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24682 Northern Dancer Drive Moreno Valley, CA 92551

4 Beds 2 Baths 1,395 sqft Built 1989

$385,000

List Price

$1,660

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

February 11, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1989
  • Price/Sqft : $275.99
  • 4 Days on Market
  • MLS # : IV21028909
  • Updated Date : 02/11/2021 at 12:24
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,395 sqft
  • Baths : 2 full
Listing Agent

Better Homes And Gardens Real Estate Champions

Listing Agent's Description

Welcome to this cozy 4Bd single-story home in Moreno Valley, one of the last affordable areas in Southern California. This upgraded home features 4 bedrooms, 2 baths and upgraded kitchens and bathrooms. Inside, you'll find a flowing, open floorplan that is spacious and well-appointed. The kitchen includes newer slow-close white cabinetry topped by quartz countertops. Each of the bathrooms has new vanities. Tile flooring runs throughout this home, for easy maintenance. The home has tons of lighting, with sizable windows throughout. Outside, you'll find two covered concrete patios, perfect for lounging, dining, entertaining or outdoor living. The back yard is walled to keep young ones or pets secure, and one side also has ample concrete for extra parking. The 2-car garage has a pull-through door, in case you have an extra vehicle, or maybe even a classic project. Shopping and services are nearby.

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
Rainbow Ridge Elementary School Primary Regular 818 33 5
March Middle School Middle Regular 777 32 3
Citrus Hill High School High Regular 2,370 90 5

Rainbow Ridge Elementary School

  • Education Level: Primary
  • # of students: 818
  • # of teachers: 33
5
GreatSchools Rating

March Middle School

  • Education Level: Middle
  • # of students: 777
  • # of teachers: 32
3
GreatSchools Rating

Citrus Hill High School

  • Education Level: High
  • # of students: 2,370
  • # of teachers: 90
5
GreatSchools Rating
 

$346,500$423,500$385,000

PURCHASE PRICE

$1,494$1,826$1,660

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,660
EXPENSES Loan Payment -$1,337
Property Tax -$388
Property Insurance -$61
Property Management Fees -$99
CASH FLOW
-$225

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.

$385,000

PROJECTED PRICE

$1,660

PROJECTED RENT

0.43%

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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$107,775

INVESTMENT

$107,775

Down Payment
$96,250
Rehab Estimate
$5,750
Closing Costs
$5,775

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,337

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $96,250
Loan Amount $288,750
See What Happens When You Reinvest Cash Flow

2.42

YEARS SAVED

$6,807

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,660

    LIST RENT
  • $1.19

    LIST RENT PER SQFT
  • $1,705

    COMP ESTIMATED VALUE
  • $1.22

    COMP AVG. RENT PER SQFT
Comps Range
$1,660
1$1,6602$1,7503$1,9004$1,9505$2,100
$2,100
RENT COMPS ANALYSIS
  • 24682 Northern Dancer Drive Moreno Valley, CA 1
    • 4 beds 2 baths ∙ 1,395 Sqft ∙ Built 1989 4 beds 2 baths ∙ 1,395 Sqft ∙ Built 1989
    • Rent
    • Rent Per SQFT
    •  
    • $1,660
    • $1.19
    •  
  • 25177 Slate Creek Drive Moreno Valley, CA 2
    • 3 beds 3 baths ∙ 1,443 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,443 Sqft ∙ Built 1988
    LEASED 12/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.21
    •  
  • 24807 Gatewood Street Moreno Valley, CA 3
    • 4 beds 2 baths ∙ 1,644 Sqft ∙ Built 1998 4 beds 2 baths ∙ 1,644 Sqft ∙ Built 1998
    LEASED 12/24/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $1.16
    •  
  • 16220 Starview Street Moreno Valley, CA 4
    • 3 beds 2 baths ∙ 1,514 Sqft ∙ Built 1990 3 beds 2 baths ∙ 1,514 Sqft ∙ Built 1990
    LEASED 08/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $1.29
    •  
  • 16369 Silverbirch Road Moreno Valley, CA 5
    • 3 beds 3 baths ∙ 1,711 Sqft ∙ Built 1987 3 beds 3 baths ∙ 1,711 Sqft ∙ Built 1987
    LEASED 02/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.23
    •  
PROPERTY LISTING DETAILS
Brian Bean
Better Homes And Gardens Real Estate Champions
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV21028909
Last Updated: 02/11/2021
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