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6172 Oswego Drive Riverside, CA 92506

4 Beds 2 Baths 2,250 sqft Built 1976

$729,000

List Price

$2,690

$2.4K - $2.9K

Rent Est.

PROPERTY INFO

December 18, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1976
  • Price/Sqft : $324.00
  • 3 Days on Market
  • MLS # : IV20258391
  • Updated Date : 12/18/2020 at 11:27
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,250 sqft
  • Baths : 2 full
Listing Agent

Crest Sotheby's International Realty

Listing Agent's Description

Located on a serene cul-de-sac, this gated Canyon Crest single story home offers spectacular city lights, mountain and valley views that are visible from the family room, kitchen, master bedroom and backyard. The home features a formal living room, dining room with Swarovski chandelier, and family room with fireplace that is open to the kitchen. The kitchen offers granite counter tops, granite flooring, updated gas appliances, floating island, and custom designed solid maple wood Kraftmaid cabinetry with gliding drawers, Kraftmaid desk with hutch, pull outs, and decorative glass doors. There are four spacious bedrooms, including the Master bedroom with walk-in closet and en-suite. You'll also find an indoor laundry room with lots of storage. Recent upgrades include, fresh paint inside and outside, new laminate wood flooring, upgraded baseboards, and a home automation that includes fully automated light switches. In addition there's a Nest thermostat, Rachio sprinkler control, Ring Doorbell and cameras, SimpliSafe Home Security System, dual pane Low-E Pella energy saving windows and new tile roof with TechShield aluminum backed radiant barrier. The large Solar Panel Array provides nearly all the energy needs for low electric bills (panels fully paid off). Outside, take in the panoramic view from the Alumawood patio (70 feet wide) with recessed lights and fans, or pool size back yard with fruit and citrus trees...welcome home!

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: 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
 

$656,100$801,900$729,000

PURCHASE PRICE

$2,421$2,959$2,690

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,690
EXPENSES Loan Payment -$2,690
Property Tax -$698
Property Insurance -$82
Property Management Fees -$159
CASH FLOW
-$938

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.

$729,000

PROJECTED PRICE

$2,690

PROJECTED RENT

0.37%

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$500k$1.0M$1.5M$2.0M

PROJECTED ANNUAL CASH FLOW

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

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$198,935

INVESTMENT

$198,935

Down Payment
$182,250
Rehab Estimate
$5,750
Closing Costs
$10,935

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,690

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $182,250
Loan Amount $546,750
See What Happens When You Reinvest Cash Flow

0.33

YEARS SAVED

$771

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,690

    LIST RENT
  • $1.2

    LIST RENT PER SQFT
  • $2,694

    COMP ESTIMATED VALUE
  • $1.2

    COMP AVG. RENT PER SQFT
Comps Range
$2,600
1$2,6002$2,6003$2,6504$2,6905$2,800
$2,800
RENT COMPS ANALYSIS
  • 6172 Oswego Drive Riverside, CA 4
    • 4 beds 2 baths ∙ 2,250 Sqft ∙ Built 1976 4 beds 2 baths ∙ 2,250 Sqft ∙ Built 1976
    • Rent
    • Rent Per SQFT
    •  
    • $2,690
    • $1.20
    •  
  • 6374 Jaguar Drive Riverside, CA 1
    • 3 beds 3 baths ∙ 2,219 Sqft ∙ Built 1988 3 beds 3 baths ∙ 2,219 Sqft ∙ Built 1988
    LEASED 11/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.17
    •  
  • 1508 Via Vista Drive Riverside, CA 2
    • 4 beds 3 baths ∙ 2,198 Sqft ∙ Built 1987 4 beds 3 baths ∙ 2,198 Sqft ∙ Built 1987
    LEASED 01/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.18
    •  
  • 1537 Tonia Court Riverside, CA 3
    • 4 beds 3 baths ∙ 2,198 Sqft ∙ Built 1987 4 beds 3 baths ∙ 2,198 Sqft ∙ Built 1987
    LEASED 03/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $1.21
    •  
  • 1145 Melville Drive Riverside, CA 5
    • 4 beds 4 baths ∙ 2,279 Sqft ∙ Built 1987 4 beds 4 baths ∙ 2,279 Sqft ∙ Built 1987
    LEASED 07/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.23
    •  
PROPERTY LISTING DETAILS
Robert Murray
Crest Sotheby's International Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV20258391
Last Updated: 12/18/2020
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