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PROPERTY INFO
FACTS
- Single Family
- Built In 1976
- Price/Sqft : $268.28
- 5 Days on Market
- MLS # : 200054527
- Updated Date : 12/23/2020 at 15:43
CONSTRUCTION
- Beds : 4
- Floor Size : 1,901 sqft
- Baths : 2 full
Listing Agent
Mckee Properties
Listing Agent's Description
Opportunity knocks! 4 bedroom/2 bath home located in the highly desirable Canyon Crest community, one of Riverside's most coveted neighborhoods. This home sits on an oversized 11,761 sqft lot w/ a large private backyard & generous set-backs from neighbors. The spacious floorplan offers 1,901 sqft of living space, featuring a large formal living room, open concept kitchen & family room with vaulted ceilings, custom stone fireplace, spacious master bedroom w/ ensuite bathroom, (SEE SUPPLEMENT) separate laundry room and 3 car garage. With some TLC, this home can be made into your dream home. Located just minutes from major freeways, The Riverside Plaza and Canyon Crest Town Center. Per the Estate, Home to be sold in present "As-Is" condition, without repairs, replacements, credits, warranties, or termite repairs. Equipment: Range/Oven Other Fees: 0 Sewer: Sewer Connected Topography: LL
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MARKET HIGHLIGHTS
- 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)
- 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)
PRICE & RENT TRENDS
Neighborhood: Canyon Crest
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Canyon Crest
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $2,400 |
| EXPENSES | Loan Payment | -$1,882 |
| Property Tax | -$494 | |
| Property Insurance | -$73 | |
| Property Management Fees | -$142 | |
|
CASH FLOW
-$190
|
||
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.
$510,000
PROJECTED PRICE
$2,400
PROJECTED RENT
0.47%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 3.95% |
| Appreciation Year (1-5) | 7.8% |
| 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
$140,900
LOAN DETAILS
$1,882
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 4.25% |
| Down Payment | $127,500 |
| Loan Amount | $382,500 |
3.92
YEARS SAVED
$22,227
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$2,400
LIST RENT -
$1.26
LIST RENT PER SQFT
-
$2,481
COMP ESTIMATED VALUE -
$1.31
COMP AVG. RENT PER SQFT
Comps Range
-
2161 Buckskin Place Riverside, CA 3
- 4 beds 2 baths ∙ 1,901 Sqft ∙ Built 1976 4 beds 2 baths ∙ 1,901 Sqft ∙ Built 1976
- Rent
- Rent Per SQFT
- $2,400
- $1.26
-
2258 El Capitan Drive Riverside, CA 1
- 3 beds 3 baths ∙ 1,789 Sqft ∙ Built 1972 3 beds 3 baths ∙ 1,789 Sqft ∙ Built 1972
LEASED 12/15/20- Rent
- Rent Per SQFT
- $2,200
- $1.23
-
5371 Velo Court Riverside, CA 2
- 3 beds 2 baths ∙ 1,775 Sqft ∙ Built 1985 3 beds 2 baths ∙ 1,775 Sqft ∙ Built 1985
LEASED 03/12/20- Rent
- Rent Per SQFT
- $2,295
- $1.29
-
1560 Country Club Drive Riverside, CA 4
- 3 beds 2 baths ∙ 1,923 Sqft ∙ Built 1967 3 beds 2 baths ∙ 1,923 Sqft ∙ Built 1967
LEASED 12/26/19- Rent
- Rent Per SQFT
- $2,650
- $1.38
-
5957 Wimbledon Drive Riverside, CA 5
- 4 beds 2 baths ∙ 2,012 Sqft ∙ Built 1972 4 beds 2 baths ∙ 2,012 Sqft ∙ Built 1972
LEASED 07/22/20- Rent
- Rent Per SQFT
- $2,650
- $1.32
PROPERTY LISTING DETAILS
Mckee Properties
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: 200054527
Last Updated: 12/23/2020
