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4284 Papago Street Riverside, CA 92509

4 Beds 3 Baths 1,831 sqft Built 2002

$474,000

List Price

$2,250

$2K - $2.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 17, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $258.87
  • 5 Days on Market
  • MLS # : IG21042796
  • Updated Date : 03/20/2021 at 10:59
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,831 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Realty

Listing Agent's Description

Located in the desirable community of Loring Ranch 1,831 sq ft, 4 bedrooms, 3 bath home. LOW TAX RATE. Views of Mount Rubidoux Park and the cross, close to downtown Riverside, Fairmount Park, Riverside County Regional Park and Rancho Jurupa Regional Sports Park. The home does need some TLC and has great potential. It will be sold as-is, so bring your paint brushes to make it your own.

SEE MORE

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: Rubidoux

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $116k484k

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

Neighborhood: Rubidoux

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2100011001200130014001500160017001800190020002100Rent in $9112101

* 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
Mission Middle School Middle Regular 868 32 2
Rubidoux High School High Regular 1,629 67 4
Mission Middle School Middle Unknown NA

Mission Middle School

  • Education Level: Middle
  • # of students: 868
  • # of teachers: 32
2
GreatSchools Rating

Rubidoux High School

  • Education Level: High
  • # of students: 1,629
  • # of teachers: 67
4
GreatSchools Rating

Mission Middle School

  • Education Level: Middle
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$426,600$521,400$474,000

PURCHASE PRICE

$2,025$2,475$2,250

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,250
EXPENSES Loan Payment -$1,646
Property Tax -$449
Property Insurance -$72
HOA -$40
Property Management Fees -$133
CASH FLOW
-$89

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.

$474,000

PROJECTED PRICE

$2,250

PROJECTED RENT

0.47%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 8.5%
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$1.6M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$131,360

INVESTMENT

$131,360

Down Payment
$118,500
Rehab Estimate
$5,750
Closing Costs
$7,110

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,646

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $118,500
Loan Amount $355,500
See What Happens When You Reinvest Cash Flow

4.42

YEARS SAVED

$20,879

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,250

    LIST RENT
  • $1.23

    LIST RENT PER SQFT
  • $2,344

    COMP ESTIMATED VALUE
  • $1.28

    COMP AVG. RENT PER SQFT
Comps Range
$1,900
1$1,9002$2,2003$2,2504$2,500
$2,500
RENT COMPS ANALYSIS
  • 4284 Papago Street Riverside, CA 3
    • 4 beds 3 baths ∙ 1,831 Sqft ∙ Built 2002 4 beds 3 baths ∙ 1,831 Sqft ∙ Built 2002
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $1.23
    •  
  • 4030 Osage Avenue Riverside, CA 1
    • 3 beds 2 baths ∙ 1,481 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,481 Sqft ∙ Built 2000
    property image
    LEASED 10/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $1.28
    •  
  • 5201 Wenatchee Way Riverside, CA 2
    • 4 beds 3 baths ∙ 1,826 Sqft ∙ Built 1993 4 beds 3 baths ∙ 1,826 Sqft ∙ Built 1993
    property image
    LEASED 03/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.20
    •  
  • 6327 Southern Place Riverside, CA 4
    • 3 beds 3 baths ∙ 1,839 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,839 Sqft ∙ Built 2007
    property image
    LEASED 08/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.36
    •  
PROPERTY LISTING DETAILS
Steven Johnson
Keller Williams Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IG21042796
Last Updated: 03/20/2021
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