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3541 Mckinley Street Riverside, CA 92506

3 Beds 2 Baths 1,194 sqft Built 1948

$386,000

List Price

$1,730

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

November 20, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1948
  • Price/Sqft : $323.28
  • 3 Days on Market
  • MLS # : 20662210
  • Updated Date : 11/20/2020 at 14:23
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,194 sqft
  • Baths : 2 full
Listing Agent

Rr Realty & Investments

Listing Agent's Description

Don't miss this wonderful opportunity to buy a lovely home in Riverside. Why rent when you can own? Why buy a condo, when you can buy a gorgeous home on a quiet street with a HUGE back yard? This home features three large bedrooms, hardwood and tile flooring, with a laundry area. The porch is perfect for relaxing with a cup of coffee, waving at the neighbors, and enjoying your new home. The water heater is newer, and the garage has a new roof. Sellers installed a water softener with reverse osmosis system. The patio is perfect for entertaining guests, and the spacious back yard oasis offers endless possibilities. Tidy and ready for move in, this home has it all. It is located close to transportation, schools, hospitals, and much more.

SEE MORE

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: Magnolia Center

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $118k484k

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

Neighborhood: Magnolia Center

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2900100011001200130014001500160017001800190020002100Rent in $8742101

* 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
Madison Elementary School Primary Regular 718 28 6
Madison Elementary School Middle Regular 718 28 6
Ramona High School High Magnet 2,160 85 4

Madison Elementary School

  • Education Level: Primary
  • # of students: 718
  • # of teachers: 28
6
GreatSchools Rating

Madison Elementary School

  • Education Level: Middle
  • # of students: 718
  • # of teachers: 28
6
GreatSchools Rating

Ramona High School

  • Education Level: High
  • # of students: 2,160
  • # of teachers: 85
4
GreatSchools Rating
 

$347,400$424,600$386,000

PURCHASE PRICE

$1,557$1,903$1,730

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,730
EXPENSES Loan Payment -$1,424
Property Tax -$374
Property Insurance -$56
Property Management Fees -$102
CASH FLOW
-$226

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.

$386,000

PROJECTED PRICE

$1,730

PROJECTED RENT

0.45%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 11.7%
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

PROJECTED ANNUAL CASH FLOW

11530-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$108,040

INVESTMENT

$108,040

Down Payment
$96,500
Rehab Estimate
$5,750
Closing Costs
$5,790

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,424

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $96,500
Loan Amount $289,500
See What Happens When You Reinvest Cash Flow

2.83

YEARS SAVED

$10,251

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,730

    LIST RENT
  • $1.45

    LIST RENT PER SQFT
  • $1,725

    COMP ESTIMATED VALUE
  • $1.44

    COMP AVG. RENT PER SQFT
Comps Range
$1,730
1$1,7302$1,7503$1,8504$1,9505$2,145
$2,145
RENT COMPS ANALYSIS
  • 3541 Mckinley Street Riverside, CA 1
    • 3 beds 2 baths ∙ 1,194 Sqft ∙ Built 1948 3 beds 2 baths ∙ 1,194 Sqft ∙ Built 1948
    • Rent
    • Rent Per SQFT
    •  
    • $1,730
    • $1.45
    •  
  • 3096 Bautista Street Riverside, CA 2
    • 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
    •  
  • 3626 Lillian Street Riverside, CA 3
    • 3 beds 2 baths ∙ 1,260 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,260 Sqft ∙ Built 1958
    LEASED 08/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.47
    •  
  • 4770 Gardena Drive Riverside, CA 4
    • 3 beds 2 baths ∙ 1,376 Sqft ∙ Built 1965 3 beds 2 baths ∙ 1,376 Sqft ∙ Built 1965
    LEASED 01/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $1.42
    •  
  • 2835 Iron Hills Way Riverside, CA 5
    • 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
    •  
PROPERTY LISTING DETAILS
Richard Rede
Rr Realty & Investments
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 20662210
Last Updated: 11/20/2020
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