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24824 Lorna Drive Moreno Valley, CA 92553

4 Beds 2 Baths 1,522 sqft Built 1984

$389,000

List Price

$1,620

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

October 29, 2020 RECENTLY ADDED
FACTS
  • Built In 1984
  • Price/Sqft : $255.58
  • 6 Days on Market
  • MLS # : IV20228309
  • Updated Date : 10/31/2020 at 13:24
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,522 sqft
  • Baths : 2 full
Listing Agent

Realty Masters & Associates

Listing Agent's Description

AMAZING 4 bed 2 full bath PROFESSIONALLY REMODELLED HOME! The OPEN KITCHEN boasts ALL NEW Kenmore stainless steel appliances, QUARTZ COUNTERS, NEW LIGHTING, FLOORS and CABINETS. FRESH PAINT, NEW DOORS, NEW FLOORS, BASEBOARDS and VINYL WINDOWS are ALL key features. The LARGE LOW MAINTAINENCE BACKYARD with its PATIO and NEWLY INSTALLED FIRE-PIT suits perfectly for entertaining. Plenty of space for your RV or BOAT. Close to SHOPPING and FREEWAY. HURRY come see for yourself!!

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
Chaparral Hills Elementary School Primary Regular 769 28 2
Badger Springs Middle School Middle Regular 1,147 56 1
Vista Del Lago High School High Regular 2,189 87 4

Chaparral Hills Elementary School

  • Education Level: Primary
  • # of students: 769
  • # of teachers: 28
2
GreatSchools Rating

Badger Springs Middle School

  • Education Level: Middle
  • # of students: 1,147
  • # of teachers: 56
1
GreatSchools Rating

Vista Del Lago High School

  • Education Level: High
  • # of students: 2,189
  • # of teachers: 87
4
GreatSchools Rating
 

$350,100$427,900$389,000

PURCHASE PRICE

$1,458$1,782$1,620

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,620
EXPENSES Loan Payment -$1,435
Property Tax -$398
Property Insurance -$64
Property Management Fees -$99
CASH FLOW
-$376

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.

$389,000

PROJECTED PRICE

$1,620

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

PROJECTED ANNUAL CASH FLOW

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

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$108,835

INVESTMENT

$108,835

Down Payment
$97,250
Rehab Estimate
$5,750
Closing Costs
$5,835

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,435

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $97,250
Loan Amount $291,750
See What Happens When You Reinvest Cash Flow

1.17

YEARS SAVED

$2,477

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,620

    LIST RENT
  • $1.06

    LIST RENT PER SQFT
  • $1,743

    COMP ESTIMATED VALUE
  • $1.15

    COMP AVG. RENT PER SQFT
Comps Range
$1,620
1$1,6202$1,6753$1,6954$1,8005$1,950
$1,950
RENT COMPS ANALYSIS
  • 24824 Lorna Drive Moreno Valley, CA 1
    • 4 beds 2 baths ∙ 1,522 Sqft ∙ Built 1984 4 beds 2 baths ∙ 1,522 Sqft ∙ Built 1984
    • Rent
    • Rent Per SQFT
    •  
    • $1,620
    • $1.06
    •  
  • 24311 Brodiaea Avenue Moreno Valley, CA 2
    • 4 beds 2 baths ∙ 1,524 Sqft ∙ Built 1978 4 beds 2 baths ∙ 1,524 Sqft ∙ Built 1978
    LEASED 06/12/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $1.10
    •  
  • 14813 Briana Street Moreno Valley, CA 3
    • 3 beds 3 baths ∙ 1,417 Sqft ∙ Built 1985 3 beds 3 baths ∙ 1,417 Sqft ∙ Built 1985
    LEASED 04/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $1.20
    •  
  • 14537 Cholla Drive Moreno Valley, CA 4
    • 3 beds 2 baths ∙ 1,680 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,680 Sqft ∙ Built 1980
    LEASED 12/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.07
    •  
  • 14522 Parkwood Court Moreno Valley, CA 5
    • 4 beds 2 baths ∙ 1,608 Sqft ∙ Built 1986 4 beds 2 baths ∙ 1,608 Sqft ∙ Built 1986
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $1.21
    •  
PROPERTY LISTING DETAILS
Jim Pena
Realty Masters & Associates
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV20228309
Last Updated: 10/31/2020
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