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24113 Fir Avenue Moreno Valley, CA 92553

3 Beds 2 Baths 1,240 sqft Built 1984

$229,950

List Price

$1,420

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

November 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1984
  • Price/Sqft : $185.44
  • 6 Days on Market
  • MLS # : AR20235918
  • Updated Date : 11/14/2020 at 10:12
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,240 sqft
  • Baths : 2 full
Listing Agent

J&a Real Estate & Investments

Listing Agent's Description

Receently remodeled unit. Some of the features include, remodeled kitchen which is newer cabinets, counter tops, stove, microwave, wine bar, faucet. Other features are laminate flooring, garage door opener, baseboards. Centrally located near shopping, fwy and public transportation.

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
Sunnymead Elementary School Primary Regular 833 31 2
Sunnymead Middle School Middle Regular 1,490 74 2
Moreno Valley High School High Regular 2,350 87 3

Sunnymead Elementary School

  • Education Level: Primary
  • # of students: 833
  • # of teachers: 31
2
GreatSchools Rating

Sunnymead Middle School

  • Education Level: Middle
  • # of students: 1,490
  • # of teachers: 74
2
GreatSchools Rating

Moreno Valley High School

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

$206,955$252,945$229,950

PURCHASE PRICE

$1,278$1,562$1,420

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,420
EXPENSES Loan Payment -$848
Property Tax -$245
Property Insurance -$57
HOA -$320
Property Management Fees -$99
CASH FLOW
-$150

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.

$229,950

PROJECTED PRICE

$1,420

PROJECTED RENT

0.62%

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$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$66,687

INVESTMENT

$66,687

Down Payment
$57,488
Rehab Estimate
$5,750
Closing Costs
$3,449

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$848

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $57,488
Loan Amount $172,463
See What Happens When You Reinvest Cash Flow

1.67

YEARS SAVED

$2,977

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,420

    LIST RENT
  • $1.15

    LIST RENT PER SQFT
  • $1,454

    COMP ESTIMATED VALUE
  • $1.17

    COMP AVG. RENT PER SQFT
Comps Range
$1,350
1$1,3502$1,4003$1,4204$1,6005$1,675
$1,675
RENT COMPS ANALYSIS
  • 24113 Fir Avenue Moreno Valley, CA 3
    • 3 beds 2 baths ∙ 1,240 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,240 Sqft ∙ Built 1984
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,420
    • $1.15
    •  
  • 12237 Orchid Lane Moreno Valley, CA 1
    • 3 beds 2 baths ∙ 1,152 Sqft ∙ Built 1975 3 beds 2 baths ∙ 1,152 Sqft ∙ Built 1975
    property image
    LEASED 07/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $1.17
    •  
  • 24065 Fir Avenue Moreno Valley, CA 2
    • 3 beds 2 baths ∙ 1,240 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,240 Sqft ∙ Built 1984
    property image
    LEASED 09/24/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $1.13
    •  
  • 23583 Whispering Winds Way Moreno Valley, CA 4
    • 3 beds 2 baths ∙ 1,308 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,308 Sqft ∙ Built 1984
    property image
    LEASED 10/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.22
    •  
  • 13224 Pavillion Court Moreno Valley, CA 5
    • 3 beds 2 baths ∙ 1,437 Sqft ∙ Built 1981 3 beds 2 baths ∙ 1,437 Sqft ∙ Built 1981
    property image
    LEASED 10/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $1.17
    •  
PROPERTY LISTING DETAILS
Gil Guzman
J&a Real Estate & Investments
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: AR20235918
Last Updated: 11/14/2020
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