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PROPERTY INFO
FACTS
- Single Family
- Built In 1954
- Price/Sqft : $361.10
- 2 Days on Market
- MLS # : IV21004837
- Updated Date : 03/13/2021 at 16:38
CONSTRUCTION
- Beds : 3
- Floor Size : 1,077 sqft
- Baths : 1 full
Listing Agent
Modern Dwellings
Listing Agent's Description
Welcome home! This is a perfect choice for young families or first-time homeowners… The large covered front porch is accented by arches and is shaded by a large fruitful avocado tree and is a great place to relax and enjoy those lazy summer days… Upon entering this home, you are in the living room with plenty of natural light. This room has new dimmable recessed lighting. The adjacent dining area has a ceiling fan. Kitchen has a built-in dishwasher, gas stove, garbage disposal, water filtration system, and a refrigerator ice maker line. Off the kitchen is a laundry/pantry room… This home has 3 spacious bedrooms and an upgraded bathroom. Additional upgrades include dual-pane windows with faux wood blinds throughout the entire house, new electrical outlets and switches, and the interior was recently painted… Long driveway leads to a detached 2-car garage which has a small office inside… The beautiful grassy backyard boasts of 10 fruit bearing trees (2 apricot, 2 peach, 2 lemon, 2 orange, 1 pomegranate, and 1 apple)! It also has 3 raised bed gardens for planting your favorite vegetables, an automatic sprinkler system, a shed for garden tools, and a white vinyl fence for privacy. Playground is perfect for the kids to play. This home has a central station alarm system, 4K/5MP security cameras and did I mention the gorgeous palm tree in the front yard??? Hurry, this home will not last!!!
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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: Orange Manor
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Orange Manor
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $1,730 |
| EXPENSES | Loan Payment | -$1,351 |
| Property Tax | -$383 | |
| Property Insurance | -$53 | |
| Property Management Fees | -$102 | |
|
CASH FLOW
-$159
|
||
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.
$388,900
PROJECTED PRICE
$1,730
PROJECTED RENT
0.44%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 3.76% |
| Appreciation Year (1-5) | 11.0% |
| Maintenance Year (1-5) | 8.00% |
| Vacancy | 5.41% |
| Length of Stay Years | 2 |
PROJECTED ACCUMULATED WEALTH
30 YEAR PROJECTION
- Cash Flow
- Appreciation
- Principal
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
TOTAL CASH OUT OF POCKET
INVESTMENT
$108,809
LOAN DETAILS
$1,351
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 3.75% |
| Down Payment | $97,225 |
| Loan Amount | $291,675 |
3.33
YEARS SAVED
$10,920
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$1,730
LIST RENT -
$1.61
LIST RENT PER SQFT
-
$1,727
COMP ESTIMATED VALUE -
$1.6
COMP AVG. RENT PER SQFT
Comps Range
-
3741 Lofton Place Riverside, CA 1
- 3 beds 1 baths ∙ 1,077 Sqft ∙ Built 1954 3 beds 1 baths ∙ 1,077 Sqft ∙ Built 1954
![property image]()
- Rent
- Rent Per SQFT
- $1,730
- $1.61
-
3473 Columbia Avenue Riverside, CA 2
- 3 beds 2 baths ∙ 1,150 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,150 Sqft ∙ Built 1971
![property image]()
LEASED 03/03/21- Rent
- Rent Per SQFT
- $1,900
- $1.65
-
3456 3456 Poplar Street Riverside, CA 3
- 3 beds 1 baths ∙ 1,223 Sqft ∙ Built 1954 3 beds 1 baths ∙ 1,223 Sqft ∙ Built 1954
![property image]()
LEASED 10/31/19- Rent
- Rent Per SQFT
- $1,900
- $1.55
-
1839 Spring Garden Street Riverside, CA 4
- 3 beds 1 baths ∙ 1,363 Sqft ∙ Built 1952 3 beds 1 baths ∙ 1,363 Sqft ∙ Built 1952
![property image]()
LEASED 07/08/20- Rent
- Rent Per SQFT
- $2,200
- $1.61
PROPERTY LISTING DETAILS
Modern Dwellings
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: IV21004837
Last Updated: 03/13/2021
