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22729 Scotia Lane Moreno Valley, CA 92557

3 Beds 2 Baths 1,416 sqft Built 1983

$350,000

List Price

$1,740

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 26, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1983
  • Price/Sqft : $247.18
  • 4 Days on Market
  • MLS # : IV21039897
  • Updated Date : 02/27/2021 at 11:36
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,416 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Riverside Cent

Listing Agent's Description

Cozy single story home with three bedrooms and two bathrooms. Kitchen has just been remodeled and the tile flooring in the living room is new. Roof was re-roofed two years ago. The view from the backyard at night, has a wonderful shot of the valley and all of the lights.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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.

PRICE & RENT TRENDS

Neighborhood: Moreno Valley

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $116k459k

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

Neighborhood: Moreno Valley

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q290010001100120013001400150016001700180019002000Rent in $8802044

* 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
Box Springs Elementary School Primary Regular 404 15 2
Vista Heights Middle School Middle Regular 1,414 51 5
Canyon Springs High School High Regular 2,488 96 5

Box Springs Elementary School

  • Education Level: Primary
  • # of students: 404
  • # of teachers: 15
2
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
 

$315,000$385,000$350,000

PURCHASE PRICE

$1,566$1,914$1,740

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,740
EXPENSES Loan Payment -$1,216
Property Tax -$354
Property Insurance -$61
Property Management Fees -$103
CASH FLOW
$7

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.

$350,000

PROJECTED PRICE

$1,740

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 9.1%
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

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$98,500

INVESTMENT

$98,500

Down Payment
$87,500
Rehab Estimate
$5,750
Closing Costs
$5,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,216

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $87,500
Loan Amount $262,500
See What Happens When You Reinvest Cash Flow

5.5

YEARS SAVED

$21,406

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,740

    LIST RENT
  • $1.23

    LIST RENT PER SQFT
  • $1,749

    COMP ESTIMATED VALUE
  • $1.23

    COMP AVG. RENT PER SQFT
Comps Range
$1,600
1$1,6002$1,7403$1,8004$1,9255$2,000
$2,000
RENT COMPS ANALYSIS
  • 22729 Scotia Lane Moreno Valley, CA 2
    • 3 beds 2 baths ∙ 1,416 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,416 Sqft ∙ Built 1983
    • Rent
    • Rent Per SQFT
    •  
    • $1,740
    • $1.23
    •  
  • 23583 Whispering Winds Way Moreno Valley, CA 1
    • 3 beds 2 baths ∙ 1,308 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,308 Sqft ∙ Built 1984
    LEASED 10/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.22
    •  
  • 12859 Gerrard Street Moreno Valley, CA 3
    • 3 beds 2 baths ∙ 1,502 Sqft ∙ Built 1992 3 beds 2 baths ∙ 1,502 Sqft ∙ Built 1992
    LEASED 12/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.20
    •  
  • 22615 Sheffield Drive Moreno Valley, CA 4
    • 3 beds 2 baths ∙ 1,515 Sqft ∙ Built 1987 3 beds 2 baths ∙ 1,515 Sqft ∙ Built 1987
    LEASED 11/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,925
    • $1.27
    •  
  • 23343 Seafarer Way Moreno Valley, CA 5
    • 4 beds 3 baths ∙ 1,600 Sqft ∙ Built 1984 4 beds 3 baths ∙ 1,600 Sqft ∙ Built 1984
    LEASED 04/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.25
    •  
PROPERTY LISTING DETAILS
Jerry Noe
Keller Williams Riverside Cent
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV21039897
Last Updated: 02/27/2021
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