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5260 Old Mill Road Riverside, CA 92504

3 Beds 1 Baths 1,313 sqft Built 1954

$450,000

List Price

$1,810

$1.6K - $2K

Rent Est.

PROPERTY INFO

October 31, 2020 RECENTLY ADDED
FACTS
  • Built In 1954
  • Price/Sqft : $342.73
  • 5 Days on Market
  • MLS # : SW20224493
  • Updated Date : 10/30/2020 at 20:37
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,313 sqft
  • Baths : 1 full
Listing Agent

Era Donahoe Realty

Listing Agent's Description

Charming Mid-Century Modern single level home in a quiet neighborhood on a large lot. As you enter the home, you will see brand new entry doors throughout the home. Majority of the windows have been replaced with Milgard windows for energy efficiency. New paint throughout the home, new garage door and roof was recently resurfaced. Home features 3 bedrooms with large closet space and large beautiful windows that allows so much light into each room. Master bedroom has it's own bathroom while the second bathroom is easily located down the hall for guests. Beautiful Galley kitchen with granite countertops. Home is located close to colleges, dining and shopping. Come check out this beautiful neighborhood with low taxes, no HOA and a lot of pride of ownerships within the community.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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.

PRICE & RENT TRENDS

Neighborhood: Grand

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $129k484k

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

Neighborhood: Grand

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2100011001200130014001500160017001800190020002100Rent in $9082101

* 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
Mountain View Elementary School Primary Regular 763 28 5
Mountain View Elementary School Middle Regular 763 28 5
Ramona High School High Magnet 2,160 85 4

Mountain View Elementary School

  • Education Level: Primary
  • # of students: 763
  • # of teachers: 28
5
GreatSchools Rating

Mountain View Elementary School

  • Education Level: Middle
  • # of students: 763
  • # of teachers: 28
5
GreatSchools Rating

Ramona High School

  • Education Level: High
  • # of students: 2,160
  • # of teachers: 85
4
GreatSchools Rating
 

$405,000$495,000$450,000

PURCHASE PRICE

$1,629$1,991$1,810

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,810
EXPENSES Loan Payment -$1,660
Property Tax -$438
Property Insurance -$59
Property Management Fees -$107
CASH FLOW
-$455

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.

$450,000

PROJECTED PRICE

$1,810

PROJECTED RENT

0.40%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 10.3%
Maintenance Year (1-5) 8.00%
Vacancy 5.43%
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

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$125,000

INVESTMENT

$125,000

Down Payment
$112,500
Rehab Estimate
$5,750
Closing Costs
$6,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,660

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $112,500
Loan Amount $337,500
See What Happens When You Reinvest Cash Flow

1.17

YEARS SAVED

$2,725

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,810

    LIST RENT
  • $1.38

    LIST RENT PER SQFT
  • $1,828

    COMP ESTIMATED VALUE
  • $1.39

    COMP AVG. RENT PER SQFT
Comps Range
$1,750
1$1,7502$1,7953$1,8104$1,9505$1,995
$1,995
RENT COMPS ANALYSIS
  • 5260 Old Mill Road Riverside, CA 3
    • 3 beds 1 baths ∙ 1,313 Sqft ∙ Built 1954 3 beds 1 baths ∙ 1,313 Sqft ∙ Built 1954
    • Rent
    • Rent Per SQFT
    •  
    • $1,810
    • $1.38
    •  
  • 6729 Burnside Court Riverside, CA 1
    • 3 beds 2 baths ∙ 1,312 Sqft ∙ Built 1956 3 beds 2 baths ∙ 1,312 Sqft ∙ Built 1956
    LEASED 11/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.33
    •  
  • 4651 Mcfarland Riverside, CA 2
    • 3 beds 2 baths ∙ 1,334 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,334 Sqft ∙ Built 1955
    LEASED 12/12/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $1.35
    •  
  • 4770 Gardena Drive Riverside, CA 4
    • 3 beds 2 baths ∙ 1,376 Sqft ∙ Built 1965 3 beds 2 baths ∙ 1,376 Sqft ∙ Built 1965
    LEASED 01/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $1.42
    •  
  • 5935 Grand Avenue Riverside, CA 5
    • 3 beds 2 baths ∙ 1,360 Sqft ∙ Built 1956 3 beds 2 baths ∙ 1,360 Sqft ∙ Built 1956
    LEASED 10/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $1.47
    •  
PROPERTY LISTING DETAILS
Michelle Hodges
Era Donahoe Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SW20224493
Last Updated: 10/30/2020
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