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24837 Newgarden Street Moreno Valley, CA 92551

4 Beds 3 Baths 2,790 sqft Built 1990

$450,000

List Price

$2,370

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

December 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1990
  • Price/Sqft : $161.29
  • 3 Days on Market
  • MLS # : IV20256100
  • Updated Date : 12/11/2020 at 16:56
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,790 sqft
  • Baths : 3 full
Listing Agent

Alticore Realty

Listing Agent's Description

FANTASTIC home centrally located a must see to appreciate, 4 bed 3 bath with a very nice pool everything you've been looking for, master bedroom with retreat one bedroom and one bathroom is downstairs, amazing kitchen with granite counter top come and bring your fussy buyer and they will fall in love with this beautiful home, solar panels will be transferred to new owners very low payment

SEE MORE

MARKET HIGHLIGHTS

  • 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.
  • 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)

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
 

$405,000$495,000$450,000

PURCHASE PRICE

$2,133$2,607$2,370

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,370
EXPENSES Loan Payment -$1,660
Property Tax -$453
Property Insurance -$95
Property Management Fees -$140
CASH FLOW
$22

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.

$450,000

PROJECTED PRICE

$2,370

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$125,000

INVESTMENT

$125,000

Down Payment
$112,500
Rehab Estimate
$5,750
Closing Costs
$6,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,660

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $112,500
Loan Amount $337,500
See What Happens When You Reinvest Cash Flow

5.83

YEARS SAVED

$35,592

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,370

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $2,372

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$2,195
1$2,1952$2,1953$2,3004$2,3705$2,375
$2,375
RENT COMPS ANALYSIS
  • 24837 Newgarden Street Moreno Valley, CA 4
    • 4 beds 3 baths ∙ 2,790 Sqft ∙ Built 1990 4 beds 3 baths ∙ 2,790 Sqft ∙ Built 1990
    • Rent
    • Rent Per SQFT
    •  
    • $2,370
    • $0.85
    •  
  • 25305 Courtney Drive Moreno Valley, CA 1
    • 4 beds 3 baths ∙ 2,960 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,960 Sqft ∙ Built 2004
    LEASED 10/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,195
    • $0.74
    •  
  • 25975 La Barca Road Moreno Valley, CA 2
    • 5 beds 3 baths ∙ 2,593 Sqft ∙ Built 1989 5 beds 3 baths ∙ 2,593 Sqft ∙ Built 1989
    LEASED 05/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,195
    • $0.85
    •  
  • 26330 Camino Largo Moreno Valley, CA 3
    • 4 beds 3 baths ∙ 2,570 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,570 Sqft ∙ Built 2004
    LEASED 08/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.89
    •  
  • 25924 Soaring Seagull Lane Moreno Valley, CA 5
    • 4 beds 3 baths ∙ 2,572 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,572 Sqft ∙ Built 2005
    LEASED 06/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,375
    • $0.92
    •  
PROPERTY LISTING DETAILS
Jorge Sanchez
Alticore Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV20256100
Last Updated: 12/11/2020
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