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3764 Hoover Street Riverside, CA 92504

3 Beds 2 Baths 1,761 sqft Built 1915

$469,900

List Price

$2,380

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

October 31, 2020 RECENTLY ADDED
FACTS
  • Built In 1915
  • Price/Sqft : $266.84
  • 5 Days on Market
  • MLS # : ND20229261
  • Updated Date : 11/02/2020 at 19:51
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,761 sqft
  • Baths : 2 full
Listing Agent

My Realty Estates

Listing Agent's Description

WELCOME HOME TO THIS BEAUTIFUL & CHARMING THREE BEDROOM RESIDENCE, REMINISCENT OF YEARS PAST BUT UPDATED WITH TODAY'S AMENITIES. AS YOU STEP IN FROM THE LARGE COVERED PORCH, YOU WILL SEE THE MANY FINE DETAILS THAT THE LIVING ROOM HAS TO OFFER FROM THE ORIGINAL HARDWOOD FLOORS, TO THE NUMEROUS WINDOWS WHICH FLOOD THE ROOM WITH LIGHT, & THE BUILT-INS WHICH FLANK THE WOOD-BURNING BRICK FIREPLACE; THE FOCAL POINT TO THIS WARM & COZY INTERIOR. THE EXPANSIVE DINING ROOM IS AN ENTERTAINERS DREAM COME TRUE, FEATURING WAINSCOTING LINED WALLS, CONTEMPORARY LIGHT FIXTURE, & ROOM ENOUGH FOR FAMILY & FRIENDS TO ENJOY EACH OTHER'S COMPANY, MAKING LASTING MEMORIES. THE COMFORTABLE & RELAXING PRIMARY BEDROOM INCLUDES NEW CARPET, AND CUSTOM PAINT. THE UPDATED CHEF'S KITCHEN BOASTS S/S APPLIANCES, GRANITE COUNTER-TOPS, LARGE ISLAND, & AN EAT-IN AREA, TO ENJOY YOUR FAVORITE CUP OF COFFEE. STEP OUT TO YOUR OWN PRIVATE OASIS WHICH IS SOUTHERN CALIFORNIA'S OUTDOOR LIVING AT ITS BEST! MATURE FRUIT TREES PROVIDE SHADE & SECLUSION TO THIS UNIQUE & RUSTIC BACKYARD, WHICH INCLUDES, A HUGE TRELLIS COVERED DECK, GREAT FOR A BBQ OR JUST A PLACE TO CATCH UP ON YOUR FAVORITE BOOK. WHEN NIGHT FALLS, THE STRING-LIT BACKYARD CREATES THE PERFECT AMBIANCE FOR A ROMANTIC DINNER FOR TWO. DON'T MISS OUT ON WHAT THIS DISTINCTIVE RESIDENCE & NEIGHBORHOOD HAS TO OFFER FROM THE CLOSE PROXIMITY TO FREEWAY ACCESS, LOCAL BUSINESSES, SHOPPING, AND TO THE MANY CULTURAL SITES THE CITY OF RIVERSIDE HAS TO OFFER!

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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: High Palm

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $101k484k

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

Neighborhood: High Palm

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2900100011001200130014001500160017001800190020002100Rent in $8362101

* 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
Madison Elementary School Primary Regular 718 28 6
Madison Elementary School Middle Regular 718 28 6
Ramona High School High Magnet 2,160 85 4

Madison Elementary School

  • Education Level: Primary
  • # of students: 718
  • # of teachers: 28
6
GreatSchools Rating

Madison Elementary School

  • Education Level: Middle
  • # of students: 718
  • # of teachers: 28
6
GreatSchools Rating

Ramona High School

  • Education Level: High
  • # of students: 2,160
  • # of teachers: 85
4
GreatSchools Rating
 

$422,910$516,890$469,900

PURCHASE PRICE

$2,142$2,618$2,380

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,380
EXPENSES Loan Payment -$1,734
Property Tax -$455
Property Insurance -$70
Property Management Fees -$140
CASH FLOW
-$19

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.

$469,900

PROJECTED PRICE

$2,380

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 8.9%
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$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

PROJECTED ANNUAL CASH FLOW

11530$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$130,274

INVESTMENT

$130,274

Down Payment
$117,475
Rehab Estimate
$5,750
Closing Costs
$7,049

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,734

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $117,475
Loan Amount $352,425
See What Happens When You Reinvest Cash Flow

5.67

YEARS SAVED

$35,261

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,380

    LIST RENT
  • $1.35

    LIST RENT PER SQFT
  • $2,818

    COMP ESTIMATED VALUE
  • $1.6

    COMP AVG. RENT PER SQFT
Comps Range
$1,950
1$1,9502$2,3803$3,300
$3,300
RENT COMPS ANALYSIS
  • 3764 Hoover Street Riverside, CA 2
    • 3 beds 2 baths ∙ 1,761 Sqft ∙ Built 1915 3 beds 2 baths ∙ 1,761 Sqft ∙ Built 1915
    • Rent
    • Rent Per SQFT
    •  
    • $2,380
    • $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
    •  
  • 3581 Bandini Avenue Riverside, CA 3
    • 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
Timothy Mcconnell
My Realty Estates
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: ND20229261
Last Updated: 11/02/2020
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