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3242 Racine Drive Riverside, CA 92503

3 Beds 2 Baths 1,178 sqft Built 1976

$460,000

List Price

$1,880

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

November 21, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1976
  • Price/Sqft : $390.49
  • 3 Days on Market
  • MLS # : IV20243956
  • Updated Date : 11/20/2020 at 12:18
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,178 sqft
  • Baths : 2 full
Listing Agent

2k Real Estate

Listing Agent's Description

***HOT*** HOT*** Great home! Gorgeous! Ready for your family! right between La Sierra and Tyler and Indiana one of the most sought locations, few blocks from Tyler Mall, Shopping Centers, Metrolikn station, Bowling, you name it! Perfect location. The home is a pride of ownership 3 Bedrooms updated recently with nice and private back yard for your entertainment. Bring your fuzziest buyers will not be disappointing. But, hurry! this is one very few available in this area.

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MARKET HIGHLIGHTS

  • 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)
  • 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)

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 1,353 53 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: 1,353
  • # of teachers: 53
NA
GreatSchools Rating
 

$414,000$506,000$460,000

PURCHASE PRICE

$1,692$2,068$1,880

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,880
EXPENSES Loan Payment -$1,697
Property Tax -$463
Property Insurance -$56
Property Management Fees -$111
CASH FLOW
-$447

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.

$460,000

PROJECTED PRICE

$1,880

PROJECTED RENT

0.41%

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$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

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$1.6M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$127,650

INVESTMENT

$127,650

Down Payment
$115,000
Rehab Estimate
$5,750
Closing Costs
$6,900

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,697

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $115,000
Loan Amount $345,000
See What Happens When You Reinvest Cash Flow

1.33

YEARS SAVED

$3,365

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,880

    LIST RENT
  • $1.6

    LIST RENT PER SQFT
  • $1,743

    COMP ESTIMATED VALUE
  • $1.48

    COMP AVG. RENT PER SQFT
Comps Range
$1,880
1$1,8802$1,9003$2,095
$2,095
RENT COMPS ANALYSIS
  • 3242 Racine Drive Riverside, CA 1
    • 3 beds 2 baths ∙ 1,178 Sqft ∙ Built 1976 3 beds 2 baths ∙ 1,178 Sqft ∙ Built 1976
    • Rent
    • Rent Per SQFT
    •  
    • $1,880
    • $1.60
    •  
  • 11507 Rancho Del Oro Drive Riverside, CA 2
    • 3 beds 2 baths ∙ 1,232 Sqft ∙ Built 1987 3 beds 2 baths ∙ 1,232 Sqft ∙ Built 1987
    LEASED 01/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $1.54
    •  
  • 11460 Shugart Way Riverside, CA 3
    • 4 beds 2 baths ∙ 1,475 Sqft ∙ Built 1988 4 beds 2 baths ∙ 1,475 Sqft ∙ Built 1988
    LEASED 07/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $1.42
    •  
PROPERTY LISTING DETAILS
Felipe Olvera
2k Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV20243956
Last Updated: 11/20/2020
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