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23220 Bay Avenue Moreno Valley, CA 92553

3 Beds 2 Baths 1,174 sqft Built 1984

INVESTimate

$335,000

List Price

$1,670

$1,503 - $1,837

Rent Est.

$365,586  ( +9.13%)   1 YR EST. FORECAST

PROPERTY INFO

August 25, 2020 RECENTLY ADDED
FACTS
  • Built In 1984
  • Price/Sqft : $285.35
  • 3 Days on Market
  • MLS # : IV20173198
  • Updated Date : 08/24/2020 at 18:06
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,174 sqft
  • Baths : 2 full
Listing Agent

Berkshire Hathaway Homeservices California Realty

Listing Agent's Description

LOCATION! LOCATION! check out this beautiful single-story Moreno Valley home, located on a corner lot with 3 bedroom, a bonus room, 2 full bathroom, Great open floor plan, huge backyard and front yard perfect for entertaining, oversized two car garage, RV parking.

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
Sunnymeadows Elementary School Primary Regular 655 24 4
Badger Springs Middle School Middle Regular 1,147 56 1
Moreno Valley High School High Regular 2,350 87 3

Sunnymeadows Elementary School

  • Education Level: Primary
  • # of students: 655
  • # of teachers: 24
4
GreatSchools Rating

Badger Springs Middle School

  • Education Level: Middle
  • # of students: 1,147
  • # of teachers: 56
1
GreatSchools Rating

Moreno Valley High School

  • Education Level: High
  • # of students: 2,350
  • # of teachers: 87
3
GreatSchools Rating
 

$301,500$368,500$335,000

PURCHASE PRICE

$1,503$1,837$1,670

RENT

DOWN PAYMENT
FINANCING

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,670
EXPENSES Loan Payment -$1,236
Property Tax -$344
Property Insurance -$56
Property Management Fees -$99
CASH FLOW
-$65

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.

$335,000

PROJECTED PRICE

$1,670

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 9.13%
Maintenance Year (1-5) 8.00%
Vacancy 5.41%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$94,525

INVESTMENT

$94,525

Down Payment
$83,750
Rehab Estimate
$5,750
Closing Costs
$5,025

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,236

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $83,750
Loan Amount $251,250
See What Happens When You Reinvest Cash Flow

4.5

YEARS SAVED

$18,167

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,670

    LIST RENT
  • $1.42

    LIST RENT PER SQFT
  • $1,456

    COMP ESTIMATED VALUE
  • $1.24

    COMP AVG. RENT PER SQFT
Comps Range
$1,650
1$1,6502$1,6703$1,7504$1,8005$1,850
$1,850
RENT COMPS ANALYSIS
  • 23220 Bay Avenue Moreno Valley, 2
    • 3 beds 2 baths ∙ 1,174 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,174 Sqft ∙ Built 1984
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,670
    • $1.42
    •  
  • 13686 Rundell Drive Moreno Valley, 1
    • 3 beds 2 baths ∙ 1,301 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,301 Sqft ∙ Built 1979
    property image
    LEASED 11/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.27
    •  
  • 12510 Andretti Street Moreno Valley, 3
    • 3 beds 2 baths ∙ 1,460 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,460 Sqft ∙ Built 1983
    property image
    LEASED 07/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.20
    •  
  • 12859 Gerrard Street Moreno Valley, 4
    • 3 beds 2 baths ∙ 1,502 Sqft ∙ Built 1992 3 beds 2 baths ∙ 1,502 Sqft ∙ Built 1992
    property image
    LEASED 12/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.20
    •  
  • 13447 Glorybower Street Moreno Valley, 5
    • 3 beds 2 baths ∙ 1,432 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,432 Sqft ∙ Built 2003
    property image
    LEASED 10/28/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.29
    •  
PROPERTY LISTING DETAILS
Nahida Azad
Berkshire Hathaway Homeservices California Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV20173198
Last Updated: 08/24/2020
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