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3676 Myers Street Riverside, CA 92503

4 Beds 3 Baths 1,988 sqft Built 1948

$449,900

List Price

$2,060

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

November 02, 2020 RECENTLY ADDED
FACTS
  • Built In 1948
  • Price/Sqft : $226.31
  • 3 Days on Market
  • MLS # : SW20230645
  • Updated Date : 11/01/2020 at 19:41
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,988 sqft
  • Baths : 3 full
Listing Agent

Corcoran Global Living

Listing Agent's Description

Gorgeous 4 bedroom 2 bath home tastefully upgraded with new paint, laminate flooring, a huge master suite w/ french doors that go out to the patio, spacious bedrooms, and upgraded restrooms! This home not only has RV parking in the front, but also have access to park the RV in the back with a huge yard, garden beds, and plenty of space for all the toys! The garage is separate in the back of the property with an attached workshop/office currently used as a man cave! This home will not last long!

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: Arlington

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $112k484k

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

Neighborhood: Arlington

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2900100011001200130014001500160017001800190020002100Rent in $8532101

* 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
Liberty Elementary School Primary Regular 793 28 4
Chemawa Middle School Middle Regular 896 41 4
Arlington High School High Regular 1,956 79 5

Liberty Elementary School

  • Education Level: Primary
  • # of students: 793
  • # of teachers: 28
4
GreatSchools Rating

Chemawa Middle School

  • Education Level: Middle
  • # of students: 896
  • # of teachers: 41
4
GreatSchools Rating

Arlington High School

  • Education Level: High
  • # of students: 1,956
  • # of teachers: 79
5
GreatSchools Rating
 

$404,910$494,890$449,900

PURCHASE PRICE

$1,854$2,266$2,060

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,060
EXPENSES Loan Payment -$1,660
Property Tax -$443
Property Insurance -$75
Property Management Fees -$122
CASH FLOW
-$240

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.

$449,900

PROJECTED PRICE

$2,060

PROJECTED RENT

0.46%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 13.6%
Maintenance Year (1-5) 8.00%
Vacancy 5.41%
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-$5.0k$0.0$5.0k$10k$15k

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$124,974

INVESTMENT

$124,974

Down Payment
$112,475
Rehab Estimate
$5,750
Closing Costs
$6,749

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,660

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $112,475
Loan Amount $337,425
See What Happens When You Reinvest Cash Flow

3

YEARS SAVED

$12,630

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,060

    LIST RENT
  • $1.04

    LIST RENT PER SQFT
  • $2,240

    COMP ESTIMATED VALUE
  • $1.13

    COMP AVG. RENT PER SQFT
Comps Range
$1,995
1$1,9952$2,0603$2,1504$2,300
$2,300
RENT COMPS ANALYSIS
  • 3676 Myers Street Riverside, CA 2
    • 3 beds 3 baths ∙ 1,988 Sqft ∙ Built 1948 3 beds 3 baths ∙ 1,988 Sqft ∙ Built 1948
    • Rent
    • Rent Per SQFT
    •  
    • $2,060
    • $1.04
    •  
  • 10786 Mercer Avenue Riverside, CA 1
    • 4 beds 2 baths ∙ 2,031 Sqft ∙ Built 1963 4 beds 2 baths ∙ 2,031 Sqft ∙ Built 1963
    LEASED 02/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.98
    •  
  • 3855 Mckenzie Street Riverside, CA 3
    • 3 beds 2 baths ∙ 1,718 Sqft ∙ Built 1940 3 beds 2 baths ∙ 1,718 Sqft ∙ Built 1940
    LEASED 02/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $1.25
    •  
  • 2730 Mcallister Street Riverside, CA 4
    • 3 beds 3 baths ∙ 1,999 Sqft ∙ Built 1966 3 beds 3 baths ∙ 1,999 Sqft ∙ Built 1966
    LEASED 11/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.15
    •  
PROPERTY LISTING DETAILS
Bonnie Nieves
Corcoran Global Living
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SW20230645
Last Updated: 11/01/2020
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