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3205 Virgie Court Riverside, CA 92508

3 Beds 3 Baths 1,728 sqft Built 1997

INVESTimate

$449,900

List Price

$2,000

$1,800 - $2,200

Rent Est.

$480,943  ( +6.90%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 1997
  • Price/Sqft : $260.36
  • 14 Days on Market
  • MLS # : CV20164621
  • Updated Date : 08/19/2020 at 08:57
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,728 sqft
  • Baths : 2 full , 1 half
Listing Agent

Realty Masters & Associates

Listing Agent's Description

Welcome to California Stonegate, a gated community in the highly desirable Mission Grove area of Riverside. Come visit this beautiful 2 story, 3 bedroom, 2.5 bath home.! MOVE IN READY and VERY WELL MAINTAINED! This home is boasting an impressive 1,728 square feet, full 2 car garage, unique San Francisco style entry, open kitchen, upgraded counter tops, stone back-splash and lots of cabinetry throughout! This home also features stone tile floors in the bathrooms and kitchen, wood throughout living and other walkway areas, and soft brown carpet in the bedrooms. Upstairs, you have a large master suite which includes a spacious bathroom with sliding glass door and tub. The Master en-suite includes a spacious walk-in closet connected by the bathroom. Two bedrooms accommodate this home in the bottom level of the house. . A newly upgraded bathroom sits between the two room.This split level setup is perfect for entertaining friends and family. The upstairs family room includes a cozy fireplace which opens to both kitchen and dining area! The backyard is a large blank canvas. This home has tons of upgrades, the seller did not spare no expense; the remodeling on kitchen and bathrooms was well over the price of 20k. The property is just around the corner from the local gym,grocery,community playground, tennis courts, and is easily accessible from the 215 FWY. RUN, Don't walk this property will go fast!

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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: Mission Grove

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $144k603k

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

Neighborhood: Mission Grove

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q210001200140016001800200022002400Rent in $9672496

* 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
Kennedy Elementary School Primary Regular 1,090 40 7
Earhart Middle School Middle Regular 959 37 8
Martin Luther King High School High Regular 3,324 124 9

Kennedy Elementary School

  • Education Level: Primary
  • # of students: 1,090
  • # of teachers: 40
7
GreatSchools Rating

Earhart Middle School

  • Education Level: Middle
  • # of students: 959
  • # of teachers: 37
8
GreatSchools Rating

Martin Luther King High School

  • Education Level: High
  • # of students: 3,324
  • # of teachers: 124
9
GreatSchools Rating
 

$404,910$494,890$449,900

PURCHASE PRICE

$1,800$2,200$2,000

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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,000
EXPENSES Loan Payment -$1,660
Property Tax -$452
Property Insurance -$69
HOA -$90
Property Management Fees -$118
CASH FLOW
-$389

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.

$449,900

PROJECTED PRICE

$2,000

PROJECTED RENT

0.44%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 6.90%
Maintenance Year (1-5) 8.00%
Vacancy 5.35%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$124,974

INVESTMENT

$124,974

Down Payment
$112,475
Rehab Estimate
$5,750
Closing Costs
$6,749

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,660

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $112,475
Loan Amount $337,425
See What Happens When You Reinvest Cash Flow

1.5

YEARS SAVED

$4,696

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,000

    LIST RENT
  • $1.16

    LIST RENT PER SQFT
  • $2,182

    COMP ESTIMATED VALUE
  • $1.26

    COMP AVG. RENT PER SQFT
Comps Range
$2,000
1$2,0002$2,1503$2,2004$2,2505$2,400
$2,400
RENT COMPS ANALYSIS
  • 3205 Virgie Court Riverside, 1
    • 3 beds 3 baths ∙ 1,728 Sqft ∙ Built 1997 3 beds 3 baths ∙ 1,728 Sqft ∙ Built 1997
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.16
    •  
  • 7641 Botany Bay Road Riverside, 2
    • 3 beds 3 baths ∙ 1,728 Sqft ∙ Built 1997 3 beds 3 baths ∙ 1,728 Sqft ∙ Built 1997
    property image
    LEASED 09/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $1.24
    •  
  • 19156 Vintage Woods Drive Riverside, 3
    • 4 beds 3 baths ∙ 1,834 Sqft ∙ Built 1993 4 beds 3 baths ∙ 1,834 Sqft ∙ Built 1993
    property image
    LEASED 04/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.20
    •  
  • 4260 Sydney Harbour Drive Riverside, 4
    • 3 beds 3 baths ∙ 1,728 Sqft ∙ Built 1997 3 beds 3 baths ∙ 1,728 Sqft ∙ Built 1997
    property image
    LEASED 09/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $1.30
    •  
  • 19281 Foxtail Lane Riverside, 5
    • 4 beds 3 baths ∙ 1,834 Sqft ∙ Built 1995 4 beds 3 baths ∙ 1,834 Sqft ∙ Built 1995
    property image
    LEASED 06/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.31
    •  
PROPERTY LISTING DETAILS
Reynaldo Salter
Realty Masters & Associates
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV20164621
Last Updated: 08/19/2020
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