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3863 Witt Avenue Riverside, CA 92501

3 Beds 1 Baths 1,327 sqft Built 1956

$370,000

List Price

$2,030

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 24, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1956
  • Price/Sqft : $278.82
  • 6 Days on Market
  • MLS # : OC21026645
  • Updated Date : 02/27/2021 at 10:26
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,327 sqft
  • Baths : 1 full
Listing Agent

Simptex Real Estate

Listing Agent's Description

Great for first time buyers!!! Ready to move in conditions 3 bed / 2 baths house with a nice spacious master bedroom, big back yard on a spacious lot. House is located in a good neighborhood, near shops, parks, schools and close access to the 60, 91 and 10 freeways.

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: Northside

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $115k484k

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

Neighborhood: Northside

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2900100011001200130014001500160017001800190020002100Rent in $8912101

* 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
John W. North High School High Regular 2,281 95 4
Central Middle School Middle Unknown NA

Central Middle School

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

John W. North High School

  • Education Level: High
  • # of students: 2,281
  • # of teachers: 95
4
GreatSchools Rating

Central Middle School

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

$333,000$407,000$370,000

PURCHASE PRICE

$1,827$2,233$2,030

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,030
EXPENSES Loan Payment -$1,285
Property Tax -$363
Property Insurance -$59
Property Management Fees -$120
CASH FLOW
$203

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.

$370,000

PROJECTED PRICE

$2,030

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 12.9%
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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$103,800

INVESTMENT

$103,800

Down Payment
$92,500
Rehab Estimate
$5,750
Closing Costs
$5,550

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$1,285

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $92,500
Loan Amount $277,500
See What Happens When You Reinvest Cash Flow

8.67

YEARS SAVED

$44,581

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,030

    LIST RENT
  • $1.53

    LIST RENT PER SQFT
  • $2,037

    COMP ESTIMATED VALUE
  • $1.54

    COMP AVG. RENT PER SQFT
Comps Range
$1,850
1$1,8502$1,8503$1,9004$2,0305$2,200
$2,200
RENT COMPS ANALYSIS
  • 3863 Witt Avenue Riverside, CA 4
    • 3 beds 1 baths ∙ 1,327 Sqft ∙ Built 1956 3 beds 1 baths ∙ 1,327 Sqft ∙ Built 1956
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,030
    • $1.53
    •  
  • 3473 Columbia Avenue Riverside, CA 1
    • 3 beds 2 baths ∙ 1,150 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,150 Sqft ∙ Built 1971
    property image
    LEASED 09/12/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.61
    •  
  • 3481 Columbia Avenue Riverside, CA 2
    • 4 beds 1 baths ∙ 1,352 Sqft ∙ Built 1972 4 beds 1 baths ∙ 1,352 Sqft ∙ Built 1972
    property image
    LEASED 06/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.37
    •  
  • 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 5
    • 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
Hector Montano
Simptex Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21026645
Last Updated: 02/27/2021
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