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6086 Grinnell Drive Riverside, CA 92509

3 Beds 2 Baths 2,151 sqft Built 1981

$579,900

List Price

$2,290

$2.1K - $2.5K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1981
  • Price/Sqft : $269.60
  • 10 Days on Market
  • MLS # : OC20234453
  • Updated Date : 11/06/2020 at 11:34
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,151 sqft
  • Baths : 2 full
Listing Agent

Pacificon Realty Inc

Listing Agent's Description

Move-in ready 3 Bedroom / 2 Bathroom single story family home in the desirable Indian Hills community. Recently renovated with modern designer touches throughout and too may upgrades to list. With an open floor plan and plenty of room to entertain this home is just waiting for a new owner to make it their own. Great location on a cul de sac street and in a community with true pride of ownership and no HOA. Conveniently close to Indian Hill golf club, nearby parks, recreation, schools, shopping and so much more!

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: Pedley

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $116k484k

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

Neighborhood: Pedley

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2100011001200130014001500160017001800190020002100Rent in $9112178

* 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
Camino Real Elementary School Primary Regular 789 31 6
Camino Real Elementary School Middle Regular 789 31 6
Patriot High School High Regular 2,094 82 6

Camino Real Elementary School

  • Education Level: Primary
  • # of students: 789
  • # of teachers: 31
6
GreatSchools Rating

Camino Real Elementary School

  • Education Level: Middle
  • # of students: 789
  • # of teachers: 31
6
GreatSchools Rating

Patriot High School

  • Education Level: High
  • # of students: 2,094
  • # of teachers: 82
6
GreatSchools Rating
 

$521,910$637,890$579,900

PURCHASE PRICE

$2,061$2,519$2,290

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,290
EXPENSES Loan Payment -$2,140
Property Tax -$549
Property Insurance -$79
Property Management Fees -$135
CASH FLOW
-$613

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.

$579,900

PROJECTED PRICE

$2,290

PROJECTED RENT

0.39%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 7.8%
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$1.6M$1.8M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$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$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$159,424

INVESTMENT

$159,424

Down Payment
$144,975
Rehab Estimate
$5,750
Closing Costs
$8,699

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,140

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $144,975
Loan Amount $434,925
See What Happens When You Reinvest Cash Flow

0.83

YEARS SAVED

$2,367

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,290

    LIST RENT
  • $1.06

    LIST RENT PER SQFT
  • $2,216

    COMP ESTIMATED VALUE
  • $1.03

    COMP AVG. RENT PER SQFT
Comps Range
$1,950
1$1,9502$2,2903$2,500
$2,500
RENT COMPS ANALYSIS
  • 6086 Grinnell Drive Riverside, CA 2
    • 3 beds 2 baths ∙ 2,151 Sqft ∙ Built 1981 3 beds 2 baths ∙ 2,151 Sqft ∙ Built 1981
    • Rent
    • Rent Per SQFT
    •  
    • $2,290
    • $1.06
    •  
  • 7820 Bolero Drive Riverside, CA 1
    • 4 beds 3 baths ∙ 1,983 Sqft ∙ Built 1966 4 beds 3 baths ∙ 1,983 Sqft ∙ Built 1966
    LEASED 09/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.98
    •  
  • 5926 Avenue Juan Bautista Jurupa Valley, CA 3
    • 3 beds 2 baths ∙ 2,320 Sqft ∙ Built 1967 3 beds 2 baths ∙ 2,320 Sqft ∙ Built 1967
    LEASED 07/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.08
    •  
PROPERTY LISTING DETAILS
Kevin Nicholson
Pacificon Realty Inc
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC20234453
Last Updated: 11/06/2020
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