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240 E Shady Grove Drive Riverside, CA 92507

4 Beds 2 Baths 1,512 sqft Built 1960

$479,000

List Price

$2,040

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

February 08, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1960
  • Price/Sqft : $316.80
  • 7 Days on Market
  • MLS # : IV21025629
  • Updated Date : 02/12/2021 at 18:10
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,512 sqft
  • Baths : 2 full
Listing Agent

Exp Realty Of California Inc

Listing Agent's Description

Beautiful University Heights Home located within walking distance from UCR This gem is at the end of a cul-de-sac boasts 1512 Sq. Ft. 4 Bedroom, 2 Bath, Large Living Room and Dining Room open to the Kitchen, also has an additional separate room with storage area that could be use as a bedroom. Sits on a large sized 9147 Sq. Ft. Lot on the end of a cul-de-sac To the rear of the property, there is protected undeveloped wilderness/wash area that carries into the hills and mountains great not only for the incredible views and no rear neighbors, but also for hiking and all the outdoor activities you can wish for. Walking distance to UCR campus, just minutes drive to entertainment and restaurants, less than a mile away from University Village which has the movie theaters and many restaurants of choice. Minutes away from Down Town Riverside where there is fine dining, Arts, and the Mission Inn. Where you also have the convenience of being about an hour away from the Beach, The Mountains, or the Desert! Its all about LOCATION, LOCATION , LOCATION! Great Home for a Family or a Great rental property! Call me to schedule your private viewing

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: Campus Estates

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $143k488k

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

Neighborhood: Campus Estates

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2100011001200130014001500160017001800190020002100Rent in $9672176

* 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
University Heights Middle School Middle Regular 824 36 4
John W. North High School High Regular 2,281 95 4
University Heights Middle School Middle Unknown NA

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

University Heights Middle School

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

$431,100$526,900$479,000

PURCHASE PRICE

$1,836$2,244$2,040

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,040
EXPENSES Loan Payment -$1,664
Property Tax -$464
Property Insurance -$64
Property Management Fees -$120
CASH FLOW
-$271

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.

$479,000

PROJECTED PRICE

$2,040

PROJECTED RENT

0.43%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 9.2%
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$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$132,685

INVESTMENT

$132,685

Down Payment
$119,750
Rehab Estimate
$5,750
Closing Costs
$7,185

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,664

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $119,750
Loan Amount $359,250
See What Happens When You Reinvest Cash Flow

2.58

YEARS SAVED

$9,919

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,040

    LIST RENT
  • $1.35

    LIST RENT PER SQFT
  • $2,234

    COMP ESTIMATED VALUE
  • $1.48

    COMP AVG. RENT PER SQFT
Comps Range
$2,040
1$2,0402$2,2003$2,2954$2,3005$2,400
$2,400
RENT COMPS ANALYSIS
  • 240 E Shady Grove Drive Riverside, CA 1
    • 4 beds 2 baths ∙ 1,512 Sqft ∙ Built 1960 4 beds 2 baths ∙ 1,512 Sqft ∙ Built 1960
    • Rent
    • Rent Per SQFT
    •  
    • $2,040
    • $1.35
    •  
  • 244 Spieth Way Riverside, CA 2
    • 3 beds 2 baths ∙ 1,510 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,510 Sqft ∙ Built 1957
    LEASED 06/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.46
    •  
  • 241 Green Oaks Drive Riverside, CA 3
    • 4 beds 2 baths ∙ 1,512 Sqft ∙ Built 1960 4 beds 2 baths ∙ 1,512 Sqft ∙ Built 1960
    LEASED 10/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $1.52
    •  
  • 155 E Blaine Street Riverside, CA 4
    • 4 beds 2 baths ∙ 1,515 Sqft ∙ Built 1959 4 beds 2 baths ∙ 1,515 Sqft ∙ Built 1959
    LEASED 08/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.52
    •  
  • 211 Green Oaks Drive Riverside, CA 5
    • 4 beds 2 baths ∙ 1,699 Sqft ∙ Built 1960 4 beds 2 baths ∙ 1,699 Sqft ∙ Built 1960
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.41
    •  
PROPERTY LISTING DETAILS
Letty Dooley
Exp Realty Of California Inc
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV21025629
Last Updated: 02/12/2021
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