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23378 Harland Drive Moreno Valley, CA 92557

3 Beds 2 Baths 1,438 sqft Built 1984

$409,900

List Price

$1,720

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

January 31, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1984
  • Price/Sqft : $285.05
  • 2 Days on Market
  • MLS # : IG21020015
  • Updated Date : 01/30/2021 at 14:27
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,438 sqft
  • Baths : 2 full
Listing Agent

Re/max Platinum Realty

Listing Agent's Description

This home has it all! 3 bed 2 bath + bonus room that can be used as 4th bedroom, office, or artist's studio. Enter through double doors into your spacious living room with cozy fireplace. The Kitchen has Brazillian granite countertops, recessed lightning & elegant light fixtures. Tile floor from kitchen to hallway that leads to the bedrooms. Newer dual pane windows all around the house for energy efficiency. All bedrooms have remote-controlled ceiling fans. Master bedroom has walk-in closet with organizers. Master bathroom has dual sink vanity & tub/shower. 2nd bedroom has mirrored closet doors & the 3rd bedroom has direct access to side yard & to the 2nd full bathroom in the hallway. The 4th room -AKA bonus room- has tile flooring as well. 2 car garage with roll up garage door & keypad entry. Walk out your living room slider to your fully covered patio w/ skylight and ceiling fan great for entertainment. Front Yard & backyard beautifully landscaped with drought tolerant plants to minimize water usage and maintenance work. Fire pit & storage shed in backyard. Multiple sitting areas in the backyard, patio, & front yard to relax and enjoy different moments of day and night and of course for all the gatherings and entertainments. Mature fruit trees (Orange and plum), a cute little lime tree and a dwarf lemon tree along with many iceberg roses, geraniums, aloe vera, and many different other roses. Attic has an auto fan for hot summer afternoons. All you need to do is move in!

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: 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
Vista Heights Middle School Middle Regular 1,414 51 5
Canyon Springs High School High Regular 2,488 96 5
Vista Heights Middle School Middle Unknown NA

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

Vista Heights Middle School

  • Education Level: Middle
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$368,910$450,890$409,900

PURCHASE PRICE

$1,548$1,892$1,720

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,720
EXPENSES Loan Payment -$1,424
Property Tax -$411
Property Insurance -$62
Property Management Fees -$101
CASH FLOW
-$278

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.

$409,900

PROJECTED PRICE

$1,720

PROJECTED RENT

0.42%

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$1.4M

PROJECTED ANNUAL CASH FLOW

11530-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

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$114,374

INVESTMENT

$114,374

Down Payment
$102,475
Rehab Estimate
$5,750
Closing Costs
$6,149

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,424

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $102,475
Loan Amount $307,425
See What Happens When You Reinvest Cash Flow

2

YEARS SAVED

$5,426

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,720

    LIST RENT
  • $1.2

    LIST RENT PER SQFT
  • $1,744

    COMP ESTIMATED VALUE
  • $1.21

    COMP AVG. RENT PER SQFT
Comps Range
$1,500
1$1,5002$1,7003$1,7204$1,8005$2,000
$2,000
RENT COMPS ANALYSIS
  • 23378 Harland Drive Moreno Valley, CA 3
    • 3 beds 2 baths ∙ 1,438 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,438 Sqft ∙ Built 1984
    • Rent
    • Rent Per SQFT
    •  
    • $1,720
    • $1.20
    •  
  • 11369 Weinhart Court Moreno Valley, CA 1
    • 3 beds 3 baths ∙ 1,309 Sqft ∙ Built 1987 3 beds 3 baths ∙ 1,309 Sqft ∙ Built 1987
    LEASED 05/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.15
    •  
  • 23725 Parkland Ave Moreno Valley, CA 2
    • 3 beds 4 baths ∙ 1,474 Sqft ∙ Built 1986 3 beds 4 baths ∙ 1,474 Sqft ∙ Built 1986
    LEASED 05/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.15
    •  
  • 23757 Swan Street Moreno Valley, CA 4
    • 3 beds 2 baths ∙ 1,383 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,383 Sqft ∙ Built 1988
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.30
    •  
  • 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
Dan Locascio
Re/max Platinum Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IG21020015
Last Updated: 01/30/2021
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