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

6670 Flory Way Riverside, CA 92504

3 Beds 1 Baths 1,652 sqft Built 1958

$485,000

List Price

$2,100

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

January 23, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1958
  • Price/Sqft : $293.58
  • 2 Days on Market
  • MLS # : IV21014297
  • Updated Date : 01/23/2021 at 11:01
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,652 sqft
  • Baths : 1 full
Listing Agent

Windermere R.e. Tower Prop.

Listing Agent's Description

This is a perfect single story family home on a treelined street in the Magnolia Center area. This single story home is ready to move into with remodleing being done in the past few years inlcuding bathrooms 2018-2109 and kitchen 2019. There are many unque features that you would only find in this era of this home construction ,like the charming builtin cabinet in the bright and sunny breakfast nook. A breakfast bar was added to add to the openness of the kitchen. The living room is spacious with a fireplace for cozy nights. The master shower is amazing with rock pebble flooring, custom niches for toiletries and its super spacious. The back yard is big enough for a swing set and a separate garage with added concrete driveway whcich allows for extra parking and project. Additonanly the house was re-plumbed wth PEX in 2019, new rain gutters in 2019 and new HVAC, ducting in 2019.

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: Flory

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $141k498k

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

Neighborhood: Flory

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2100011001200130014001500160017001800190020002100Rent in $9152101

* 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
Madison Elementary School Primary Regular 718 28 6
Madison Elementary School Middle Regular 718 28 6
Ramona High School High Magnet 2,160 85 4

Madison Elementary School

  • Education Level: Primary
  • # of students: 718
  • # of teachers: 28
6
GreatSchools Rating

Madison Elementary School

  • Education Level: Middle
  • # of students: 718
  • # of teachers: 28
6
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

$1,890$2,310$2,100

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,100
EXPENSES Loan Payment -$1,685
Property Tax -$473
Property Insurance -$67
Property Management Fees -$124
CASH FLOW
-$248

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

$2,100

PROJECTED RENT

0.43%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 8.9%
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

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.

$1,685

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $121,250
Loan Amount $363,750
See What Happens When You Reinvest Cash Flow

3

YEARS SAVED

$11,700

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,100

    LIST RENT
  • $1.27

    LIST RENT PER SQFT
  • $2,139

    COMP ESTIMATED VALUE
  • $1.3

    COMP AVG. RENT PER SQFT
Comps Range
$1,700
1$1,7002$1,7503$1,7954$1,8005$2,100
$2,100
RENT COMPS ANALYSIS
  • 6670 Flory Way Riverside, CA 5
    • 3 beds 1 baths ∙ 1,652 Sqft ∙ Built 1958 3 beds 1 baths ∙ 1,652 Sqft ∙ Built 1958
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.27
    •  
  • 4326 Luther Street Riverside, CA 1
    • 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1970 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1970
    property image
    LEASED 01/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.13
    •  
  • 6729 Burnside Court Riverside, CA 2
    • 3 beds 2 baths ∙ 1,312 Sqft ∙ Built 1956 3 beds 2 baths ∙ 1,312 Sqft ∙ Built 1956
    property image
    LEASED 11/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.33
    •  
  • 4651 Mcfarland Riverside, CA 3
    • 3 beds 2 baths ∙ 1,334 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,334 Sqft ∙ Built 1955
    property image
    LEASED 01/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $1.35
    •  
  • 5049 Brooklawn Place Riverside, CA 4
    • 4 beds 2 baths ∙ 1,312 Sqft ∙ Built 1977 4 beds 2 baths ∙ 1,312 Sqft ∙ Built 1977
    property image
    LEASED 03/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.37
    •  
PROPERTY LISTING DETAILS
Collette Lee
Windermere R.e. Tower Prop.
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV21014297
Last Updated: 01/23/2021
BESbswy