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5684 Bedford Drive Riverside, CA 92506

3 Beds 2 Baths 2,044 sqft Built 1958

$615,000

List Price

$2,550

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

November 27, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1958
  • Price/Sqft : $300.88
  • 3 Days on Market
  • MLS # : IV20247398
  • Updated Date : 11/27/2020 at 14:22
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,044 sqft
  • Baths : 2 full
Listing Agent

Windermere R.e. Tower Prop.

Listing Agent's Description

Charming midcentury single story on a large private lot on Royal Hill in Riverside's highly desirable Victoria Woods neighborhood. Towering shade trees and majestic palms provide for the perfect setting for this well cared for and upgraded home. Beautiful high end wood plank flooring flows throughout the living space and into the bedrooms and provides a clean and updated feel while still complimenting the mid century character. The great room is spacious with a white brick fireplace, abundant natural light, and sliding French doors open to the pool area and patio. The kitchen connects the great room, entry, dining, and living rooms; making for a open and airy floorplan. The kitchen overlooks the pool area, has granite slab countertops with ample counter space, a breakfast bar and lots of cabinets. The owner's suite has a large picture window facing the covered patio, 2 closets, a vanity with double sinks and a marble top, and a tub/shower. The two additional bedrooms are perfect for guests or family members with mirrored closets and ceiling fans. The backyard is designed for outdoor living and celebrating all Southern California has to offer. From the covered patio, lima bean shaped pool, stone paver patio, raised garden beds, and fruit trees. This house offers retreat living in the heart of Riverside. Award winning Riverside Unified School District (Alcott Elementary, Gage Middle School, and Poly High School).

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: Royal Hills

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600k650kPrice in $144k693k

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

Neighborhood: Royal Hills

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2100012001400160018002000220024002600Rent in $9672621

* 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
Alcott Elementary School Primary Regular 772 31 5
Alcott Elementary School Middle Regular 772 31 5
Poly High School High Regular 2,777 106 6

Alcott Elementary School

  • Education Level: Primary
  • # of students: 772
  • # of teachers: 31
5
GreatSchools Rating

Alcott Elementary School

  • Education Level: Middle
  • # of students: 772
  • # of teachers: 31
5
GreatSchools Rating

Poly High School

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

$553,500$676,500$615,000

PURCHASE PRICE

$2,295$2,805$2,550

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,550
EXPENSES Loan Payment -$2,269
Property Tax -$595
Property Insurance -$77
Property Management Fees -$150
CASH FLOW
-$541

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.

$615,000

PROJECTED PRICE

$2,550

PROJECTED RENT

0.41%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 8.0%
Maintenance Year (1-5) 8.00%
Vacancy 5.35%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$500k$1.0M$1.5M$2.0M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$168,725

INVESTMENT

$168,725

Down Payment
$153,750
Rehab Estimate
$5,750
Closing Costs
$9,225

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,269

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $153,750
Loan Amount $461,250
See What Happens When You Reinvest Cash Flow

1.58

YEARS SAVED

$7,027

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,550

    LIST RENT
  • $1.25

    LIST RENT PER SQFT
  • $2,591

    COMP ESTIMATED VALUE
  • $1.27

    COMP AVG. RENT PER SQFT
Comps Range
$2,200
1$2,2002$2,4503$2,5504$2,6505$3,050
$3,050
RENT COMPS ANALYSIS
  • 5684 Bedford Drive Riverside, CA 3
    • 3 beds 2 baths ∙ 2,044 Sqft ∙ Built 1958 3 beds 2 baths ∙ 2,044 Sqft ∙ Built 1958
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $1.25
    •  
  • 2201 Trafalgar Avenue Riverside, CA 1
    • 4 beds 2 baths ∙ 1,728 Sqft ∙ Built 1978 4 beds 2 baths ∙ 1,728 Sqft ∙ Built 1978
    LEASED 06/25/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.27
    •  
  • 2443 Gloucester Way Riverside, CA 2
    • 4 beds 1 baths ∙ 2,097 Sqft ∙ Built 1957 4 beds 1 baths ∙ 2,097 Sqft ∙ Built 1957
    LEASED 03/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $1.17
    •  
  • 5957 Wimbledon Drive Riverside, CA 4
    • 4 beds 2 baths ∙ 2,012 Sqft ∙ Built 1972 4 beds 2 baths ∙ 2,012 Sqft ∙ Built 1972
    LEASED 07/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $1.32
    •  
  • 6153 Bluffwood Drive Riverside, CA 5
    • 4 beds 3 baths ∙ 2,320 Sqft ∙ Built 1977 4 beds 3 baths ∙ 2,320 Sqft ∙ Built 1977
    LEASED 08/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,050
    • $1.31
    •  
PROPERTY LISTING DETAILS
Brent Lee
Windermere R.e. Tower Prop.
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV20247398
Last Updated: 11/27/2020
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