Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

35983 Covington Drive Riverside, CA 92595

4 Beds 3 Baths 2,315 sqft Built 2004

$630,000

List Price

$2,370

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

January 09, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2004
  • Price/Sqft : $272.14
  • 3 Days on Market
  • MLS # : PW21004979
  • Updated Date : 01/08/2021 at 21:01
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,315 sqft
  • Baths : 2 full , 1 half
Listing Agent

Access Coastal Realty

Listing Agent's Description

Welcome to this gorgeous one story pool home with the RV parking you've been looking for! This spacious home features 4 bedrooms and three bathrooms as well as a formal dining room, formal living room, large kitchen/family room with a sliding door to the backyard patio and pool area, laundry room and three car garage. The owner's have recently updated the kitchen with an oversized island featuring a particularly beautiful granite choice and sink/faucet hardware. The newer appliances in the kitchen, large counters and overall design invite you to explore your culinary prowess. This home is the perfect venue for entertaining family and friends or relaxing in your own private retreat after a long day. Enjoy Southern California's gorgeous weather and access to the coast, mountains and nearby outdoor shopping centers and upscale restaurants.

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: Wildomar

ZipNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500kPrice in $143k529k

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

Neighborhood: Wildomar

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q21100120013001400150016001700180019002000210022002300Rent in $10782398

* 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
Ronald Reagan Elementary School Primary Regular 709 30 4
David A. Brown Middle School Middle Regular 1,010 41 4
Elsinore High School High Regular 2,125 90 5

Ronald Reagan Elementary School

  • Education Level: Primary
  • # of students: 709
  • # of teachers: 30
4
GreatSchools Rating

David A. Brown Middle School

  • Education Level: Middle
  • # of students: 1,010
  • # of teachers: 41
4
GreatSchools Rating

Elsinore High School

  • Education Level: High
  • # of students: 2,125
  • # of teachers: 90
5
GreatSchools Rating
 

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

PURCHASE PRICE

$2,133$2,607$2,370

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,370
EXPENSES Loan Payment -$2,188
Property Tax -$565
Property Insurance -$83
HOA -$99
Property Management Fees -$140
CASH FLOW
-$705

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

$2,370

PROJECTED RENT

0.38%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 7.5%
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$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 65% 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

0.33

YEARS SAVED

$900

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,370

    LIST RENT
  • $1.02

    LIST RENT PER SQFT
  • $2,431

    COMP ESTIMATED VALUE
  • $1.05

    COMP AVG. RENT PER SQFT
Comps Range
$2,370
1$2,3702$2,4003$2,5004$2,5005$2,500
$2,500
RENT COMPS ANALYSIS
  • 35983 Covington Drive Riverside, CA 1
    • 4 beds 3 baths ∙ 2,315 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,315 Sqft ∙ Built 2004
    • Rent
    • Rent Per SQFT
    •  
    • $2,370
    • $1.02
    •  
  • 35505 Country Park Drive Lake Elsinore, CA 2
    • 4 beds 3 baths ∙ 2,288 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,288 Sqft ∙ Built 2002
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.05
    •  
  • 40463 Jennings Drive Murrieta, CA 3
    • 4 beds 3 baths ∙ 2,492 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,492 Sqft ∙ Built 2003
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.00
    •  
  • 40918 Bouvier Court Murrieta, CA 4
    • 4 beds 2 baths ∙ 2,274 Sqft ∙ Built 2002 4 beds 2 baths ∙ 2,274 Sqft ∙ Built 2002
    LEASED 02/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.10
    •  
  • 23792 Castinette Way Murrieta, CA 5
    • 5 beds 3 baths ∙ 2,378 Sqft ∙ Built 1989 5 beds 3 baths ∙ 2,378 Sqft ∙ Built 1989
    LEASED 07/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.05
    •  
PROPERTY LISTING DETAILS
Shelley Hanks
Access Coastal Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21004979
Last Updated: 01/08/2021
BESbswy