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283 Newell Drive Riverside, CA 92507

4 Beds 3 Baths 2,100 sqft Built 1985

INVESTimate

$497,500

List Price

$2,350

$2,115 - $2,585

Rent Est.

$545,011  ( +9.55%)   1 YR EST. FORECAST

PROPERTY INFO

August 22, 2020 RECENTLY ADDED
FACTS
  • Built In 1985
  • Price/Sqft : $236.90
  • 6 Days on Market
  • MLS # : IV20171664
  • Updated Date : 08/22/2020 at 13:15
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,100 sqft
  • Baths : 3 full
Listing Agent

Shepherd Realty Group

Listing Agent's Description

This home is nestled in the newer area of Canyon Crest Heights. Walking distance to UCR, STEM Academy, public schools, shopping, and dining. The home consists of four-bedroom and three FULL bathrooms! Downstairs has a large living room connected to the dining room which flows effortlessly into the kitchen. Have breakfast at the built-in bar. One bedroom and bath are located downstairs as well as garage access. Upstairs you will find three more bedrooms including the master that has two closets. The other two bedrooms share a jack-and-jill bathroom with double sinks. Newer flooring and carpeting throughout, freshly cleaned. The back yard has lots of vegetation and a raised platform where a hot tub could be installed. A dog run is installed along the side. HVAC system was replaced in 2018.

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: University of Riverside

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $121k484k

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

Neighborhood: University of Riverside

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2100011001200130014001500160017001800190020002100Rent in $9672101

* 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
Highland Elementary School Primary Regular 817 31 2
University Heights Middle School Middle Regular 824 36 4
John W. North High School High Regular 2,281 95 4

Highland Elementary School

  • Education Level: Primary
  • # of students: 817
  • # of teachers: 31
2
GreatSchools Rating

University Heights Middle School

  • Education Level: Middle
  • # of students: 824
  • # of teachers: 36
4
GreatSchools Rating

John W. North High School

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

$447,750$547,250$497,500

PURCHASE PRICE

$2,115$2,585$2,350

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$1.4M$1.6M$1.8M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,350
EXPENSES Loan Payment -$1,836
Property Tax -$481
Property Insurance -$78
Property Management Fees -$139
CASH FLOW
-$184

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.

$497,500

PROJECTED PRICE

$2,350

PROJECTED RENT

0.47%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 9.55%
Maintenance Year (1-5) 8.00%
Vacancy 5.43%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$137,588

INVESTMENT

$137,588

Down Payment
$124,375
Rehab Estimate
$5,750
Closing Costs
$7,463

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,836

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $124,375
Loan Amount $373,125
See What Happens When You Reinvest Cash Flow

3.92

YEARS SAVED

$21,631

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,350

    LIST RENT
  • $1.12

    LIST RENT PER SQFT
  • $2,478

    COMP ESTIMATED VALUE
  • $1.18

    COMP AVG. RENT PER SQFT
Comps Range
$2,350
1$2,3502$2,3953$2,6004$2,6005$2,790
$2,790
RENT COMPS ANALYSIS
  • 283 Newell Drive Riverside, 1
    • 4 beds 3 baths ∙ 2,100 Sqft ∙ Built 1985 4 beds 3 baths ∙ 2,100 Sqft ∙ Built 1985
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $1.12
    •  
  • 204 Celeste Drive Riverside, 2
    • 4 beds 3 baths ∙ 2,082 Sqft ∙ Built 1988 4 beds 3 baths ∙ 2,082 Sqft ∙ Built 1988
    LEASED 09/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $1.15
    •  
  • 4495 Mt Vernon Avenue Riverside, 3
    • 5 beds 3 baths ∙ 2,273 Sqft ∙ Built 1995 5 beds 3 baths ∙ 2,273 Sqft ∙ Built 1995
    LEASED 05/17/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.14
    •  
  • 5110 Pearblossom Drive Riverside, 4
    • 4 beds 2 baths ∙ 2,282 Sqft ∙ Built 1970 4 beds 2 baths ∙ 2,282 Sqft ∙ Built 1970
    LEASED 08/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.14
    •  
  • 805 Kentwood Drive Riverside, 5
    • 4 beds 3 baths ∙ 2,160 Sqft ∙ Built 1969 4 beds 3 baths ∙ 2,160 Sqft ∙ Built 1969
    LEASED 01/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,790
    • $1.29
    •  
PROPERTY LISTING DETAILS
Aaron Cohen
Shepherd Realty Group
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV20171664
Last Updated: 08/22/2020
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