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4455 Michael Street Riverside, CA 92507

3 Beds 1 Baths 1,018 sqft Built 1952

$375,000

List Price

$1,500

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1952
  • Price/Sqft : $368.37
  • 4 Days on Market
  • MLS # : WS21045695
  • Updated Date : 03/06/2021 at 18:43
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,018 sqft
  • Baths : 1 full
Listing Agent

Kent Realty & Investment

Listing Agent's Description

BRAND NEW REMODELED HOME. NEAR LOTS OF RESTAURANTS, MARKETS, AND UNIVERSITIES. THIS 3 BEDROOM 1 BATH HOUSE HAS BRAND NEW FLOORINGS, KITCHEN APPLIANCES, KITCHEN COUNTERS, KITCHEN CABINETS, AND RESTROOM. WHOLE HOUSE HAS BEEN REPLACED USING THE BEST MATERIAL. THIS IS A MUST SEE PROPERTY!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: University Estates

NeighborhoodNIR Market*CityMarket2010Year20002019100k150k200k250k300k350k400k450kPrice in $94k484k

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

Neighborhood: University Estates

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2800900100011001200130014001500160017001800190020002100Rent in $7462101

* 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
Gage Middle School Middle Regular 1,004 40 4
Poly High School High Regular 2,777 106 6

Gage Middle School

  • Education Level: Middle
  • # of students: 1,004
  • # of teachers: 40
4
GreatSchools Rating

Poly High School

  • Education Level: High
  • # of students: 2,777
  • # of teachers: 106
6
GreatSchools Rating
 

$337,500$412,500$375,000

PURCHASE PRICE

$1,350$1,650$1,500

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,500
EXPENSES Loan Payment -$1,303
Property Tax -$365
Property Insurance -$52
Property Management Fees -$99
CASH FLOW
-$319

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.

$375,000

PROJECTED PRICE

$1,500

PROJECTED RENT

0.40%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 9.2%
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

PROJECTED ANNUAL CASH FLOW

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

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$105,125

INVESTMENT

$105,125

Down Payment
$93,750
Rehab Estimate
$5,750
Closing Costs
$5,625

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,303

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $93,750
Loan Amount $281,250
See What Happens When You Reinvest Cash Flow

1.42

YEARS SAVED

$2,928

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,500

    LIST RENT
  • $1.47

    LIST RENT PER SQFT
  • $1,547

    COMP ESTIMATED VALUE
  • $1.52

    COMP AVG. RENT PER SQFT
Comps Range
$1,500
1$1,5002$1,6503$1,900
$1,900
RENT COMPS ANALYSIS
  • 4455 Michael Street Riverside, CA 1
    • 3 beds 1 baths ∙ 1,018 Sqft ∙ Built 1952 3 beds 1 baths ∙ 1,018 Sqft ∙ Built 1952
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.47
    •  
  • 2324 Vermont Avenue Riverside, CA 2
    • 3 beds 2 baths ∙ 1,110 Sqft ∙ Built 1950 3 beds 2 baths ∙ 1,110 Sqft ∙ Built 1950
    LEASED 12/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.49
    •  
  • 3456 3456 Poplar Street Riverside, CA 3
    • 3 beds 1 baths ∙ 1,223 Sqft ∙ Built 1954 3 beds 1 baths ∙ 1,223 Sqft ∙ Built 1954
    LEASED 10/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $1.55
    •  
PROPERTY LISTING DETAILS
Leslie Wong
Kent Realty & Investment
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: WS21045695
Last Updated: 03/06/2021
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