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6793 Ridgeside Drive Riverside, CA 92506

4 Beds 3 Baths 1,901 sqft Built 1989

$589,900

List Price

$2,360

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

November 11, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1989
  • Price/Sqft : $310.31
  • 6 Days on Market
  • MLS # : IV20236761
  • Updated Date : 11/13/2020 at 14:38
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,901 sqft
  • Baths : 2 full , 1 half
Listing Agent

United Realty Center Inc

Listing Agent's Description

Beautiful Mission Grove Home. Close to park, elementary school and shopping. RV parking, 3 car garage, pool and spa. Large formal living and dining area with updated lighting and plantation shutters. Kitchen has granite countertops and stainless steel appliances and opens up to the family room. Upstairs you have 3 good sized bedrooms with an oversized owners suite with large walk in closet. New Alumawood patio cover with ceiling fan. Lots of room outside for entertaining or storing your toys.

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: Mission Grove

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $144k603k

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

Neighborhood: Mission Grove

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
Taft Elementary School Primary Regular 702 27 4
Earhart Middle School Middle Regular 959 37 8
Martin Luther King High School High Regular 3,324 124 9

Taft Elementary School

  • Education Level: Primary
  • # of students: 702
  • # of teachers: 27
4
GreatSchools Rating

Earhart Middle School

  • Education Level: Middle
  • # of students: 959
  • # of teachers: 37
8
GreatSchools Rating

Martin Luther King High School

  • Education Level: High
  • # of students: 3,324
  • # of teachers: 124
9
GreatSchools Rating
 

$530,910$648,890$589,900

PURCHASE PRICE

$2,124$2,596$2,360

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,360
EXPENSES Loan Payment -$2,176
Property Tax -$560
Property Insurance -$73
Property Management Fees -$139
CASH FLOW
-$589

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.

$589,900

PROJECTED PRICE

$2,360

PROJECTED RENT

0.40%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 6.9%
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$1.8M

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$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$162,074

INVESTMENT

$162,074

Down Payment
$147,475
Rehab Estimate
$5,750
Closing Costs
$8,849

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$2,176

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $147,475
Loan Amount $442,425
See What Happens When You Reinvest Cash Flow

1.25

YEARS SAVED

$4,067

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,360

    LIST RENT
  • $1.24

    LIST RENT PER SQFT
  • $2,343

    COMP ESTIMATED VALUE
  • $1.23

    COMP AVG. RENT PER SQFT
Comps Range
$2,200
1$2,2002$2,3603$2,4004$2,5005$2,650
$2,650
RENT COMPS ANALYSIS
  • 6793 Ridgeside Drive Riverside, CA 2
    • 4 beds 3 baths ∙ 1,901 Sqft ∙ Built 1989 4 beds 3 baths ∙ 1,901 Sqft ∙ Built 1989
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,360
    • $1.24
    •  
  • 6561 Hemingway Drive Riverside, CA 1
    • 3 beds 3 baths ∙ 1,866 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,866 Sqft ∙ Built 1988
    property image
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.18
    •  
  • 1526 Tonia Court Riverside, CA 3
    • 4 beds 3 baths ∙ 1,961 Sqft ∙ Built 1987 4 beds 3 baths ∙ 1,961 Sqft ∙ Built 1987
    property image
    LEASED 02/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.22
    •  
  • 1312 Melville Drive Riverside, CA 4
    • 4 beds 2 baths ∙ 1,890 Sqft ∙ Built 1987 4 beds 2 baths ∙ 1,890 Sqft ∙ Built 1987
    property image
    LEASED 09/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.32
    •  
  • 1537 Tonia Court Riverside, CA 5
    • 4 beds 3 baths ∙ 2,198 Sqft ∙ Built 1987 4 beds 3 baths ∙ 2,198 Sqft ∙ Built 1987
    property image
    LEASED 03/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $1.21
    •  
PROPERTY LISTING DETAILS
Barry Campbell
United Realty Center Inc
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV20236761
Last Updated: 11/13/2020
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