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3964 Polk Street #D Riverside, CA 92505

3 Beds 3 Baths 1,394 sqft Built 2008

$353,000

List Price

$2,070

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

January 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2008
  • Price/Sqft : $253.23
  • 6 Days on Market
  • MLS # : PW21001322
  • Updated Date : 01/07/2021 at 09:12
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,394 sqft
  • Baths : 2 full , 1 half
Listing Agent

Goltech Realty

Listing Agent's Description

Property does NOT face Polk Street - it is an inside unit. This a great 3 bedroom and two and a half bathroom property. Direct two car garage access from the kitchen. Open floor plan from kitchen to dining area. Stacked laundry area. Very quiet neighborhood.

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: La Sierra

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $142k484k

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

Neighborhood: La Sierra

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2100011001200130014001500160017001800190020002100Rent in $9672141

* 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
Collett Elementary School Primary Regular 637 27 3
Arizona Middle School Middle Regular 1,111 42 4
La Sierra High School High Regular 2,137 91 4

Collett Elementary School

  • Education Level: Primary
  • # of students: 637
  • # of teachers: 27
3
GreatSchools Rating

Arizona Middle School

  • Education Level: Middle
  • # of students: 1,111
  • # of teachers: 42
4
GreatSchools Rating

La Sierra High School

  • Education Level: High
  • # of students: 2,137
  • # of teachers: 91
4
GreatSchools Rating
 

$317,700$388,300$353,000

PURCHASE PRICE

$1,863$2,277$2,070

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,070
EXPENSES Loan Payment -$1,226
Property Tax -$358
Property Insurance -$61
HOA -$352
Property Management Fees -$122
CASH FLOW
-$50

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.

$353,000

PROJECTED PRICE

$2,070

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 8.6%
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$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$99,295

INVESTMENT

$99,295

Down Payment
$88,250
Rehab Estimate
$5,750
Closing Costs
$5,295

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,226

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $88,250
Loan Amount $264,750
See What Happens When You Reinvest Cash Flow

4.17

YEARS SAVED

$14,116

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,070

    LIST RENT
  • $1.48

    LIST RENT PER SQFT
  • $2,067

    COMP ESTIMATED VALUE
  • $1.48

    COMP AVG. RENT PER SQFT
Comps Range
$2,070
1$2,0702$2,1003$2,1004$2,2505$2,500
$2,500
RENT COMPS ANALYSIS
  • 3964 Polk Street Riverside, CA 1
    • 3 beds 3 baths ∙ 1,394 Sqft ∙ Built 2008 3 beds 3 baths ∙ 1,394 Sqft ∙ Built 2008
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,070
    • $1.48
    •  
  • 3940 Polk Street Riverside, CA 2
    • 3 beds 3 baths ∙ 1,394 Sqft ∙ Built 2008 3 beds 3 baths ∙ 1,394 Sqft ∙ Built 2008
    property image
    LEASED 11/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.51
    •  
  • 3850 Polk Street Riverside, CA 3
    • 3 beds 3 baths ∙ 1,394 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,394 Sqft ∙ Built 2006
    property image
    LEASED 04/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.51
    •  
  • 4545 Springleaf Lane Riverside, CA 4
    • 3 beds 3 baths ∙ 1,532 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,532 Sqft ∙ Built 2002
    property image
    LEASED 12/11/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $1.47
    •  
  • 4506 Landeen Court Riverside, CA 5
    • 3 beds 3 baths ∙ 1,741 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,741 Sqft ∙ Built 2002
    property image
    LEASED 10/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.44
    •  
PROPERTY LISTING DETAILS
John Goliath
Goltech Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21001322
Last Updated: 01/07/2021
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