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5308 Central Avenue Riverside, CA 92504

4 Beds 3 Baths 1,333 sqft Built 1955

$479,000

List Price

$1,820

$1.6K - $2K

Rent Est.

PROPERTY INFO

December 04, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1955
  • Price/Sqft : $359.34
  • 4 Days on Market
  • MLS # : CV20250737
  • Updated Date : 12/05/2020 at 08:27
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,333 sqft
  • Baths : 3 full
Listing Agent

Greenview Realty

Listing Agent's Description

2 ON A LOT! Turnkey! Completely remodeled single story. This home offers an open floorplan with recessed lighting and laminate wood flooring throughout the house with new kitchen cabinets, quartz countertops and brand new stainless steel appliances. New bathrooms, with tile flooring, new cabinets and new fixtures throughout! New windows, new roof, and fresh interior and exterior paint! Washer and dryer hookup. FRONT HOUSE has 3 bedrooms 2 baths and DETACHED PERMITTED UNIT has 1 room and 1 bath. This home offers Plenty of Parking thru the side and detached 2 cars garage. Great location. Close to Downtown Riverside, shopping centers and Mission Inn!!!

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: Halecrest Sun Gardens

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $105k484k

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

Neighborhood: Halecrest Sun Gardens

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2900100011001200130014001500160017001800190020002100Rent in $8472101

* 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
Jefferson Elementary School Primary Regular 910 35 5
Jefferson Elementary School Middle Regular 910 35 5
Ramona High School High Magnet 2,160 85 4

Jefferson Elementary School

  • Education Level: Primary
  • # of students: 910
  • # of teachers: 35
5
GreatSchools Rating

Jefferson Elementary School

  • Education Level: Middle
  • # of students: 910
  • # of teachers: 35
5
GreatSchools Rating

Ramona High School

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

$431,100$526,900$479,000

PURCHASE PRICE

$1,638$2,002$1,820

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,820
EXPENSES Loan Payment -$1,767
Property Tax -$464
Property Insurance -$59
Property Management Fees -$107
CASH FLOW
-$578

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.

$479,000

PROJECTED PRICE

$1,820

PROJECTED RENT

0.38%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 6.8%
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-$5.0k$0.0$5.0k

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$132,685

INVESTMENT

$132,685

Down Payment
$119,750
Rehab Estimate
$5,750
Closing Costs
$7,185

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,767

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $119,750
Loan Amount $359,250
See What Happens When You Reinvest Cash Flow

0.42

YEARS SAVED

$692

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,820

    LIST RENT
  • $1.37

    LIST RENT PER SQFT
  • $1,903

    COMP ESTIMATED VALUE
  • $1.43

    COMP AVG. RENT PER SQFT
Comps Range
$1,700
1$1,7002$1,7503$1,8204$1,9505$1,995
$1,995
RENT COMPS ANALYSIS
  • 5308 Central Avenue Riverside, CA 3
    • 4 beds 3 baths ∙ 1,333 Sqft ∙ Built 1955 4 beds 3 baths ∙ 1,333 Sqft ∙ Built 1955
    • Rent
    • Rent Per SQFT
    •  
    • $1,820
    • $1.37
    •  
  • 6418 Rhonda Road Riverside, CA 1
    • 3 beds 2 baths ∙ 1,141 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,141 Sqft ∙ Built 1955
    LEASED 08/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.49
    •  
  • 6729 Burnside Court Riverside, CA 2
    • 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
    •  
  • 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 11/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $1.47
    •  
PROPERTY LISTING DETAILS
Eduardo Barillas
Greenview Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV20250737
Last Updated: 12/05/2020
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