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3055 Fairmount Boulevard Riverside, CA 92501

3 Beds 2 Baths 1,579 sqft Built 1911

$579,000

List Price

$2,250

$2K - $2.5K

Rent Est.

PROPERTY INFO

November 05, 2020 RECENTLY ADDED
FACTS
  • Built In 1911
  • Price/Sqft : $366.69
  • 4 Days on Market
  • MLS # : IV20204837
  • Updated Date : 11/05/2020 at 08:58
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,579 sqft
  • Baths : 2 full
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

Welcome to Downtown Riverside with all of the new and exciting attractions just a few blocks from your door! This perfectly located 1911 Craftsman Bungalow faces East and views of the Box Spring Mts can be enjoyed from your front porch. Upon entering the house, you’ll appreciate the hardwood floors, built-in bookcases, and fireplace in the large living room. In the dining room, the traditional craftsman wainscoting with plate and picture rails blend perfectly with the remodeled kitchen. Behind the kitchen is the laundry area, the pantry, and access to the backyard and patio. The house has two bedrooms and a full bath. The larger bedroom has french doors leading out to the peaceful side yard. The second bedroom overlooks the back patio and the lovely greenspace of the backyard. The patio is expansive and the garden is filled with plants to attract hummingbirds and butterflies. There are also mandarin, lime, plum, guava, fig, and pomegranate trees. Across the lawn is the newly built (2019) and fully permitted Accessory Dwelling Unit. The 400 sq.ft. ADU is a one-bedroom apartment complete with a kitchen, full bath, and washer/dryer. Use it as additional living space for yourself and family, guest retreat, work-from-home office, or rent it out for additional income. The ADU has a parking pad with alley access and a small yard. Enjoy nearby Downtown attractions like Food Lab, Fox Theatre, Tio’s Tacos, or the new library and beautiful Fairmount Park. Come enjoy downtown living!

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: Merryfield

NeighborhoodNIR Market*CityMarket2010Year20002019100k150k200k250k300k350k400k450kPrice in $98k484k

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

Neighborhood: Merryfield

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2800900100011001200130014001500160017001800190020002100Rent in $7872101

* 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
Bryant Elementary School Primary Regular 473 17 5
Bryant Elementary School Middle Regular 473 17 5
Poly High School High Regular 2,777 106 6

Bryant Elementary School

  • Education Level: Primary
  • # of students: 473
  • # of teachers: 17
5
GreatSchools Rating

Bryant Elementary School

  • Education Level: Middle
  • # of students: 473
  • # of teachers: 17
5
GreatSchools Rating

Poly High School

  • Education Level: High
  • # of students: 2,777
  • # of teachers: 106
6
GreatSchools Rating
 

$521,100$636,900$579,000

PURCHASE PRICE

$2,025$2,475$2,250

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,250
EXPENSES Loan Payment -$2,136
Property Tax -$564
Property Insurance -$65
Property Management Fees -$133
CASH FLOW
-$649

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.

$579,000

PROJECTED PRICE

$2,250

PROJECTED RENT

0.39%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 11.0%
Maintenance Year (1-5) 8.00%
Vacancy 5.43%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$500k$1.0M$1.5M$2.0M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$159,185

INVESTMENT

$159,185

Down Payment
$144,750
Rehab Estimate
$5,750
Closing Costs
$8,685

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$2,136

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $144,750
Loan Amount $434,250
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$1,907

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,250

    LIST RENT
  • $1.42

    LIST RENT PER SQFT
  • $2,363

    COMP ESTIMATED VALUE
  • $1.5

    COMP AVG. RENT PER SQFT
Comps Range
$1,850
1$1,8502$1,8953$2,2504$2,400
$2,400
RENT COMPS ANALYSIS
  • 3055 Fairmount Boulevard Riverside, CA 3
    • 3 beds 2 baths ∙ 1,579 Sqft ∙ Built 1911 3 beds 2 baths ∙ 1,579 Sqft ∙ Built 1911
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $1.42
    •  
  • 3294 Brockton Avenue Riverside, CA 1
    • 3 beds 2 baths ∙ 1,461 Sqft ∙ Built 1923 3 beds 2 baths ∙ 1,461 Sqft ∙ Built 1923
    property image
    LEASED 09/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.27
    •  
  • 3908 Ramona Drive Riverside, CA 2
    • 3 beds 2 baths ∙ 1,248 Sqft ∙ Built 1930 3 beds 2 baths ∙ 1,248 Sqft ∙ Built 1930
    property image
    LEASED 04/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $1.52
    •  
  • 2384 9th Street Riverside, CA 4
    • 3 beds 1 baths ∙ 1,408 Sqft ∙ Built 1913 3 beds 1 baths ∙ 1,408 Sqft ∙ Built 1913
    property image
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.70
    •  
PROPERTY LISTING DETAILS
Charlotte Mc Kenzie
Coldwell Banker Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV20204837
Last Updated: 11/05/2020
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