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PROPERTY INFO
FACTS
- Single Family
- Built In 1910
- Price/Sqft : $372.84
- 5 Days on Market
- MLS # : IV21012943
- Updated Date : 01/22/2021 at 16:56
CONSTRUCTION
- Beds : 3
- Floor Size : 1,274 sqft
- Baths : 1 full
Listing Agent
Coldwell Banker Realty
Listing Agent's Description
Adorable craftsman bungalow in the Wood Streets built in 1910 & completely updated in 2012. This home still holds the California bungalow charm that you would expect from a home of this era, but it has the updated & modern features that you are accustomed to today. The classic front porch welcomes you with an inviting space large enough to accommodate a sitting area with great views of Mt. Rubidoux. Imagine being able to enjoy the 4th of July fireworks from your front porch! Inside, the upgrades include an updated kitchen with granite countertops & stainless steel appliances, new plumbing, new electrical & a 2 year old HVAC system which is state of the art. This home also features hardwood floors & newer windows throughout. Finishing touches such as crown molding & wide baseboards are in line with the craftsman architectural style. The dividing walls between the living room and dining room offer built-in shelves and storage. There are two recently updated bathrooms, including a master bath, which is an added bonus. The three bedrooms are all bright and comfortable spaces. The laundry room is conveniently located off of the kitchen. As you exit to the backyard, you'll enjoy the large covered patio and an open yard area to play. The garage was also updated in 2012 and is fully insulated with a finished interior. Living in the Wood Streets puts you near schools, downtown, Mt. Rubidoux, RCC & freeways. All the best that Riverside has to offer!
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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: Homewood Court
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Homewood Court
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $1,720 |
| EXPENSES | Loan Payment | -$1,650 |
| Property Tax | -$463 | |
| Property Insurance | -$58 | |
| Property Management Fees | -$101 | |
|
CASH FLOW
-$552
|
||
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.
$475,000
PROJECTED PRICE
$1,720
PROJECTED RENT
0.36%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 3.76% |
| Appreciation Year (1-5) | 8.0% |
| Maintenance Year (1-5) | 8.00% |
| Vacancy | 5.41% |
| 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
$131,625
LOAN DETAILS
$1,650
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 3.75% |
| Down Payment | $118,750 |
| Loan Amount | $356,250 |
0.33
YEARS SAVED
$419
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$1,720
LIST RENT -
$1.35
LIST RENT PER SQFT
-
$1,717
COMP ESTIMATED VALUE -
$1.35
COMP AVG. RENT PER SQFT
Comps Range
-
4160 Homewood Court Riverside, CA 1
- 3 beds 1 baths ∙ 1,274 Sqft ∙ Built 1910 3 beds 1 baths ∙ 1,274 Sqft ∙ Built 1910
- Rent
- Rent Per SQFT
- $1,720
- $1.35
-
6658 Palm Avenue Riverside, CA 2
- 3 beds 1 baths ∙ 1,230 Sqft ∙ Built 1903 3 beds 1 baths ∙ 1,230 Sqft ∙ Built 1903
LEASED 11/10/20- Rent
- Rent Per SQFT
- $1,750
- $1.42
-
3294 Brockton Avenue Riverside, CA 3
- 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
-
4327 Jurupa Avenue Riverside, CA 4
- 3 beds 1 baths ∙ 1,306 Sqft ∙ Built 1915 3 beds 1 baths ∙ 1,306 Sqft ∙ Built 1915
LEASED 11/15/19- Rent
- Rent Per SQFT
- $1,900
- $1.45
-
6375 Stearns Street Riverside, CA 5
- 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
Coldwell Banker Realty
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: IV21012943
Last Updated: 01/22/2021
