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

3650 Bandini Avenue Riverside, CA 92506

3 Beds 2 Baths 1,431 sqft Built 1937

$569,000

List Price

$2,080

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
FACTS
  • Single Family
  • Built In 1937
  • Price/Sqft : $397.62
  • 15 Days on Market
  • MLS # : OC21140980
  • Updated Date : 07/09/2021 at 04:10
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,431 sqft
  • Baths : 1 full , 1 half
Listing Agent

Kairos Real Estate Partners

Listing Agent's Description

Location, Location, Location... This home is located in The Wood Streets neighborhood, nestled in the heart of Riverside. The design of the Woods neighborhood reflects a very traditional historic atmosphere. The craftmanship of this home projects an inviting curb appeal, and lively character. As you enter this beautiful three bedrooms and one and a half bath home through the enclosed front porch you will immediately appreciate its charm. The oversized backyard is perfectly sized to entertain family and friends for BBQs, birthdays etc; its spacious garage is awaiting to be converted into an accessory dwelling unit (ADU) that can generate great passive income. This is a great opportunity to own a piece of historic real estate in the City of Riverside. This home is within close proximity of Riverside Plaza and freeways.

SEE MORE

MARKET HIGHLIGHTS

  • 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.
  • 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)

PRICE & RENT TRENDS

Neighborhood: Linwood Place

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550kPrice in $139k584k

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

Neighborhood: Linwood Place

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q210001200140016001800200022002400Rent in $8782496

* 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
Central Middle School Middle Regular 713 31 3
Poly High School High Regular 2,777 106 6
Central Middle School Middle Unknown NA

Central Middle School

  • Education Level: Middle
  • # of students: 713
  • # of teachers: 31
3
GreatSchools Rating

Poly High School

  • Education Level: High
  • # of students: 2,777
  • # of teachers: 106
6
GreatSchools Rating

Central Middle School

  • Education Level: Middle
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$512,100$625,900$569,000

PURCHASE PRICE

$1,872$2,288$2,080

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,080
EXPENSES Loan Payment -$1,976
Property Tax -$554
Property Insurance -$62
Property Management Fees -$123
CASH FLOW
-$635

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.

$569,000

PROJECTED PRICE

$2,080

PROJECTED RENT

0.37%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 8.0%
Maintenance Year (1-5) 8.00%
Vacancy 5.35%
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$1.8M

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$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$156,535

INVESTMENT

$156,535

Down Payment
$142,250
Rehab Estimate
$5,750
Closing Costs
$8,535

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$1,976

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $142,250
Loan Amount $426,750
See What Happens When You Reinvest Cash Flow

0.5

YEARS SAVED

$937

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,080

    LIST RENT
  • $1.45

    LIST RENT PER SQFT
  • $1,827

    COMP ESTIMATED VALUE
  • $1.28

    COMP AVG. RENT PER SQFT
Comps Range
$1,950
1$1,9502$1,9503$2,0804$2,145
$2,145
RENT COMPS ANALYSIS
  • 3650 Bandini Avenue Riverside, CA 3
    • 3 beds 2 baths ∙ 1,431 Sqft ∙ Built 1937 3 beds 2 baths ∙ 1,431 Sqft ∙ Built 1937
    • Rent
    • Rent Per SQFT
    •  
    • $2,080
    • $1.45
    •  
  • 6375 Stearns Street Riverside, CA 1
    • 3 beds 2 baths ∙ 1,556 Sqft ∙ Built 1927 3 beds 2 baths ∙ 1,556 Sqft ∙ Built 1927
    LEASED 05/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $1.25
    •  
  • 4705 Beverly Court Riverside, CA 2
    • 3 beds 2 baths ∙ 1,700 Sqft ∙ Built 1953 3 beds 2 baths ∙ 1,700 Sqft ∙ Built 1953
    LEASED 07/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $1.15
    •  
  • 2835 Iron Hills Way Riverside, CA 4
    • 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
Danny Rodriguez
Kairos Real Estate Partners
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21140980
Last Updated: 07/09/2021
BESbswy