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PROPERTY INFO
FACTS
- Single Family
- Built In 1954
- Price/Sqft : $329.37
- 3 Days on Market
- MLS # : IV21026923
- Updated Date : 02/12/2021 at 16:52
CONSTRUCTION
- Beds : 3
- Floor Size : 1,515 sqft
- Baths : 2 full
Listing Agent
Redfin
Listing Agent's Description
Meticulously maintained single-level, three bedroom home located in the highly desirable area of Riverside is ready for its new owners. Wood –like tile floors, new carpeting and new paint compliment the highly livable floor plan. The kitchen has been updated and features maple cabinets with a toffee finish, newer durable countertops, and separate eating area with plenty of natural lighting, great for entertaining. There is a mud room off the kitchen leading to the backyard. The spacious living room features a light-catching glass slider moving to the backyard. The patio has a ceiling fan, and relaxing private spa. Enjoy the spa after a long day with your favorite beverage. The owner’s suite features plush carpet, ceiling fan, ample closet space and an en-suite bathroom. Two of the secondary bedrooms are spacious with ample closet space. One bedroom is being used as a home office for owners who would like to work remotely from home. The secondary bathroom has been updated and features new cabinetry, granite countertops and bath/ shower combo. Other amenities include, attached garage, RV parking and amazing front curb appeal. This home is near Poly high school district, shopping, dining, entertainment and freeway access, this home is an ideal choice.
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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: Sun Gold Terrace
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Sun Gold Terrace
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $2,260 |
| EXPENSES | Loan Payment | -$1,733 |
| Property Tax | -$483 | |
| Property Insurance | -$64 | |
| Property Management Fees | -$133 | |
|
CASH FLOW
-$153
|
||
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.
$499,000
PROJECTED PRICE
$2,260
PROJECTED RENT
0.45%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 3.96% |
| Appreciation Year (1-5) | 8.9% |
| Maintenance Year (1-5) | 8.00% |
| Vacancy | 5.43% |
| Length of Stay Years | 2 |
PROJECTED ACCUMULATED WEALTH
30 YEAR PROJECTION
- Cash Flow
- Appreciation
- Principal
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
TOTAL CASH OUT OF POCKET
INVESTMENT
$137,985
LOAN DETAILS
$1,733
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 3.75% |
| Down Payment | $124,750 |
| Loan Amount | $374,250 |
4.08
YEARS SAVED
$19,047
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$2,260
LIST RENT -
$1.49
LIST RENT PER SQFT
-
$2,219
COMP ESTIMATED VALUE -
$1.47
COMP AVG. RENT PER SQFT
Comps Range
-
3019 Cheyenne Road Riverside, CA 3
- 4 beds 2 baths ∙ 1,515 Sqft ∙ Built 1954 4 beds 2 baths ∙ 1,515 Sqft ∙ Built 1954
- Rent
- Rent Per SQFT
- $2,260
- $1.49
-
3096 Bautista Street Riverside, CA 1
- 3 beds 1 baths ∙ 1,200 Sqft ∙ Built 1952 3 beds 1 baths ∙ 1,200 Sqft ∙ Built 1952
LEASED 08/22/19- Rent
- Rent Per SQFT
- $1,750
- $1.46
-
2835 Iron Hills Way Riverside, CA 2
- 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1954 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1954
LEASED 03/31/20- Rent
- Rent Per SQFT
- $2,145
- $1.43
-
3031 Horace Street Riverside, CA 4
- 3 beds 2 baths ∙ 1,563 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,563 Sqft ∙ Built 1955
LEASED 01/12/21- Rent
- Rent Per SQFT
- $2,300
- $1.47
-
3524 Carlsbad Way Riverside, CA 5
- 3 beds 2 baths ∙ 1,665 Sqft ∙ Built 1952 3 beds 2 baths ∙ 1,665 Sqft ∙ Built 1952
LEASED 05/28/20- Rent
- Rent Per SQFT
- $2,500
- $1.50
PROPERTY LISTING DETAILS
Redfin
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: IV21026923
Last Updated: 02/12/2021
