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6722 Icelandic Street Eastvale, CA 92880

3 Beds 3 Baths 2,383 sqft Built 2000

$585,000

List Price

$2,530

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

November 28, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2000
  • Price/Sqft : $245.49
  • 5 Days on Market
  • MLS # : TR20246665
  • Updated Date : 11/27/2020 at 18:13
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,383 sqft
  • Baths : 2 full , 1 half
Listing Agent

T.n.g. Real Estate Consultants

Listing Agent's Description

GORGEOUS SINGLE STORY HOME! Located in the city of Eastvale. A well maintained and upgraded beautiful home. Features a Spacious floor plan 3 Large Bedrooms and 2 Full and 1 half Bathrooms. Gorgeous Kitchen with a large Island. Beautiful well maintained cabinets and a large pantry. Oversized family room with a cozy fireplace and vaulted ceilings and a separate dining area right off the kitchen. Large master bedroom suite with a spacious walk-in closet, and master bathroom with dual sinks and oversized romantic soaking tub and separate shower. Spacious indoor laundry room with storage space. Two car garage with direct access, close to shopping center, schools, parks, restaurants, and easy access to the 15 freeway. AWARD-WINNING CORONA -NORCO UNIFIED SCHOOL DISTRICT. This is one of the most desirable single story floor plans available because of his excellent layout and open floor plan.

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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: Eastvale

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600k650k700kPrice in $149k728k

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

Neighborhood: Eastvale

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q212001400160018002000220024002600Rent in $10822743

* 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
Eastvale Elementary School Primary Regular 1,396 49 9
Eastvale Elementary School Middle Regular 1,396 49 9
Eleanor Roosevelt High School High Regular 3,868 134 8

Eastvale Elementary School

  • Education Level: Primary
  • # of students: 1,396
  • # of teachers: 49
9
GreatSchools Rating

Eastvale Elementary School

  • Education Level: Middle
  • # of students: 1,396
  • # of teachers: 49
9
GreatSchools Rating

Eleanor Roosevelt High School

  • Education Level: High
  • # of students: 3,868
  • # of teachers: 134
8
GreatSchools Rating
 

$526,500$643,500$585,000

PURCHASE PRICE

$2,277$2,783$2,530

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,530
EXPENSES Loan Payment -$2,158
Property Tax -$708
Property Insurance -$85
Property Management Fees -$149
CASH FLOW
-$571

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.

$585,000

PROJECTED PRICE

$2,530

PROJECTED RENT

0.43%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 5.5%
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-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$160,775

INVESTMENT

$160,775

Down Payment
$146,250
Rehab Estimate
$5,750
Closing Costs
$8,775

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,158

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $146,250
Loan Amount $438,750
See What Happens When You Reinvest Cash Flow

1.25

YEARS SAVED

$3,861

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,530

    LIST RENT
  • $1.06

    LIST RENT PER SQFT
  • $2,550

    COMP ESTIMATED VALUE
  • $1.07

    COMP AVG. RENT PER SQFT
Comps Range
$2,490
1$2,4902$2,5003$2,5304$2,5905$2,600
$2,600
RENT COMPS ANALYSIS
  • 6722 Icelandic Street Eastvale, CA 3
    • 3 beds 3 baths ∙ 2,383 Sqft ∙ Built 2000 3 beds 3 baths ∙ 2,383 Sqft ∙ Built 2000
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,530
    • $1.06
    •  
  • 12860 Pattison Street Eastvale, CA 1
    • 4 beds 3 baths ∙ 2,371 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,371 Sqft ∙ Built 2004
    property image
    LEASED 07/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,490
    • $1.05
    •  
  • 6667 Borges Street Eastvale, CA 2
    • 4 beds 3 baths ∙ 2,490 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,490 Sqft ∙ Built 2002
    property image
    LEASED 08/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.00
    •  
  • 6432 Caxton Street Eastvale, CA 4
    • 3 beds 3 baths ∙ 2,406 Sqft ∙ Built 2009 3 beds 3 baths ∙ 2,406 Sqft ∙ Built 2009
    property image
    LEASED 10/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,590
    • $1.08
    •  
  • 6364 Kaisha Street Eastvale, CA 5
    • 3 beds 3 baths ∙ 2,253 Sqft ∙ Built 2004 3 beds 3 baths ∙ 2,253 Sqft ∙ Built 2004
    property image
    LEASED 06/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.15
    •  
PROPERTY LISTING DETAILS
Ritesh Kohad
T.n.g. Real Estate Consultants
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: TR20246665
Last Updated: 11/27/2020
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