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4160 Homewood Court Riverside, CA 92506

3 Beds 1 Baths 1,274 sqft Built 1910

$475,000

List Price

$1,720

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

January 21, 2021 RECENTLY ADDED
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!

SEE MORE

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

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $116k484k

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

Neighborhood: Homewood Court

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2900100011001200130014001500160017001800190020002100Rent in $8172101

* 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
 

$427,500$522,500$475,000

PURCHASE PRICE

$1,548$1,892$1,720

RENT

DOWN PAYMENT
FINANCING

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

ASSUMPTIONS

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
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$131,625

INVESTMENT

$131,625

Down Payment
$118,750
Rehab Estimate
$5,750
Closing Costs
$7,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,650

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $118,750
Loan Amount $356,250
See What Happens When You Reinvest Cash Flow

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
$1,720
1$1,7202$1,7503$1,8504$1,9005$1,950
$1,950
RENT COMPS ANALYSIS
  • 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
Charlotte Mc Kenzie
Coldwell Banker Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV21012943
Last Updated: 01/22/2021
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