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7274 Goldboro Lane Riverside, CA 92506

4 Beds 3 Baths 2,430 sqft Built 1988

$625,000

List Price

$2,530

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

January 21, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1988
  • Price/Sqft : $257.20
  • 4 Days on Market
  • MLS # : IV21011974
  • Updated Date : 01/22/2021 at 15:40
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,430 sqft
  • Baths : 3 full
Listing Agent

Windermere R.e. Tower Prop.

Listing Agent's Description

Welcome Home to this beautiful 2 story home located on a quiet Cul-de-sac in the highly desirable Mission Grove neighborhood! It is light and bright and just waiting for a new family. It has 4 bedrooms, 3 bathrooms, and one bedroom located downstairs, which is perfect for guests. The 3-car garage which has plenty of space and attic storage with a drop down ladder. The kitchen gets the morning sun and flows right into the family room which includes a cozy fireplace for those cool winter nights, and a bar which is great for entertaining. The Vaulted ceilings in the living and formal dining area really open up the space and makes it feel light and airy, there is plenty of windows which gives great daylight throughout the day. The Master bathroom has dual sinks, a large vanity, a shower stall, and a large soaking tub with a walk-in closet. The drought resistant landscaping and plants in the front are a great water and money saving investment. The lush mature landscaping in the back leads you into a entertainers dream including a bbq island, large patio space and a huge pool and oversized custom built spa which is heated and can be used year around. Mission Grove is in a Great school district and is also close to amenities like parks, grocery stores, shopping, restaurants, gyms, and freeways, This home celebrates the California lifestyle at it's best.

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: 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
 

$562,500$687,500$625,000

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 -$2,171
Property Tax -$601
Property Insurance -$86
Property Management Fees -$149
CASH FLOW
-$477

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.

$625,000

PROJECTED PRICE

$2,530

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$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$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$171,375

INVESTMENT

$171,375

Down Payment
$156,250
Rehab Estimate
$5,750
Closing Costs
$9,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,171

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $156,250
Loan Amount $468,750
See What Happens When You Reinvest Cash Flow

1.67

YEARS SAVED

$7,283

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
  • $1.04

    LIST RENT PER SQFT
  • $2,539

    COMP ESTIMATED VALUE
  • $1.05

    COMP AVG. RENT PER SQFT
Comps Range
$2,395
1$2,3952$2,4003$2,5304$2,6005$2,850
$2,850
RENT COMPS ANALYSIS
  • 7274 Goldboro Lane Riverside, CA 3
    • 4 beds 3 baths ∙ 2,430 Sqft ∙ Built 1988 4 beds 3 baths ∙ 2,430 Sqft ∙ Built 1988
    • Rent
    • Rent Per SQFT
    •  
    • $2,530
    • $1.04
    •  
  • 19602 John F Kennedy Drive Riverside, CA 1
    • 4 beds 3 baths ∙ 2,428 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,428 Sqft ∙ Built 2003
    LEASED 03/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $0.99
    •  
  • 683 Burwood Court Riverside, CA 2
    • 4 beds 3 baths ∙ 2,240 Sqft ∙ Built 1991 4 beds 3 baths ∙ 2,240 Sqft ∙ Built 1991
    LEASED 08/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.07
    •  
  • 6817 Alderpoint Court Riverside, CA 4
    • 5 beds 3 baths ∙ 2,658 Sqft ∙ Built 1990 5 beds 3 baths ∙ 2,658 Sqft ∙ Built 1990
    LEASED 06/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $0.98
    •  
  • 6842 Rycroft Drive Riverside, CA 5
    • 4 beds 3 baths ∙ 2,493 Sqft ∙ Built 1978 4 beds 3 baths ∙ 2,493 Sqft ∙ Built 1978
    LEASED 09/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,850
    • $1.14
    •  
PROPERTY LISTING DETAILS
Debbie Phelps
Windermere R.e. Tower Prop.
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV21011974
Last Updated: 01/22/2021
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