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274 Chickadee Circle Riverside, CA 92507

3 Beds 2 Baths 1,344 sqft Built 1988

INVESTimate

$434,900

List Price

$1,790

$1,611 - $1,969

Rent Est.

$460,255  ( +5.83%)   1 YR EST. FORECAST

PROPERTY INFO

August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 1988
  • Price/Sqft : $323.59
  • 6 Days on Market
  • MLS # : EV20170840
  • Updated Date : 08/25/2020 at 12:53
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,344 sqft
  • Baths : 2 full
Listing Agent

Berkshire Hathaway Homeservices California Realty

Listing Agent's Description

Wow! Excellent Location - close to the 215 fwy , Grand Terrace, Colton, and Loma Linda! This Bright and Airy 3 Bedroom, 2 Bath, well maintained Highgrove Neighborhood Home, sits on an almost 1/2 acre corner lot at the end of a Cul De Sac. Inside you'll find High Ceilings, new carpeting, and an abundance of natural light from the newly installed, energy efficient windows and sliding glass doors. The Living Room, Kitchen, and Dining Area flow together nicely - making it an ideal space for entertaining and gathering with family and friends. The kitchen, which overlooks the back yard, has newer can lighting, plenty of counter space to prepare your favorite meals, and an abundance of cabinets for all your storage needs. On the other side of the house, you'll find the 3 Bedrooms and 2 Bathrooms. The Master Bedroom has high ceilings, newer pergo flooring, and a new sliding glass door to let the outdoors in or to easily access the back yard and patio. The other bedrooms face the front of the house and have new windows and carpet. The Guest bath has been beautifully updated with a modern tile shower, and newer vanity and lighting. The backyard is like a relaxing oasis with an assortment of plants and trees, some being drought tolerant and native to the area ( many were planted to attract Humming Birds and Butterflies as well ). Enjoy the Spectacular view sprinkled with houses, trees, and hills during the Day - and the serene Nighttime sky in the Evening.

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: Highgrove

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $116k484k

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

Neighborhood: Highgrove

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q21000110012001300140015001600170018001900200021002200Rent in $9112237

* 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
Highgrove Elementary School Primary Regular 669 26 4
Highgrove Elementary School Middle Regular 669 26 4
John W. North High School High Regular 2,281 95 4

Highgrove Elementary School

  • Education Level: Primary
  • # of students: 669
  • # of teachers: 26
4
GreatSchools Rating

Highgrove Elementary School

  • Education Level: Middle
  • # of students: 669
  • # of teachers: 26
4
GreatSchools Rating

John W. North High School

  • Education Level: High
  • # of students: 2,281
  • # of teachers: 95
4
GreatSchools Rating
 

$391,410$478,390$434,900

PURCHASE PRICE

$1,611$1,969$1,790

RENT

DOWN PAYMENT
FINANCING

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,790
EXPENSES Loan Payment -$1,605
Property Tax -$425
Property Insurance -$60
Property Management Fees -$106
CASH FLOW
-$405

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.

$434,900

PROJECTED PRICE

$1,790

PROJECTED RENT

0.41%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 5.83%
Maintenance Year (1-5) 8.00%
Vacancy 5.41%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$120,999

INVESTMENT

$120,999

Down Payment
$108,725
Rehab Estimate
$5,750
Closing Costs
$6,524

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,605

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $108,725
Loan Amount $326,175
See What Happens When You Reinvest Cash Flow

1.33

YEARS SAVED

$3,377

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,790

    LIST RENT
  • $1.33

    LIST RENT PER SQFT
  • $1,808

    COMP ESTIMATED VALUE
  • $1.35

    COMP AVG. RENT PER SQFT
Comps Range
$1,790
1$1,7902$1,9953$1,9954$2,0005$2,100
$2,100
RENT COMPS ANALYSIS
  • 274 Chickadee Circle Riverside, 1
    • 3 beds 2 baths ∙ 1,344 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,344 Sqft ∙ Built 1988
    • Rent
    • Rent Per SQFT
    •  
    • $1,790
    • $1.33
    •  
  • 12804 Reed Avenue Grand Terrace, 2
    • 4 beds 2 baths ∙ 1,490 Sqft ∙ Built 1976 4 beds 2 baths ∙ 1,490 Sqft ∙ Built 1976
    LEASED 03/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $1.34
    •  
  • 22361 Tanager Street Grand Terrace, 3
    • 4 beds 2 baths ∙ 1,424 Sqft ∙ Built 1978 4 beds 2 baths ∙ 1,424 Sqft ∙ Built 1978
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $1.40
    •  
  • 12543 Vivienda Avenue Grand Terrace, 4
    • 3 beds 2 baths ∙ 1,525 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,525 Sqft ∙ Built 2004
    LEASED 02/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.31
    •  
  • 22780 Robin Way Grand Terrace, 5
    • 3 beds 3 baths ∙ 1,581 Sqft ∙ Built 1989 3 beds 3 baths ∙ 1,581 Sqft ∙ Built 1989
    LEASED 07/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.33
    •  
PROPERTY LISTING DETAILS
Crystal Ritchey
Berkshire Hathaway Homeservices California Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: EV20170840
Last Updated: 08/25/2020
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