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6979 Palm Court #342N Riverside, CA 92506

3 Beds 1 Baths 1,235 sqft Built 1959

$234,900

List Price

$1,730

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
February 11, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1959
  • Price/Sqft : $190.20
  • 5 Days on Market
  • MLS # : IV21026459
  • Updated Date : 02/10/2021 at 17:17
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,235 sqft
  • Baths : 1 full
Listing Agent

Eagle Real Estate And Property Management Inc.

Listing Agent's Description

LOCATION LOCATION LOCATION! At this price, this is a GREAT OPPORTUNITY TO BECOME A HOMEOWNER! This 3 bed, 2 bath condo sits just minutes away from shopping, freeway access, and the Riverside Plaza. Most units in complex are 2 bed 1 bath. This unit has a wet bar, breakfast nook, mobile fireplace, balcony, laundry inside unit, and community pool for those hot summer days! THIS ONE WON'T LAST! Seller is doing 1031 tax deferred exchange at no cost to the buyer.

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: Magnolia Center

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $118k484k

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

Neighborhood: Magnolia Center

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2900100011001200130014001500160017001800190020002100Rent in $8742101

* 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
Sierra Middle School Middle Regular 890 41 3
Ramona High School High Magnet 2,160 85 4

Sierra Middle School

  • Education Level: Middle
  • # of students: 890
  • # of teachers: 41
3
GreatSchools Rating

Ramona High School

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

$211,410$258,390$234,900

PURCHASE PRICE

$1,557$1,903$1,730

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,730
EXPENSES Loan Payment -$816
Property Tax -$230
Property Insurance -$57
HOA -$451
Property Management Fees -$102
CASH FLOW
$74

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.

$234,900

PROJECTED PRICE

$1,730

PROJECTED RENT

0.74%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 11.7%
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

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$67,999

INVESTMENT

$67,999

Down Payment
$58,725
Rehab Estimate
$5,750
Closing Costs
$3,524

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$816

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $58,725
Loan Amount $176,175
See What Happens When You Reinvest Cash Flow

5.92

YEARS SAVED

$16,069

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,730

    LIST RENT
  • $1.4

    LIST RENT PER SQFT
  • $1,677

    COMP ESTIMATED VALUE
  • $1.36

    COMP AVG. RENT PER SQFT
Comps Range
$1,730
1$1,7302$1,7503$1,8004$1,9505$1,975
$1,975
RENT COMPS ANALYSIS
  • 6979 Palm Court Riverside, CA 1
    • 3 beds 1 baths ∙ 1,235 Sqft ∙ Built 1959 3 beds 1 baths ∙ 1,235 Sqft ∙ Built 1959
    • Rent
    • Rent Per SQFT
    •  
    • $1,730
    • $1.40
    •  
  • 6729 Burnside Court Riverside, CA 2
    • 3 beds 2 baths ∙ 1,312 Sqft ∙ Built 1956 3 beds 2 baths ∙ 1,312 Sqft ∙ Built 1956
    LEASED 11/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.33
    •  
  • 5049 Brooklawn Place Riverside, CA 3
    • 4 beds 2 baths ∙ 1,312 Sqft ∙ Built 1977 4 beds 2 baths ∙ 1,312 Sqft ∙ Built 1977
    LEASED 03/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.37
    •  
  • 4770 Gardena Drive Riverside, CA 4
    • 3 beds 2 baths ∙ 1,376 Sqft ∙ Built 1965 3 beds 2 baths ∙ 1,376 Sqft ∙ Built 1965
    LEASED 01/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $1.42
    •  
  • 7395 Diamond Street Riverside, CA 5
    • 4 beds 2 baths ∙ 1,510 Sqft ∙ Built 1953 4 beds 2 baths ∙ 1,510 Sqft ∙ Built 1953
    LEASED 08/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,975
    • $1.31
    •  
PROPERTY LISTING DETAILS
Lavern Slusher Ii
Eagle Real Estate And Property Management Inc.
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV21026459
Last Updated: 02/10/2021
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