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280 Versailles Place Riverside, CA 92501

3 Beds 2 Baths 1,088 sqft Built 1960

$380,900

List Price

$1,600

$1.4K - $1.8K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1960
  • Price/Sqft : $350.09
  • 25 Days on Market
  • MLS # : SW21003299
  • Updated Date : 01/26/2021 at 17:53
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,088 sqft
  • Baths : 2 full
Listing Agent

Allison James Estates & Homes

Listing Agent's Description

Cute Mid-Century modern on quite cul de sac.3 bedroom, 2 bath. Newly painted exterior and interior. New roof. Home has new energy efficent windows Kitchen has granite countertops. Fireplace in living room, new laminate floors. Refurbished bathrooms. Large spacious bedrooms with ceiling fans, carpeted. 2 car garage and driveway, RV parking. Back yard has spacious covered patio. Enjoy the green grass and fruit trees (orange, grapefruit, lemon) and flower bed. Shed for gardening tools in backyard. Home located near shopping, restaurants, hospitals, malls, parks and easy freeway access.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: Riverside Riviera

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $101k484k

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

Neighborhood: Riverside Riviera

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2900100011001200130014001500160017001800190020002100Rent in $8212101

* 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
 

$342,810$418,990$380,900

PURCHASE PRICE

$1,440$1,760$1,600

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,600
EXPENSES Loan Payment -$1,323
Property Tax -$360
Property Insurance -$54
Property Management Fees -$99
CASH FLOW
-$236

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.

$380,900

PROJECTED PRICE

$1,600

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 7.6%
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

PROJECTED ANNUAL CASH FLOW

11530-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$106,689

INVESTMENT

$106,689

Down Payment
$95,225
Rehab Estimate
$5,750
Closing Costs
$5,714

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,323

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $95,225
Loan Amount $285,675
See What Happens When You Reinvest Cash Flow

2.33

YEARS SAVED

$6,443

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,600

    LIST RENT
  • $1.47

    LIST RENT PER SQFT
  • $1,605

    COMP ESTIMATED VALUE
  • $1.48

    COMP AVG. RENT PER SQFT
Comps Range
$1,600
1$1,6002$1,7253$1,8504$1,8505$2,000
$2,000
RENT COMPS ANALYSIS
  • 280 Versailles Place Riverside, CA 1
    • 3 beds 2 baths ∙ 1,088 Sqft ∙ Built 1960 3 beds 2 baths ∙ 1,088 Sqft ∙ Built 1960
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.47
    •  
  • 1005 Clark Riverside, CA 2
    • 3 beds 3 baths ∙ 1,196 Sqft ∙ Built 1978 3 beds 3 baths ∙ 1,196 Sqft ∙ Built 1978
    LEASED 08/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $1.44
    •  
  • 3473 Columbia Avenue Riverside, CA 3
    • 3 beds 2 baths ∙ 1,150 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,150 Sqft ∙ Built 1971
    LEASED 09/12/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.61
    •  
  • 3481 Columbia Avenue Riverside, CA 4
    • 4 beds 1 baths ∙ 1,352 Sqft ∙ Built 1972 4 beds 1 baths ∙ 1,352 Sqft ∙ Built 1972
    LEASED 06/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.37
    •  
  • 1244 N Orange Street Riverside, CA 5
    • 3 beds 3 baths ∙ 1,350 Sqft ∙ Built 1944 3 beds 3 baths ∙ 1,350 Sqft ∙ Built 1944
    LEASED 09/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.48
    •  
PROPERTY LISTING DETAILS
Janet Carballo
Allison James Estates & Homes
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SW21003299
Last Updated: 01/26/2021
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