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3058 Mcharg Road Riverside, CA 92503

4 Beds 3 Baths 1,945 sqft Built 1978

$595,000

List Price

$2,230

$2K - $2.5K

Rent Est.

PROPERTY INFO

February 07, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1978
  • Price/Sqft : $305.91
  • 5 Days on Market
  • MLS # : IV21022767
  • Updated Date : 02/06/2021 at 14:34
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,945 sqft
  • Baths : 2 full , 1 half
Listing Agent

1% Listing Fee

Listing Agent's Description

EXCELLENT RESIDENTIAL CUL-DE-SAC NEIGHBORHOOD IN THE DESIRABLE COMMUNITY OF LA SIERRA . . . . Open & expansive floor plan features Great Room with plenty of natural light that is excellent for family gathering & entertaining . . . . COMPLETELY REMODELED HOME & IN EXCELLENT CONDITION . . . . New soft close kitchen cabinets, quartz counter tops, & stainless steel appliances . . . . LARGE QUARTZ ISLAND BREAKFAST BAR . . New windows, kitchen cabinets, recessed lighting, upgraded wood-like porcelain tile flooring in living area & in all three baths, NEW CARPET THROUGHOUT HOME , & much more . . . . ALL THE BATHS HAVE BEEN UPGRADED . . . . Upstairs features 4 bedrooms & 2 full baths . . . . Master Suite has new closet doors . . master bath has dual sink quartz vanity & upgraded porcelain tile flooring . . . . The backyard features new alumna wood covered patio & designer cement patio throughout entire backyard & ARTIFICIAL TURF. . . . Plenty of room for swimming pool . . . . LOW, LOW, TAX RATE . . . . New A/C-Heating system, new garage door, & new front door . . . . Easy to view . . . . Call to schedule your showing today . . . .

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: La Sierra South

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500kPrice in $143k518k

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

Neighborhood: La Sierra South

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2100011001200130014001500160017001800190020002100Rent in $9542106

* 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
Orrenmaa Elementary School Primary Regular 596 23 4
Arizona Middle School Middle Regular 1,111 42 4
Hillcrest High School High Unknown NA

Orrenmaa Elementary School

  • Education Level: Primary
  • # of students: 596
  • # of teachers: 23
4
GreatSchools Rating

Arizona Middle School

  • Education Level: Middle
  • # of students: 1,111
  • # of teachers: 42
4
GreatSchools Rating

Hillcrest High School

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

$535,500$654,500$595,000

PURCHASE PRICE

$2,007$2,453$2,230

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,230
EXPENSES Loan Payment -$2,067
Property Tax -$599
Property Insurance -$74
Property Management Fees -$132
CASH FLOW
-$642

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.

$595,000

PROJECTED PRICE

$2,230

PROJECTED RENT

0.37%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 11.2%
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$163,425

INVESTMENT

$163,425

Down Payment
$148,750
Rehab Estimate
$5,750
Closing Costs
$8,925

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,067

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $148,750
Loan Amount $446,250
See What Happens When You Reinvest Cash Flow

0.58

YEARS SAVED

$1,278

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,230

    LIST RENT
  • $1.15

    LIST RENT PER SQFT
  • $2,422

    COMP ESTIMATED VALUE
  • $1.25

    COMP AVG. RENT PER SQFT
Comps Range
$2,230
1$2,2302$2,2953$2,4504$2,6505$2,750
$2,750
RENT COMPS ANALYSIS
  • 3058 Mcharg Road Riverside, CA 1
    • 4 beds 3 baths ∙ 1,945 Sqft ∙ Built 1978 4 beds 3 baths ∙ 1,945 Sqft ∙ Built 1978
    • Rent
    • Rent Per SQFT
    •  
    • $2,230
    • $1.15
    •  
  • 3465 Pickwick Street Riverside, CA 2
    • 4 beds 1 baths ∙ 1,826 Sqft ∙ Built 1969 4 beds 1 baths ∙ 1,826 Sqft ∙ Built 1969
    LEASED 05/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $1.26
    •  
  • 11541 Victoria Avenue Riverside, CA 3
    • 3 beds 2 baths ∙ 2,125 Sqft ∙ Built 1989 3 beds 2 baths ∙ 2,125 Sqft ∙ Built 1989
    LEASED 01/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $1.15
    •  
  • 16220 Stonehill Court Riverside, CA 4
    • 4 beds 3 baths ∙ 2,175 Sqft ∙ Built 1990 4 beds 3 baths ∙ 2,175 Sqft ∙ Built 1990
    LEASED 08/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $1.22
    •  
  • 10955 Cleveland Avenue Riverside, CA 5
    • 3 beds 2 baths ∙ 2,038 Sqft ∙ Built 1986 3 beds 2 baths ∙ 2,038 Sqft ∙ Built 1986
    LEASED 12/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $1.35
    •  
PROPERTY LISTING DETAILS
Oscar Garcia
1% Listing Fee
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV21022767
Last Updated: 02/06/2021
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