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7323 Westwood Drive Riverside, CA 92504

3 Beds 3 Baths 2,300 sqft Built 1956

$555,000

List Price

$2,360

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

November 25, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1956
  • Price/Sqft : $241.30
  • 6 Days on Market
  • MLS # : CV20246505
  • Updated Date : 11/27/2020 at 13:55
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,300 sqft
  • Baths : 2 full , 1 half
Listing Agent

6550 Realty Group

Listing Agent's Description

Incredibly gorgeous, newly updated home located on a quiet, tree-lined street. The home features a new kitchen and appliances, a nook or dining area are off of the kitchen, and has quartz counter tops. The home has natural light throughout, and features a stunning wall to wall windows that lead to the backyard which is secluded and has producing grapefruit and lemon trees, along with two sheds. The roof was done within 10 years. Separate laundry area. New toilets and sinks in the bathrooms. One of the best features of the home is the bar/man-cave/game room or wine cellar-(however, seller will convert back into a 3rd bedroom). The room has original wood floors, suede wall paper, built-in grand bar, original 50's wine cellar, large custom stained glass window, beautiful brass gates leading into wine cellar and bar. Just outside the bar/man-cave is an original, working barbecue grill with its own damper and chimney flue--works beautifully with wood chips or charcoal bricks (this feature is a constant source of conversation). More original features: Crown molding in the living room, both fireplaces were kept original with marble and original mantle. Indoor brass doorbell charm, vents and some lighting, both bathrooms have original bathroom vanity sitting areas, master bedroom has original custom built closets and shoe closets, master bathroom has been updated while keeping the vintage charm! There really are very few "must see" homes--this home however is absolutely a must see!

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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: 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
Jefferson Elementary School Primary Regular 910 35 5
Jefferson Elementary School Middle Regular 910 35 5
Ramona High School High Magnet 2,160 85 4

Jefferson Elementary School

  • Education Level: Primary
  • # of students: 910
  • # of teachers: 35
5
GreatSchools Rating

Jefferson Elementary School

  • Education Level: Middle
  • # of students: 910
  • # of teachers: 35
5
GreatSchools Rating

Ramona High School

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

$499,500$610,500$555,000

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 -$2,048
Property Tax -$537
Property Insurance -$83
Property Management Fees -$139
CASH FLOW
-$447

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.

$555,000

PROJECTED PRICE

$2,360

PROJECTED RENT

0.43%

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$500k$1.0M$1.5M$2.0M

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$500k$1.0M$1.5M$2.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$152,825

INVESTMENT

$152,825

Down Payment
$138,750
Rehab Estimate
$5,750
Closing Costs
$8,325

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,048

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $138,750
Loan Amount $416,250
See What Happens When You Reinvest Cash Flow

1.92

YEARS SAVED

$8,112

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
  • $1.03

    LIST RENT PER SQFT
  • $2,576

    COMP ESTIMATED VALUE
  • $1.12

    COMP AVG. RENT PER SQFT
Comps Range
$2,360
1$2,3602$2,550
$2,550
RENT COMPS ANALYSIS
  • 7323 Westwood Drive Riverside, CA 1
    • 3 beds 3 baths ∙ 2,300 Sqft ∙ Built 1956 3 beds 3 baths ∙ 2,300 Sqft ∙ Built 1956
    • Rent
    • Rent Per SQFT
    •  
    • $2,360
    • $1.03
    •  
  • 5616 Jurupa Avenue Riverside, CA 2
    • 3 beds 1 baths ∙ 2,268 Sqft ∙ Built 1957 3 beds 1 baths ∙ 2,268 Sqft ∙ Built 1957
    LEASED 03/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $1.12
    •  
PROPERTY LISTING DETAILS
Anthony Tavera
6550 Realty Group
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV20246505
Last Updated: 11/27/2020
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