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291 Mont Martre Avenue Riverside, CA 92501

4 Beds 2 Baths 1,441 sqft Built 1960

$389,900

List Price

$2,170

$2K - $2.4K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 25, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1960
  • Price/Sqft : $270.58
  • 5 Days on Market
  • MLS # : SW21038774
  • Updated Date : 02/25/2021 at 12:28
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,441 sqft
  • Baths : 2 full
Listing Agent

Corcoran Global Living

Listing Agent's Description

Welcome to this Beautiful Single Story, 4 bedroom, 2 bath, Highly Upgraded, TURN-KEY home Nestled on a Corner Lot in Prime Location! This 4 bedroom home features an Open Floor Plan & Low Maintenance Yard with Views of the Mountains and City with LOW TAXES/ NO HOA!! Walking through the Entry you’re greeted by Tile Flooring throughout & a spacious Living Room w/ Fireplace and Dining space! The Kitchen Features Gorgeous White Cabinetry and counters, crown molding and updated can lighting! This Home boasts 4 Large Bedrooms and 2 baths. The Expansive Backyard features a Pool Sized Lot, Wrap around Concrete, Covered patio with lighting, Grass, gated privacy along with Views of the City & Mountains! NO HOA, LOW TAXES and Prime location with views make this home a rare find, don’t miss out!

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: 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
University Heights Middle School Middle Regular 824 36 4
John W. North High School High Regular 2,281 95 4
University Heights Middle School Middle Unknown NA

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

University Heights Middle School

  • Education Level: Middle
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$350,910$428,890$389,900

PURCHASE PRICE

$1,953$2,387$2,170

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,170
EXPENSES Loan Payment -$1,354
Property Tax -$369
Property Insurance -$62
Property Management Fees -$128
CASH FLOW
$257

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.

$389,900

PROJECTED PRICE

$2,170

PROJECTED RENT

0.56%

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$1.4M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

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$109,074

INVESTMENT

$109,074

Down Payment
$97,475
Rehab Estimate
$5,750
Closing Costs
$5,849

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$1,354

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $97,475
Loan Amount $292,425
See What Happens When You Reinvest Cash Flow

9.25

YEARS SAVED

$50,082

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,170

    LIST RENT
  • $1.51

    LIST RENT PER SQFT
  • $2,125

    COMP ESTIMATED VALUE
  • $1.48

    COMP AVG. RENT PER SQFT
Comps Range
$1,725
1$1,7252$1,8503$1,8504$2,0005$2,170
$2,170
RENT COMPS ANALYSIS
  • 291 Mont Martre Avenue Riverside, CA 5
    • 4 beds 2 baths ∙ 1,441 Sqft ∙ Built 1960 4 beds 2 baths ∙ 1,441 Sqft ∙ Built 1960
    • Rent
    • Rent Per SQFT
    •  
    • $2,170
    • $1.51
    •  
  • 1005 Clark Riverside, CA 1
    • 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 2
    • 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 3
    • 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 4
    • 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
Garrett Brookman
Corcoran Global Living
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SW21038774
Last Updated: 02/25/2021
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