  • Updated Date : 01/01/2021 at 11:34
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,704 sqft
  • Baths : 1 full
Listing Agent

Redfin

Listing Agent's Description

If you are looking for space, comfort, and a great neighborhood, look no more! This home offers you three bedrooms, two bathrooms in a super-sized lot where you can build a pool, entertain family and friends, or just enjoy a relaxing weekend. Completely move-in ready, the home’s interior has been freshly painted. As you move through the house, the spacious formal living room offers great space to relax with carpet and an amazing picture window for tons of natural light. The kitchen is set up with a double oven, new quartz counters, and freshly-laid subway style backsplash in a white-on-white décor. New laminate, water-tight flooring runs from the dining room to the hallway and two of the bedrooms. The septic tank was replaced in 2013. The double-paned, energy-efficient windows throughout the home have just been replaced. The roof is only seven years old. There is a covered patio and two sheds that stay. This corner lot offers rear entry and is a blank slate for the new owners to develop according to their tastes and needs. This home is close to UCR in a quiet, well-maintained neighborhood. Don’t miss this opportunity and call for a private tour now!

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
 

$411,300$502,700$457,000

PURCHASE PRICE

$2,007$2,453$2,230

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,230
EXPENSES Loan Payment -$1,686
Property Tax -$427
Property Insurance -$68
Property Management Fees -$132
CASH FLOW
-$83

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.

$457,000

PROJECTED PRICE

$2,230

PROJECTED RENT

0.49%

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-$5.0k$0.0$5.0k$10k$15k$20k

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$126,855

INVESTMENT

$126,855

Down Payment
$114,250
Rehab Estimate
$5,750
Closing Costs
$6,855

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,686

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $114,250
Loan Amount $342,750
See What Happens When You Reinvest Cash Flow

5

YEARS SAVED

$27,727

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,230

    LIST RENT
  • $1.31

    LIST RENT PER SQFT
  • $2,288

    COMP ESTIMATED VALUE
  • $1.34

    COMP AVG. RENT PER SQFT
Comps Range
$2,195
1$2,1952$2,2303$2,4004$2,4505$2,500
$2,500
RENT COMPS ANALYSIS
  • 20448 Harvard Way Riverside, CA 2
    • 3 beds 1 baths ∙ 1,704 Sqft ∙ Built 1962 3 beds 1 baths ∙ 1,704 Sqft ∙ Built 1962
    • Rent
    • Rent Per SQFT
    •  
    • $2,230
    • $1.31
    •  
  • 5050 Pearblossom Drive Riverside, CA 1
    • 4 beds 2 baths ∙ 1,682 Sqft ∙ Built 1969 4 beds 2 baths ∙ 1,682 Sqft ∙ Built 1969
    LEASED 07/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,195
    • $1.30
    •  
  • 5439 Via Alberca Riverside, CA 3
    • 4 beds 2 baths ∙ 1,727 Sqft ∙ Built 1980 4 beds 2 baths ∙ 1,727 Sqft ∙ Built 1980
    LEASED 01/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.39
    •  
  • 4207 Swain Court Riverside, CA 4
    • 4 beds 2 baths ∙ 1,948 Sqft ∙ Built 1960 4 beds 2 baths ∙ 1,948 Sqft ∙ Built 1960
    LEASED 10/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $1.26
    •  
  • 700 Via Zapata Riverside, CA 5
    • 3 beds 2 baths ∙ 1,764 Sqft ∙ Built 1970 3 beds 2 baths ∙ 1,764 Sqft ∙ Built 1970
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.42
    •  
PROPERTY LISTING DETAILS
Elizabeth Rodriguez
Redfin
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV20263800
Last Updated: 01/01/2021
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