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233 W Blaine Street Riverside, CA 92507

4 Beds 2 Baths 2,573 sqft Built 1960

$725,000

List Price

$2,830

$2.6K - $3.1K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1960
  • Price/Sqft : $281.77
  • 16 Days on Market
  • MLS # : IV21003994
  • Updated Date : 01/20/2021 at 11:58
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,573 sqft
  • Baths : 1 full , 1 half
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

Welcome to paradise in Riverside! This classic custom Mid-Century, single-story, pool home will check every box for you. Completely updated in 2016, this home sits on a one-acre double lot which offers privacy and space. Nestled up against the Box Springs Mountains, you’ll feel as though you’re in a rural paradise as you enjoy spectacular views of the city of Riverside. You’ll love the welcoming front patio and entry with multiple succulent gardens. The interior features upscale flooring, two stone tile fireplaces, a gourmet kitchen, recessed lighting, and double pane windows. The sunken living room creates an open floor plan between the kitchen and living room, the epitome of a 1960’s Mid Century Design. Enjoy the California lifestyle of blending the outdoor patios to the kitchen and living room through two sliding doors making for a great entertainment space for family and friends. All of the bedrooms are spacious, with plenty of natural light coming in from large windows in each room. All bathrooms feature double vanities and upgraded counters and cabinets. As you head outside, take in the views and the relaxing patio areas surrounding the pool. The covered patio space is perfect for outdoor dining and there are multiple spaces to sit, including a pagoda which is perfectly situated for sunset viewing. An added bonus is your 220V electric vehicle plug-in in the garage. This home is energy efficient with a whole house fan a (2016) HVAC system, and a newer pool pump.

SEE MORE

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: University of Riverside

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $121k484k

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

Neighborhood: University of Riverside

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2100011001200130014001500160017001800190020002100Rent in $9672101

* 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
Highland Elementary School Primary Regular 817 31 2
University Heights Middle School Middle Regular 824 36 4
John W. North High School High Regular 2,281 95 4

Highland Elementary School

  • Education Level: Primary
  • # of students: 817
  • # of teachers: 31
2
GreatSchools Rating

University Heights Middle School

  • Education Level: Middle
  • # of students: 824
  • # of teachers: 36
4
GreatSchools Rating

John W. North High School

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

$652,500$797,500$725,000

PURCHASE PRICE

$2,547$3,113$2,830

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,830
EXPENSES Loan Payment -$2,518
Property Tax -$702
Property Insurance -$89
Property Management Fees -$167
CASH FLOW
-$646

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.

$725,000

PROJECTED PRICE

$2,830

PROJECTED RENT

0.39%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 9.6%
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$500k$1.0M$1.5M$2.0M$2.5M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$197,875

INVESTMENT

$197,875

Down Payment
$181,250
Rehab Estimate
$5,750
Closing Costs
$10,875

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$2,518

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $181,250
Loan Amount $543,750
See What Happens When You Reinvest Cash Flow

1.33

YEARS SAVED

$5,051

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,830

    LIST RENT
  • $1.1

    LIST RENT PER SQFT
  • $2,933

    COMP ESTIMATED VALUE
  • $1.14

    COMP AVG. RENT PER SQFT
Comps Range
$2,600
1$2,6002$2,830
$2,830
RENT COMPS ANALYSIS
  • 233 W Blaine Street Riverside, CA 2
    • 4 beds 2 baths ∙ 2,573 Sqft ∙ Built 1960 4 beds 2 baths ∙ 2,573 Sqft ∙ Built 1960
    • Rent
    • Rent Per SQFT
    •  
    • $2,830
    • $1.10
    •  
  • 5110 Pearblossom Drive Riverside, CA 1
    • 4 beds 2 baths ∙ 2,282 Sqft ∙ Built 1970 4 beds 2 baths ∙ 2,282 Sqft ∙ Built 1970
    LEASED 08/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.14
    •  
PROPERTY LISTING DETAILS
Charlotte Mc Kenzie
Coldwell Banker Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV21003994
Last Updated: 01/20/2021
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