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357 8th Street Norco, CA 92860

4 Beds 2 Baths 1,985 sqft Built 1969

$630,000

List Price

$2,770

$2.5K - $3K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1969
  • Price/Sqft : $317.38
  • 22 Days on Market
  • MLS # : IV20262207
  • Updated Date : 01/16/2021 at 21:59
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,985 sqft
  • Baths : 2 full
Listing Agent

Modern Dwellings

Listing Agent's Description

Check out this beautiful 4 bedroom house. This house sits on 0.51 acres and offers 1,985 square feet of living space.This is a super cute and cozy home that has a lot to offer. Most of the home has brand new vinyl flooring that is water and pet proof. There are 27 solar panels that will be paid off when the close of escrow occurs. This home is very updated and has been owned with pride and is well taken care of. Attached to the home is a nice two car garage. In the backyard you will find plenty of space for your horses , cars , and rvs. There is a 4 stall mare motel in the backyard with an arena behind it. This is a very nice home and has a lot to offer to the new owner. Ingalls Park Equestrian Center, Hidden Valley Wildlife Preserve and the best horseback riding trails are all close by. You must see this property to appreciate its, but act fast because it will not last long.

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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: Norco Farms

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $143k643k

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

Neighborhood: Norco Farms

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q212001400160018002000220024002600Rent in $10822630

* 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
Riverview Elementary School Primary Regular 319 12 5
Norco Intermediate School Middle Regular 751 31 7
John F. Kennedy Middle College High School High Magnet 646 22 7

Riverview Elementary School

  • Education Level: Primary
  • # of students: 319
  • # of teachers: 12
5
GreatSchools Rating

Norco Intermediate School

  • Education Level: Middle
  • # of students: 751
  • # of teachers: 31
7
GreatSchools Rating

John F. Kennedy Middle College High School

  • Education Level: High
  • # of students: 646
  • # of teachers: 22
7
GreatSchools Rating
 

$567,000$693,000$630,000

PURCHASE PRICE

$2,493$3,047$2,770

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,770
EXPENSES Loan Payment -$2,188
Property Tax -$586
Property Insurance -$75
Property Management Fees -$163
CASH FLOW
-$243

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.

$630,000

PROJECTED PRICE

$2,770

PROJECTED RENT

0.44%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 7.6%
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-$5.0k$0.0$5.0k$10k$15k$20k

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$172,700

INVESTMENT

$172,700

Down Payment
$157,500
Rehab Estimate
$5,750
Closing Costs
$9,450

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,188

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $157,500
Loan Amount $472,500
See What Happens When You Reinvest Cash Flow

3.58

YEARS SAVED

$20,902

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,770

    LIST RENT
  • $1.4

    LIST RENT PER SQFT
  • $2,958

    COMP ESTIMATED VALUE
  • $1.49

    COMP AVG. RENT PER SQFT
Comps Range
$2,450
1$2,4502$2,6503$2,7004$2,770
$2,770
RENT COMPS ANALYSIS
  • 357 8th Street Norco, CA 4
    • 4 beds 2 baths ∙ 1,985 Sqft ∙ Built 1969 4 beds 2 baths ∙ 1,985 Sqft ∙ Built 1969
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,770
    • $1.40
    •  
  • 1020 Carriage Drive Norco, CA 1
    • 3 beds 2 baths ∙ 1,740 Sqft ∙ Built 1967 3 beds 2 baths ∙ 1,740 Sqft ∙ Built 1967
    property image
    LEASED 08/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $1.41
    •  
  • 11289 Mercury Court Jurupa Valley, CA 2
    • 4 beds 2 baths ∙ 1,749 Sqft ∙ Built 1976 4 beds 2 baths ∙ 1,749 Sqft ∙ Built 1976
    property image
    LEASED 07/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $1.52
    •  
  • 283 8th Street Norco, CA 3
    • 3 beds 3 baths ∙ 1,754 Sqft ∙ Built 1971 3 beds 3 baths ∙ 1,754 Sqft ∙ Built 1971
    property image
    LEASED 03/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.54
    •  
PROPERTY LISTING DETAILS
Ricky Hallam
Modern Dwellings
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV20262207
Last Updated: 01/16/2021
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