Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

6374 Manzanita Way Riverside, CA 92504

4 Beds 2 Baths 2,217 sqft Built 2007

$485,000

List Price

$2,490

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

January 02, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2007
  • Price/Sqft : $218.76
  • 3 Days on Market
  • MLS # : 219055059DA
  • Updated Date : 01/01/2021 at 21:08
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,217 sqft
  • Baths : 2 full
Listing Agent

Bennion Deville Homes

Listing Agent's Description

Welcome to the Privately Gated Community of Atherton. This community has it all! It is centrally located in the heart of Riverside. You are within driving distance from UCR, Cal State San Bernadino, University of Redlands, and all of the Downtown attractions and amenities. When you drive into the gates of Atherton, you will feel as if you have driven out of the city hubbub and into a quaint suburban neighborhood. The grounds are meticulously landscaped. There are lovely walking paths that weave in between the homes to give the community a park-like atmosphere, Watch your kids play on the private park or swim in the resort sized pool. This is the ideal community for growing families, college students, or investors.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: Grand

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $129k484k

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

Neighborhood: Grand

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2100011001200130014001500160017001800190020002100Rent in $9082101

* 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
Mountain View Elementary School Primary Regular 763 28 5
Mountain View Elementary School Middle Regular 763 28 5
Ramona High School High Magnet 2,160 85 4

Mountain View Elementary School

  • Education Level: Primary
  • # of students: 763
  • # of teachers: 28
5
GreatSchools Rating

Mountain View Elementary School

  • Education Level: Middle
  • # of students: 763
  • # of teachers: 28
5
GreatSchools Rating

Ramona High School

  • Education Level: High
  • # of students: 2,160
  • # of teachers: 85
4
GreatSchools Rating
 

$436,500$533,500$485,000

PURCHASE PRICE

$2,241$2,739$2,490

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,490
EXPENSES Loan Payment -$1,789
Property Tax -$473
Property Insurance -$81
HOA -$170
Property Management Fees -$147
CASH FLOW
-$170

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.

$485,000

PROJECTED PRICE

$2,490

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 10.3%
Maintenance Year (1-5) 8.00%
Vacancy 5.43%
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-$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$134,275

INVESTMENT

$134,275

Down Payment
$121,250
Rehab Estimate
$5,750
Closing Costs
$7,275

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,789

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $121,250
Loan Amount $363,750
See What Happens When You Reinvest Cash Flow

3.67

YEARS SAVED

$20,020

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,490

    LIST RENT
  • $1.12

    LIST RENT PER SQFT
  • $2,516

    COMP ESTIMATED VALUE
  • $1.14

    COMP AVG. RENT PER SQFT
Comps Range
$2,200
1$2,2002$2,4903$2,795
$2,795
RENT COMPS ANALYSIS
  • 6374 Manzanita Way Riverside, CA 2
    • 4 beds 2 baths ∙ 2,217 Sqft ∙ Built 2007 4 beds 2 baths ∙ 2,217 Sqft ∙ Built 2007
    • Rent
    • Rent Per SQFT
    •  
    • $2,490
    • $1.12
    •  
  • 4959 Camarillo Lane Riverside, CA 1
    • 3 beds 3 baths ∙ 2,033 Sqft ∙ Built 2016 3 beds 3 baths ∙ 2,033 Sqft ∙ Built 2016
    LEASED 01/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.08
    •  
  • 4947 Plumtree Ct Riverside, CA 3
    • 4 beds 3 baths ∙ 2,350 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,350 Sqft ∙ Built 2007
    LEASED 09/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,795
    • $1.19
    •  
PROPERTY LISTING DETAILS
Hermila Mendoza
Bennion Deville Homes
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 219055059DA
Last Updated: 01/01/2021
BESbswy