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24832 Newgarden Street Moreno Valley, CA 92551

4 Beds 3 Baths 2,300 sqft Built 1990

$410,000

List Price

$2,190

$2K - $2.4K

Rent Est.

PROPERTY INFO

January 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1990
  • Price/Sqft : $178.26
  • 6 Days on Market
  • MLS # : PW21002296
  • Updated Date : 01/06/2021 at 08:08
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,300 sqft
  • Baths : 3 full
Listing Agent

Exp Realty Of California Inc

Listing Agent's Description

Fantastic 3bedroom 3bathroom Home With A Bonus Room. This Beautiful Home Is Located In A Desirable Area Of Moreno Valley. As you Drive Up To The Curbside You Will Notice The Well Manicured Lawn And Warm Appeal. The Three Car Garage Offers Plenty For A Growing Family Or Recreational Vehicles. As You Enter This Home You Will Be Pleasantly Greeted To A Large Open Floor Plan With High Ceilings. The Sweeping Great Room Offers A Formal Dinning Area, Double Side Fire Place With Plenty Of Room For Family And Friends. Upon Entering The kitchen You Will Notice The Granite Counter Tops With Plenty Of Cabinet Space, View Of the Back Yard And Room To Store Your Spices In The Walk-In Pantry. The Family Room Is A Great Place To Entertain As You Have Access To The Kitchen With Bar Countertop Seating. Once Your Done For The Day You Can Relax In The Master Suite And Enjoy The Soaker Tub. The Two Additional Rooms Are A Nice Size With Plenty of Closet Space With One Room Having A Private Full Bathroom. The Bonus Room Is Used As An Office But Can Be Turned Back To A Bedroom. Hurry This Property Will Not last!!!

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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
 

$369,000$451,000$410,000

PURCHASE PRICE

$1,971$2,409$2,190

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,190
EXPENSES Loan Payment -$1,424
Property Tax -$413
Property Insurance -$83
Property Management Fees -$129
CASH FLOW
$141

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.

$410,000

PROJECTED PRICE

$2,190

PROJECTED RENT

0.53%

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$1.6M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

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$114,400

INVESTMENT

$114,400

Down Payment
$102,500
Rehab Estimate
$5,750
Closing Costs
$6,150

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% 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 $102,500
Loan Amount $307,500
See What Happens When You Reinvest Cash Flow

7.42

YEARS SAVED

$38,418

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,190

    LIST RENT
  • $0.95

    LIST RENT PER SQFT
  • $2,197

    COMP ESTIMATED VALUE
  • $0.96

    COMP AVG. RENT PER SQFT
Comps Range
$2,180
1$2,1802$2,1903$2,2954$2,3755$2,450
$2,450
RENT COMPS ANALYSIS
  • 24832 Newgarden Street Moreno Valley, CA 2
    • 4 beds 3 baths ∙ 2,300 Sqft ∙ Built 1990 4 beds 3 baths ∙ 2,300 Sqft ∙ Built 1990
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,190
    • $0.95
    •  
  • 26301 Casa Encantador Road Moreno Valley, CA 1
    • 4 beds 3 baths ∙ 2,257 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,257 Sqft ∙ Built 2004
    property image
    LEASED 05/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,180
    • $0.97
    •  
  • 25961 Soaring Seagull Lane Moreno Valley, CA 3
    • 4 beds 3 baths ∙ 2,319 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,319 Sqft ∙ Built 2005
    property image
    LEASED 08/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $0.99
    •  
  • 25924 Soaring Seagull Lane Moreno Valley, CA 4
    • 4 beds 3 baths ∙ 2,572 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,572 Sqft ∙ Built 2005
    property image
    LEASED 06/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,375
    • $0.92
    •  
  • 26250 Stallion Road Moreno Valley, CA 5
    • 5 beds 3 baths ∙ 2,605 Sqft ∙ Built 2004 5 beds 3 baths ∙ 2,605 Sqft ∙ Built 2004
    property image
    LEASED 02/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $0.94
    •  
PROPERTY LISTING DETAILS
Yolanda Kelly Williams
Exp Realty Of California Inc
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21002296
Last Updated: 01/06/2021
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