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26089 Iris Avenue #A Moreno Valley, CA 92555

3 Beds 3 Baths 1,651 sqft Built 2006

$315,000

List Price

$1,700

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

November 13, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $190.79
  • 3 Days on Market
  • MLS # : 219053034PS
  • Updated Date : 11/13/2020 at 11:07
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,651 sqft
  • Baths : 3 full
Listing Agent

I Heart Real Estate, Inc.

Listing Agent's Description

Desirable Corner Lot Condo with a Lake View. This home features 3 bedrooms, 2.5 baths with 1651 sqft of living space, wood laminate and tile flooring throughout. Upon Entry is an open floor plan leading to large kitchen nicely upgraded with granite counter tops, nice size pantry and plenty of cabinet space. Located in one of the most desirable locations of Iris Landing in the beautiful community of Rancho Belago! Close to shopping and the 60 freeway, Lovey association with many amenities that include: pool, jaccuzi, work out room, club house, volley ball, playground and lastly the view of the lake with fishing and paddle boats.

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
Victoriano Elementary School Primary Regular 735 26 7
Vista Verde Middle School Middle Regular 932 39 4
Rancho Verde High School High Regular 3,262 122 5

Victoriano Elementary School

  • Education Level: Primary
  • # of students: 735
  • # of teachers: 26
7
GreatSchools Rating

Vista Verde Middle School

  • Education Level: Middle
  • # of students: 932
  • # of teachers: 39
4
GreatSchools Rating

Rancho Verde High School

  • Education Level: High
  • # of students: 3,262
  • # of teachers: 122
5
GreatSchools Rating
 

$283,500$346,500$315,000

PURCHASE PRICE

$1,530$1,870$1,700

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,700
EXPENSES Loan Payment -$1,162
Property Tax -$337
Property Insurance -$67
HOA -$375
Property Management Fees -$100
CASH FLOW
-$341

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.

$315,000

PROJECTED PRICE

$1,700

PROJECTED RENT

0.54%

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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$89,225

INVESTMENT

$89,225

Down Payment
$78,750
Rehab Estimate
$5,750
Closing Costs
$4,725

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$1,162

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $78,750
Loan Amount $236,250
See What Happens When You Reinvest Cash Flow

0.33

YEARS SAVED

$307

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,700

    LIST RENT
  • $1.03

    LIST RENT PER SQFT
  • $1,820

    COMP ESTIMATED VALUE
  • $1.1

    COMP AVG. RENT PER SQFT
Comps Range
$1,700
1$1,7002$1,7953$1,8254$1,9755$2,100
$2,100
RENT COMPS ANALYSIS
  • 26089 Iris Avenue Moreno Valley, CA 1
    • 3 beds 3 baths ∙ 1,651 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,651 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.03
    •  
  • 16490 Heather Glen Road Moreno Valley, CA 2
    • 3 beds 3 baths ∙ 1,711 Sqft ∙ Built 1989 3 beds 3 baths ∙ 1,711 Sqft ∙ Built 1989
    LEASED 03/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $1.05
    •  
  • 15605 Lasselle Street Moreno Valley, CA 3
    • 3 beds 3 baths ∙ 1,599 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,599 Sqft ∙ Built 2007
    LEASED 09/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,825
    • $1.14
    •  
  • 16430 Zocalo Place Moreno Valley, CA 4
    • 4 beds 3 baths ∙ 1,901 Sqft ∙ Built 1996 4 beds 3 baths ∙ 1,901 Sqft ∙ Built 1996
    LEASED 04/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,975
    • $1.04
    •  
  • 26541 Thoroughbred Lane Moreno Valley, CA 5
    • 4 beds 2 baths ∙ 1,777 Sqft ∙ Built 2003 4 beds 2 baths ∙ 1,777 Sqft ∙ Built 2003
    LEASED 05/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.18
    •  
PROPERTY LISTING DETAILS
Julio Axel Alatriste
I Heart Real Estate, Inc.
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 219053034PS
Last Updated: 11/13/2020
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