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7465 Hastings Lane Riverside, CA 92506

4 Beds 2 Baths 2,928 sqft Built 1987

$989,900

List Price

$3,250

$3K - $3.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
FACTS
  • Single Family
  • Built In 1987
  • Price/Sqft : $338.08
  • 16 Days on Market
  • MLS # : OC21140169
  • Updated Date : 07/07/2021 at 05:14
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,928 sqft
  • Baths : 2 full
Listing Agent

U.s. Real Estate Services, Inc

Listing Agent's Description

One of a kind single story home in the desirable “ Colony neighborhood “ This beautiful home is on a corner lot and has 4 bedrooms ( one currently used as an office ), 2 bathrooms, with many custom features. The kitchen has custom wood cabinets with Corian Countertops, along with a walk-in pantry, stainless steel appliances, and tile backsplash. The primary bedroom contains a dual sided fireplace, a sitting area, and a large master closet with custom cabinetry. The primary bath has a Corian shower, a jacuzzi tub, and dual sinks. A park-like backyard with a pool and spa, outdoor kitchen, large patio, and lovely gazebo. There is also boat or indoor storage on the side of the home. A 3 car finished garage with custom cabinets and epoxy floor. Too many extras to list. This property also has solar panels that are owned free and clear. A Must See!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: Alessandro Heights

NeighborhoodNIR Market*CityMarket2010Year20002019200k300k400k500k600k700k800k900k1000kPrice in $144k1048k

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

Neighborhood: Alessandro Heights

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2100012001400160018002000220024002600280030003200340036003800Rent in $9673843

* 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
Gage Middle School Middle Regular 1,004 40 4
Poly High School High Regular 2,777 106 6

Gage Middle School

  • Education Level: Middle
  • # of students: 1,004
  • # of teachers: 40
4
GreatSchools Rating

Poly High School

  • Education Level: High
  • # of students: 2,777
  • # of teachers: 106
6
GreatSchools Rating
 

$890,910$1,088,890$989,900

PURCHASE PRICE

$2,925$3,575$3,250

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,250
EXPENSES Loan Payment -$3,438
Property Tax -$958
Property Insurance -$98
Property Management Fees -$192
CASH FLOW
-$1,436

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.

$989,900

PROJECTED PRICE

$3,250

PROJECTED RENT

0.33%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 4.5%
Maintenance Year (1-5) 8.00%
Vacancy 5.03%
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$2.5M

PROJECTED ANNUAL CASH FLOW

11530-$25k-$20k-$15k-$10k-$5.0k$0.0$5.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$268,074

INVESTMENT

$268,074

Down Payment
$247,475
Rehab Estimate
$5,750
Closing Costs
$14,849

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$3,438

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $247,475
Loan Amount $742,425
See What Happens When You Reinvest Cash Flow

0.17

YEARS SAVED

$97

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,250

    LIST RENT
  • $1.11

    LIST RENT PER SQFT
  • $3,455

    COMP ESTIMATED VALUE
  • $1.18

    COMP AVG. RENT PER SQFT
Comps Range
$3,250
1$3,2502$3,250
$3,250
RENT COMPS ANALYSIS
  • 7465 Hastings Lane Riverside, CA 2
    • 4 beds 2 baths ∙ 2,928 Sqft ∙ Built 1987 4 beds 2 baths ∙ 2,928 Sqft ∙ Built 1987
    • Rent
    • Rent Per SQFT
    •  
    • $3,250
    • $1.11
    •  
  • 1790 Washington Street Riverside, CA 1
    • 4 beds 2 baths ∙ 2,761 Sqft ∙ Built 1976 4 beds 2 baths ∙ 2,761 Sqft ∙ Built 1976
    LEASED 01/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,250
    • $1.18
    •  
PROPERTY LISTING DETAILS
Ryan Robson
U.s. Real Estate Services, Inc
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21140169
Last Updated: 07/07/2021
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