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6963 Cypress Grove Drive Riverside, CA 92506

5 Beds 3 Baths 2,293 sqft Built 1990

$599,000

List Price

$2,640

$2.4K - $2.9K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 19, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1990
  • Price/Sqft : $261.23
  • 4 Days on Market
  • MLS # : IV21057054
  • Updated Date : 03/19/2021 at 11:01
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,293 sqft
  • Baths : 3 full
Listing Agent

Rick Spurlock, Broker

SEE MORE

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: 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
Earhart Middle School Middle Regular 959 37 8
Martin Luther King High School High Regular 3,324 124 9
Earhart Middle School Middle Unknown NA

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

Earhart Middle School

  • Education Level: Middle
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$539,100$658,900$599,000

PURCHASE PRICE

$2,376$2,904$2,640

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,640
EXPENSES Loan Payment -$2,081
Property Tax -$569
Property Insurance -$83
Property Management Fees -$156
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.

$599,000

PROJECTED PRICE

$2,640

PROJECTED RENT

0.44%

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-$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$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$164,485

INVESTMENT

$164,485

Down Payment
$149,750
Rehab Estimate
$5,750
Closing Costs
$8,985

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,081

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $149,750
Loan Amount $449,250
See What Happens When You Reinvest Cash Flow

3.5

YEARS SAVED

$18,482

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,640

    LIST RENT
  • $1.15

    LIST RENT PER SQFT
  • $2,723

    COMP ESTIMATED VALUE
  • $1.19

    COMP AVG. RENT PER SQFT
Comps Range
$2,400
1$2,4002$2,4003$2,6404$2,7005$2,800
$2,800
RENT COMPS ANALYSIS
  • 6963 Cypress Grove Drive Riverside, CA 3
    • 5 beds 3 baths ∙ 2,293 Sqft ∙ Built 1990 5 beds 3 baths ∙ 2,293 Sqft ∙ Built 1990
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,640
    • $1.15
    •  
  • 1526 Tonia Court Riverside, CA 1
    • 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
    •  
  • 683 Burwood Court Riverside, CA 2
    • 4 beds 3 baths ∙ 2,240 Sqft ∙ Built 1991 4 beds 3 baths ∙ 2,240 Sqft ∙ Built 1991
    property image
    LEASED 08/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.07
    •  
  • 1508 Via Vista Drive Riverside, CA 4
    • 4 beds 3 baths ∙ 2,198 Sqft ∙ Built 1987 4 beds 3 baths ∙ 2,198 Sqft ∙ Built 1987
    property image
    LEASED 02/04/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.23
    •  
  • 1145 Melville Drive Riverside, CA 5
    • 4 beds 4 baths ∙ 2,279 Sqft ∙ Built 1987 4 beds 4 baths ∙ 2,279 Sqft ∙ Built 1987
    property image
    LEASED 07/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.23
    •  
PROPERTY LISTING DETAILS
Rick Spurlock
Rick Spurlock, Broker
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV21057054
Last Updated: 03/19/2021
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