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2662 Groveland Street Riverside, CA 92503

3 Beds 2 Baths 2,042 sqft Built 1987

$625,000

List Price

$2,310

$2.1K - $2.5K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1987
  • Price/Sqft : $306.07
  • 17 Days on Market
  • MLS # : IV21004069
  • Updated Date : 01/20/2021 at 15:42
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,042 sqft
  • Baths : 2 full
Listing Agent

Power Of 2 Realty

Listing Agent's Description

Huge Lot single story home in Coveted Neighborhood of La Sierra South off the Victoria Corridor. This home has been lovingly maintained and is ready for its next owners. With a manicured Orange trees and Landscaping this place is sure to impress. With RV Parking and three car garage there is plenty of room for all your toys and still more room for a pool. Hurry on over because this gem is sure to go fast!

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: La Sierra South

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500kPrice in $143k518k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: La Sierra South

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2100011001200130014001500160017001800190020002100Rent in $9542106

* 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
Lake Hills Elementary School Primary Regular 832 32 9
Arizona Middle School Middle Regular 1,111 42 4
Hillcrest High School High Unknown 1,353 53 NA

Lake Hills Elementary School

  • Education Level: Primary
  • # of students: 832
  • # of teachers: 32
9
GreatSchools Rating

Arizona Middle School

  • Education Level: Middle
  • # of students: 1,111
  • # of teachers: 42
4
GreatSchools Rating

Hillcrest High School

  • Education Level: High
  • # of students: 1,353
  • # of teachers: 53
NA
GreatSchools Rating
 

$562,500$687,500$625,000

PURCHASE PRICE

$2,079$2,541$2,310

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,310
EXPENSES Loan Payment -$2,171
Property Tax -$619
Property Insurance -$77
Property Management Fees -$136
CASH FLOW
-$692

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.

$625,000

PROJECTED PRICE

$2,310

PROJECTED RENT

0.37%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 11.2%
Maintenance Year (1-5) 8.00%
Vacancy 5.43%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$500k$1.0M$1.5M$2.0M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$171,375

INVESTMENT

$171,375

Down Payment
$156,250
Rehab Estimate
$5,750
Closing Costs
$9,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$2,171

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $156,250
Loan Amount $468,750
See What Happens When You Reinvest Cash Flow

0.5

YEARS SAVED

$1,085

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,310

    LIST RENT
  • $1.13

    LIST RENT PER SQFT
  • $2,542

    COMP ESTIMATED VALUE
  • $1.24

    COMP AVG. RENT PER SQFT
Comps Range
$2,295
1$2,2952$2,3103$2,4504$2,6505$2,750
$2,750
RENT COMPS ANALYSIS
  • 2662 Groveland Street Riverside, CA 2
    • 3 beds 2 baths ∙ 2,042 Sqft ∙ Built 1987 3 beds 2 baths ∙ 2,042 Sqft ∙ Built 1987
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,310
    • $1.13
    •  
  • 3465 Pickwick Street Riverside, CA 1
    • 4 beds 1 baths ∙ 1,826 Sqft ∙ Built 1969 4 beds 1 baths ∙ 1,826 Sqft ∙ Built 1969
    property image
    LEASED 05/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $1.26
    •  
  • 11541 Victoria Avenue Riverside, CA 3
    • 3 beds 2 baths ∙ 2,125 Sqft ∙ Built 1989 3 beds 2 baths ∙ 2,125 Sqft ∙ Built 1989
    property image
    LEASED 01/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $1.15
    •  
  • 16220 Stonehill Court Riverside, CA 4
    • 4 beds 3 baths ∙ 2,175 Sqft ∙ Built 1990 4 beds 3 baths ∙ 2,175 Sqft ∙ Built 1990
    property image
    LEASED 08/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $1.22
    •  
  • 10955 Cleveland Avenue Riverside, CA 5
    • 3 beds 2 baths ∙ 2,038 Sqft ∙ Built 1986 3 beds 2 baths ∙ 2,038 Sqft ∙ Built 1986
    property image
    LEASED 12/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $1.35
    •  
PROPERTY LISTING DETAILS
Jared Jones
Power Of 2 Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV21004069
Last Updated: 01/20/2021
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