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6221 Claridge Drive Riverside, CA 92506

4 Beds 3 Baths 1,876 sqft Built 1973

$525,000

List Price

$2,430

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

December 05, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1973
  • Price/Sqft : $279.85
  • 3 Days on Market
  • MLS # : IV20251981
  • Updated Date : 12/04/2020 at 21:23
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,876 sqft
  • Baths : 3 full
Listing Agent

Keller Williams Riverside Cent

Listing Agent's Description

Lovely home centrally located in the Canyon Crest neighborhood with beautiful curb appeal! This home welcomes you with a spacious, open kitchen, large living room and family room. High ceilings and large windows lets in plenty of natural light. Gather around the fireplace located in the living room this holiday season, and don't forget about the pool and outdoor fireplace when summer comes around! The master bedroom has a walk-in closet and master bathroom with dual vanity sinks. There is also plenty of cabinet space throughout the home for storage! Updates include flooring, A/C/Heating, attic insulation, pool pump, upgraded breaker panel, and energy efficient windows and doors! Ready for you to move in and make your own, this home will not last!

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: 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
 

$472,500$577,500$525,000

PURCHASE PRICE

$2,187$2,673$2,430

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,430
EXPENSES Loan Payment -$1,937
Property Tax -$503
Property Insurance -$73
Property Management Fees -$143
CASH FLOW
-$226

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.

$525,000

PROJECTED PRICE

$2,430

PROJECTED RENT

0.46%

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$20k

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$144,875

INVESTMENT

$144,875

Down Payment
$131,250
Rehab Estimate
$5,750
Closing Costs
$7,875

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,937

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $131,250
Loan Amount $393,750
See What Happens When You Reinvest Cash Flow

3.58

YEARS SAVED

$20,444

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,430

    LIST RENT
  • $1.3

    LIST RENT PER SQFT
  • $2,397

    COMP ESTIMATED VALUE
  • $1.28

    COMP AVG. RENT PER SQFT
Comps Range
$2,400
1$2,4002$2,4303$2,5004$2,5005$2,650
$2,650
RENT COMPS ANALYSIS
  • 6221 Claridge Drive Riverside, CA 2
    • 4 beds 3 baths ∙ 1,876 Sqft ∙ Built 1973 4 beds 3 baths ∙ 1,876 Sqft ∙ Built 1973
    • Rent
    • Rent Per SQFT
    •  
    • $2,430
    • $1.30
    •  
  • 1526 Tonia Court Riverside, CA 1
    • 4 beds 3 baths ∙ 1,961 Sqft ∙ Built 1987 4 beds 3 baths ∙ 1,961 Sqft ∙ Built 1987
    LEASED 02/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.22
    •  
  • 1312 Melville Drive Riverside, CA 3
    • 4 beds 2 baths ∙ 1,890 Sqft ∙ Built 1987 4 beds 2 baths ∙ 1,890 Sqft ∙ Built 1987
    LEASED 09/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.32
    •  
  • 960 Country Club Drive Riverside, CA 4
    • 3 beds 2 baths ∙ 1,995 Sqft ∙ Built 1967 3 beds 2 baths ∙ 1,995 Sqft ∙ Built 1967
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.25
    •  
  • 5957 Wimbledon Drive Riverside, CA 5
    • 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
    •  
PROPERTY LISTING DETAILS
Dante Oms
Keller Williams Riverside Cent
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV20251981
Last Updated: 12/04/2020
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