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3739 Bandini Avenue Riverside, CA 92506

3 Beds 2 Baths 1,812 sqft Built 1922

$489,900

List Price

$2,450

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

December 05, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1922
  • Price/Sqft : $270.36
  • 3 Days on Market
  • MLS # : IG20251904
  • Updated Date : 12/05/2020 at 15:27
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,812 sqft
  • Baths : 2 full
Listing Agent

Re/max Partners

Listing Agent's Description

1922 "Wood Streets" pool/spa home with 3 bedrooms, 2 full bathrooms, front porch (add porch roof and you'll instantly add vintage curb appeal), two fireplaces, remodeled gas kitchen with granite counters and island (appliances included), a large family room, cozy living room, formal dining room with built-in hutch, and a master bedroom suite. The family room and master suite were added and permitted in 1967, with a total of 650 additional square feet, bringing the entire home to over 1800 sq ft. Central air/heat, some double pane windows. Additionally, the garage was added onto and permitted in 1942, complete with a sleeping room and a 3/4 bathroom that needs a little lovin', but with a little elbow grease and vision, this would be a great guest quarters or a pool house changing area. Washer/dryer in garage laundry area will convey with home. And an extra garage/carport area off the alley is ideal for extra parking or car enthusiasts, or smaller RV/boat parking. The same family has lived in this home for over 60 years. It's time to pass the baton. This "Wood Streets" home has tons of potential!

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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: Elmwood Court

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550kPrice in $124k584k

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

Neighborhood: Elmwood Court

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q210001200140016001800200022002400Rent in $8312496

* 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
Pachappa Elementary School Primary Regular 778 31 7
Pachappa Elementary School Middle Regular 778 31 7
Poly High School High Regular 2,777 106 6

Pachappa Elementary School

  • Education Level: Primary
  • # of students: 778
  • # of teachers: 31
7
GreatSchools Rating

Pachappa Elementary School

  • Education Level: Middle
  • # of students: 778
  • # of teachers: 31
7
GreatSchools Rating

Poly High School

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

$440,910$538,890$489,900

PURCHASE PRICE

$2,205$2,695$2,450

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,450
EXPENSES Loan Payment -$1,808
Property Tax -$477
Property Insurance -$71
Property Management Fees -$145
CASH FLOW
-$50

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.

$489,900

PROJECTED PRICE

$2,450

PROJECTED RENT

0.50%

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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$135,574

INVESTMENT

$135,574

Down Payment
$122,475
Rehab Estimate
$5,750
Closing Costs
$7,349

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,808

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $122,475
Loan Amount $367,425
See What Happens When You Reinvest Cash Flow

5.42

YEARS SAVED

$33,679

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,450

    LIST RENT
  • $1.35

    LIST RENT PER SQFT
  • $2,748

    COMP ESTIMATED VALUE
  • $1.52

    COMP AVG. RENT PER SQFT
Comps Range
$1,950
1$1,9502$2,0003$2,4504$3,300
$3,300
RENT COMPS ANALYSIS
  • 3739 Bandini Avenue Riverside, CA 3
    • 3 beds 2 baths ∙ 1,812 Sqft ∙ Built 1922 3 beds 2 baths ∙ 1,812 Sqft ∙ Built 1922
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $1.35
    •  
  • 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
    •  
  • 4222 Linwood Place Riverside, CA 2
    • 3 beds 2 baths ∙ 1,486 Sqft ∙ Built 1941 3 beds 2 baths ∙ 1,486 Sqft ∙ Built 1941
    LEASED 12/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.35
    •  
  • 3581 Bandini Avenue Riverside, CA 4
    • 4 beds 2 baths ∙ 1,689 Sqft ∙ Built 1932 4 beds 2 baths ∙ 1,689 Sqft ∙ Built 1932
    LEASED 07/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $1.95
    •  
PROPERTY LISTING DETAILS
April Glatzel
Re/max Partners
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IG20251904
Last Updated: 12/05/2020
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