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6053 Academy Avenue Riverside, CA 92506

4 Beds 1 Baths 1,467 sqft Built 1962

$495,000

List Price

$2,120

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

January 22, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1962
  • Price/Sqft : $337.42
  • 3 Days on Market
  • MLS # : IV21010976
  • Updated Date : 01/22/2021 at 11:07
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,467 sqft
  • Baths : 1 full
Listing Agent

Westcoe Realtors Inc

Listing Agent's Description

Wonderful 4 bedroom 2 bath home located in Canyon Crest on a large corner lot. You will love the feel and the way this home is situated on this corner. And what a fantastic neighborhood! Hurry to secure your chance at a home listed in Canyon Crest for under $500,000! The granite kitchen is open to the family room and the cabinets all have pull out shelves! The refrigerator is included and so is the washer and dryer! There are dual sinks in the hall bath. The living room has a cozy fireplace. The back patio enclosed sun room adds an additional space to enjoy. There are ceiling fans in all of the rooms. You do not want to miss this chance to live in such a secluded part of Canyon Crest.

SEE MORE

MARKET HIGHLIGHTS

  • 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.
  • 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)

PRICE & RENT TRENDS

Neighborhood: Canyon Crest

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550kPrice in $144k598k

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

Neighborhood: Canyon Crest

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q210001200140016001800200022002400Rent in $9672496

* 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
Castle View Elementary School Primary Regular 609 24 5
Castle View Elementary School Middle Regular 609 24 5
Poly High School High Regular 2,777 106 6

Castle View Elementary School

  • Education Level: Primary
  • # of students: 609
  • # of teachers: 24
5
GreatSchools Rating

Castle View Elementary School

  • Education Level: Middle
  • # of students: 609
  • # of teachers: 24
5
GreatSchools Rating

Poly High School

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

$445,500$544,500$495,000

PURCHASE PRICE

$1,908$2,332$2,120

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,120
EXPENSES Loan Payment -$1,719
Property Tax -$479
Property Insurance -$63
Property Management Fees -$125
CASH FLOW
-$266

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.

$495,000

PROJECTED PRICE

$2,120

PROJECTED RENT

0.43%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 7.8%
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$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$136,925

INVESTMENT

$136,925

Down Payment
$123,750
Rehab Estimate
$5,750
Closing Costs
$7,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,719

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $123,750
Loan Amount $371,250
See What Happens When You Reinvest Cash Flow

2.83

YEARS SAVED

$11,275

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,120

    LIST RENT
  • $1.45

    LIST RENT PER SQFT
  • $1,911

    COMP ESTIMATED VALUE
  • $1.3

    COMP AVG. RENT PER SQFT
Comps Range
$2,120
1$2,1202$2,1453$2,2004$2,2005$2,300
$2,300
RENT COMPS ANALYSIS
  • 6053 Academy Avenue Riverside, CA 1
    • 4 beds 1 baths ∙ 1,467 Sqft ∙ Built 1962 4 beds 1 baths ∙ 1,467 Sqft ∙ Built 1962
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,120
    • $1.45
    •  
  • 2835 Iron Hills Way Riverside, CA 2
    • 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1954 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1954
    property image
    LEASED 03/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,145
    • $1.43
    •  
  • 2258 El Capitan Drive Riverside, CA 3
    • 3 beds 3 baths ∙ 1,789 Sqft ∙ Built 1972 3 beds 3 baths ∙ 1,789 Sqft ∙ Built 1972
    property image
    LEASED 12/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.23
    •  
  • 1214 Monte Vista Drive Riverside, CA 4
    • 4 beds 2 baths ∙ 1,772 Sqft ∙ Built 1963 4 beds 2 baths ∙ 1,772 Sqft ∙ Built 1963
    property image
    LEASED 10/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.24
    •  
  • 5016 Tophill Place Riverside, CA 5
    • 4 beds 2 baths ∙ 1,761 Sqft ∙ Built 1960 4 beds 2 baths ∙ 1,761 Sqft ∙ Built 1960
    property image
    LEASED 08/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.31
    •  
PROPERTY LISTING DETAILS
Scott Beloian
Westcoe Realtors Inc
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV21010976
Last Updated: 01/22/2021
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