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PROPERTY INFO
FACTS
- Single Family
- Built In 1960
- Price/Sqft : $300.33
- 6 Days on Market
- MLS # : OC20253228
- Updated Date : 12/08/2020 at 16:08
CONSTRUCTION
- Beds : 3
- Floor Size : 1,495 sqft
- Baths : 2 full
Listing Agent
Marshall Reddick Real Estate
Listing Agent's Description
This wonderful 3-bedroom 2 bath home boasts a 7,405 sq. ft lot and is within walking distance from UC Riverside! Close access to the 60, 215, and 91 freeways make this a very desirable neighborhood for both homeowners and investors. As you enter the home, you are greeted with original hardwood floors throughout. All rooms are very spacious and include ceiling fans with tons of closet space and natural light. Master bedroom includes double closets and a master bath with tile shower. Spacious and upgraded kitchen with lots of cabinet space, porcelain tile, Corian countertops, and stainless-steel appliances. Adjacent to the kitchen is a spacious living room with beautiful wood burning fireplace for entertainment, and a double pane sliding glass door that opens to the gorgeous backyard. The backyard showcases a beautiful view of the Box Springs mountain reserve park which offers great opportunities for hiking and exploring. The backyard also includes lemon, grapefruit, mandarin, and Valencia orange trees with plenty of space for entertaining and gardening. The home has central air and heat with a spacious two car garage with direct access to the home.
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MARKET HIGHLIGHTS
- 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.
- 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)
PRICE & RENT TRENDS
Neighborhood: University Hills
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: University Hills
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $2,240 |
| EXPENSES | Loan Payment | -$1,657 |
| Property Tax | -$434 | |
| Property Insurance | -$63 | |
| Property Management Fees | -$132 | |
|
CASH FLOW
-$47
|
||
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.
$449,000
PROJECTED PRICE
$2,240
PROJECTED RENT
0.50%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 3.96% |
| Appreciation Year (1-5) | 9.2% |
| Maintenance Year (1-5) | 8.00% |
| Vacancy | 5.43% |
| Length of Stay Years | 2 |
PROJECTED ACCUMULATED WEALTH
30 YEAR PROJECTION
- Cash Flow
- Appreciation
- Principal
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
TOTAL CASH OUT OF POCKET
INVESTMENT
$124,735
LOAN DETAILS
$1,657
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 4.25% |
| Down Payment | $112,250 |
| Loan Amount | $336,750 |
5.42
YEARS SAVED
$30,650
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$2,240
LIST RENT -
$1.5
LIST RENT PER SQFT
-
$2,276
COMP ESTIMATED VALUE -
$1.52
COMP AVG. RENT PER SQFT
Comps Range
-
4030 Haverford Avenue Riverside, CA 2
- 3 beds 2 baths ∙ 1,495 Sqft ∙ Built 1960 3 beds 2 baths ∙ 1,495 Sqft ∙ Built 1960
![property image]()
- Rent
- Rent Per SQFT
- $2,240
- $1.50
-
244 Spieth Way Riverside, CA 1
- 3 beds 2 baths ∙ 1,510 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,510 Sqft ∙ Built 1957
![property image]()
LEASED 06/18/20- Rent
- Rent Per SQFT
- $2,200
- $1.46
-
241 Green Oaks Drive Riverside, CA 3
- 4 beds 2 baths ∙ 1,512 Sqft ∙ Built 1960 4 beds 2 baths ∙ 1,512 Sqft ∙ Built 1960
![property image]()
LEASED 10/17/20- Rent
- Rent Per SQFT
- $2,295
- $1.52
-
155 E Blaine Street Riverside, CA 4
- 4 beds 2 baths ∙ 1,515 Sqft ∙ Built 1959 4 beds 2 baths ∙ 1,515 Sqft ∙ Built 1959
![property image]()
LEASED 08/16/20- Rent
- Rent Per SQFT
- $2,300
- $1.52
-
290 W Campus View Drive Riverside, CA 5
- 4 beds 2 baths ∙ 1,572 Sqft ∙ Built 1971 4 beds 2 baths ∙ 1,572 Sqft ∙ Built 1971
![property image]()
LEASED 08/05/20- Rent
- Rent Per SQFT
- $2,500
- $1.59
PROPERTY LISTING DETAILS
Marshall Reddick Real Estate
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: OC20253228
Last Updated: 12/08/2020
