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3892 Bandini Avenue Riverside, CA 92506

3 Beds 2 Baths 1,712 sqft Built 1913

$585,000

List Price

$2,150

$1.9K - $2.4K

Rent Est.

PROPERTY INFO

November 02, 2020 RECENTLY ADDED
FACTS
  • Built In 1913
  • Price/Sqft : $341.71
  • 2 Days on Market
  • MLS # : IV20228573
  • Updated Date : 11/02/2020 at 08:52
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,712 sqft
  • Baths : 2 full
Listing Agent

Windermere R.e. Tower Prop.

Listing Agent's Description

Built in 1913, this craftsman home in the Wood Streets exudes the original elegance and character throughout while thoughtfully integrated upgrades add modern refinement. Professionally installed drought tolerant landscaping sets a soft tone against the robust front porch and porte cochere. A multi-paneled glass front door opens to a living room replete with copious original craftsman interior detailing. Flanked by two multi-paneled windows, the fireplace serves as the focal point of the living room. Original wood floors run throughout the living room and into the adjacent dining area rich with built ins including a china cabinet, plate rail, and a stained-glass installation. Off the dining room, the light and airy kitchen opens to a butler’s pantry/flex space. The central hall, adorned with Redwood built-ins and door casings, leads to 3 bedrooms, a full guest bath, and an interior laundry room. The master suite is bathed in natural light and boasts a remodeled ensuite bathroom. Situated on .38 acres, the grounds of this exquisite home are no less impressive than the interior. Hinging around an incredible lanai with inlaid wood flooring, the rear yard offers numerous vignettes. This is a unique opportunity to own one of the Wood Streets’ exemplary craftsman homes.

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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: Linwood Place

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550kPrice in $139k584k

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

Neighborhood: Linwood Place

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q210001200140016001800200022002400Rent in $8782496

* 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
Magnolia Elementary School Primary Regular 704 26 6
Magnolia Elementary School Middle Regular 704 26 6
Poly High School High Regular 2,777 106 6

Magnolia Elementary School

  • Education Level: Primary
  • # of students: 704
  • # of teachers: 26
6
GreatSchools Rating

Magnolia Elementary School

  • Education Level: Middle
  • # of students: 704
  • # of teachers: 26
6
GreatSchools Rating

Poly High School

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

$526,500$643,500$585,000

PURCHASE PRICE

$1,935$2,365$2,150

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,150
EXPENSES Loan Payment -$2,158
Property Tax -$570
Property Insurance -$69
Property Management Fees -$127
CASH FLOW
-$774

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.

$585,000

PROJECTED PRICE

$2,150

PROJECTED RENT

0.37%

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$1.8M

PROJECTED ANNUAL CASH FLOW

11530-$15k-$10k-$5.0k$0.0$5.0k

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$160,775

INVESTMENT

$160,775

Down Payment
$146,250
Rehab Estimate
$5,750
Closing Costs
$8,775

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$2,158

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $146,250
Loan Amount $438,750
See What Happens When You Reinvest Cash Flow

0.33

YEARS SAVED

$379

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,150

    LIST RENT
  • $1.26

    LIST RENT PER SQFT
  • $2,157

    COMP ESTIMATED VALUE
  • $1.26

    COMP AVG. RENT PER SQFT
Comps Range
$1,850
1$1,8502$1,9503$2,150
$2,150
RENT COMPS ANALYSIS
  • 3892 Bandini Avenue Riverside, CA 3
    • 3 beds 2 baths ∙ 1,712 Sqft ∙ Built 1913 3 beds 2 baths ∙ 1,712 Sqft ∙ Built 1913
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $1.26
    •  
  • 3294 Brockton Avenue Riverside, CA 1
    • 3 beds 2 baths ∙ 1,461 Sqft ∙ Built 1923 3 beds 2 baths ∙ 1,461 Sqft ∙ Built 1923
    LEASED 09/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.27
    •  
  • 6375 Stearns Street Riverside, CA 2
    • 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
    •  
PROPERTY LISTING DETAILS
Miles Turner
Windermere R.e. Tower Prop.
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV20228573
Last Updated: 11/02/2020
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