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3938 Crestview Drive Norco, CA 92860

3 Beds 2 Baths 1,600 sqft Built 1972

$625,000

List Price

$2,340

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

November 30, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1972
  • Price/Sqft : $390.63
  • 8 Days on Market
  • MLS # : OC20247870
  • Updated Date : 11/29/2020 at 15:22
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,600 sqft
  • Baths : 2 full
Listing Agent

Global Bancorp

Listing Agent's Description

Come and see this horse lover's dream home! Located in Horsetown, USA on an expansive corner lot, this approx. 1600 sq. ft. multi-level home has been completely redone and is full of charm! From the moment you walk in, you are warmly welcomed with an abundance of natural light. The family room boasts plantation shutters, a cozy gas fireplace, and high vaulted ceilings with double wooden beams for a rustic farmhouse feel. All 3 of the spacious bedrooms include ceiling fans and sizable mirrored closet doors. Both full bathrooms are completed upgraded with new subway tile showers, new vanities with double sinks, and new toilets. Down the stairs from the family room, a brand new bright and white kitchen awaits you with all new stainless steel KitchenAid appliances, quartz countertops, a farmhouse sink, and abundant shaker cabinets for storage. Off the kitchen, step outside through the sliding glass door to your backyard which has plenty of space to create your ideal outdoor living room under the beautifully crafted wooden pergola. The two horse stall barn, lit arena and round pen are ready and waiting to meet your ponies! Park your RV or horse trailer on the brand new driveway. Additionally, don't miss it's smart home features which include a ring doorbell, nest thermostat, and Schlage keyless front door entry. Located across from Ingalls Equestrian park, this property is close to many nearby horse trails and just a few blocks from downtown. This turnkey home truly has it all!

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MARKET HIGHLIGHTS

  • 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.
  • 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)

PRICE & RENT TRENDS

Neighborhood: Norco Farms

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $143k643k

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

Neighborhood: Norco Farms

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q212001400160018002000220024002600Rent in $10822630

* 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
Riverview Elementary School Primary Regular 319 12 5
Norco Intermediate School Middle Regular 751 31 7
John F. Kennedy Middle College High School High Magnet 646 22 7

Riverview Elementary School

  • Education Level: Primary
  • # of students: 319
  • # of teachers: 12
5
GreatSchools Rating

Norco Intermediate School

  • Education Level: Middle
  • # of students: 751
  • # of teachers: 31
7
GreatSchools Rating

John F. Kennedy Middle College High School

  • Education Level: High
  • # of students: 646
  • # of teachers: 22
7
GreatSchools Rating
 

$562,500$687,500$625,000

PURCHASE PRICE

$2,106$2,574$2,340

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,340
EXPENSES Loan Payment -$2,306
Property Tax -$582
Property Insurance -$66
Property Management Fees -$138
CASH FLOW
-$752

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.

$625,000

PROJECTED PRICE

$2,340

PROJECTED RENT

0.37%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 7.6%
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$500k$1.0M$1.5M$2.0M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$171,375

INVESTMENT

$171,375

Down Payment
$156,250
Rehab Estimate
$5,750
Closing Costs
$9,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$2,306

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $156,250
Loan Amount $468,750
See What Happens When You Reinvest Cash Flow

0.5

YEARS SAVED

$1,216

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,340

    LIST RENT
  • $1.46

    LIST RENT PER SQFT
  • $2,363

    COMP ESTIMATED VALUE
  • $1.48

    COMP AVG. RENT PER SQFT
Comps Range
$2,300
1$2,3002$2,3403$2,4504$2,700
$2,700
RENT COMPS ANALYSIS
  • 3938 Crestview Drive Norco, CA 2
    • 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 1972
    • Rent
    • Rent Per SQFT
    •  
    • $2,340
    • $1.46
    •  
  • 11030 Country Bluffs Road Riverside, CA 1
    • 4 beds 2 baths ∙ 1,555 Sqft ∙ Built 1988 4 beds 2 baths ∙ 1,555 Sqft ∙ Built 1988
    LEASED 07/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.48
    •  
  • 1020 Carriage Drive Norco, CA 3
    • 3 beds 2 baths ∙ 1,740 Sqft ∙ Built 1967 3 beds 2 baths ∙ 1,740 Sqft ∙ Built 1967
    LEASED 08/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $1.41
    •  
  • 283 8th Street Norco, CA 4
    • 3 beds 3 baths ∙ 1,754 Sqft ∙ Built 1971 3 beds 3 baths ∙ 1,754 Sqft ∙ Built 1971
    LEASED 03/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.54
    •  
PROPERTY LISTING DETAILS
Nina Hanna
Global Bancorp
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC20247870
Last Updated: 11/29/2020
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