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785 Flynn Street Riverside, CA 92507

3 Beds 2 Baths 1,225 sqft Built 1959

$375,000

List Price

$1,930

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

November 05, 2020 RECENTLY ADDED
FACTS
  • Built In 1959
  • Price/Sqft : $306.12
  • 5 Days on Market
  • MLS # : 20655682
  • Updated Date : 11/05/2020 at 15:32
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,225 sqft
  • Baths : 2 full
Listing Agent

Johnhart Corp.

Listing Agent's Description

A true Riverside beauty! This is a Traditional styled home with 3 bedrooms and 2 bathrooms. The home is located on a large 7,405-SqFt lot featuring a wide driveway, an attached 2-car garage, as well as a spacious front and back yard. Inside find a 1,225-SqFt floor-plan with well-illuminated rooms, central AC, a fireplace in the den, along with plenty of storage space throughout. New electrical installed in 2007. Home is Cable ready. The kitchen is equipped with nice appliances and beautiful wood cabinets. Bedrooms in the home have hard wood flooring. The larger of the rooms has its own private bathroom. The back yard is easily accessible through the den. The back yard presents a private open space that includes a covered patio, perfect for outdoor furniture. Part of the Riverside School District. Close to the freeways, schools, and popular dining options.

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: Highgrove Park

NeighborhoodNIR Market*CityMarket2010Year20002019100k150k200k250k300k350k400k450kPrice in $85k484k

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

Neighborhood: Highgrove Park

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2800900100011001200130014001500160017001800190020002100Rent in $7242101

* 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
Highgrove Elementary School Primary Regular 669 26 4
Highgrove Elementary School Middle Regular 669 26 4
John W. North High School High Regular 2,281 95 4

Highgrove Elementary School

  • Education Level: Primary
  • # of students: 669
  • # of teachers: 26
4
GreatSchools Rating

Highgrove Elementary School

  • Education Level: Middle
  • # of students: 669
  • # of teachers: 26
4
GreatSchools Rating

John W. North High School

  • Education Level: High
  • # of students: 2,281
  • # of teachers: 95
4
GreatSchools Rating
 

$337,500$412,500$375,000

PURCHASE PRICE

$1,737$2,123$1,930

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,930
EXPENSES Loan Payment -$1,384
Property Tax -$355
Property Insurance -$57
Property Management Fees -$114
CASH FLOW
$21

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.

$375,000

PROJECTED PRICE

$1,930

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 9.2%
Maintenance Year (1-5) 8.00%
Vacancy 5.41%
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

PROJECTED ANNUAL CASH FLOW

11530$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$105,125

INVESTMENT

$105,125

Down Payment
$93,750
Rehab Estimate
$5,750
Closing Costs
$5,625

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,384

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $93,750
Loan Amount $281,250
See What Happens When You Reinvest Cash Flow

6

YEARS SAVED

$30,456

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,930

    LIST RENT
  • $1.58

    LIST RENT PER SQFT
  • $1,719

    COMP ESTIMATED VALUE
  • $1.4

    COMP AVG. RENT PER SQFT
Comps Range
$1,725
1$1,7252$1,8503$1,9304$1,995
$1,995
RENT COMPS ANALYSIS
  • 785 Flynn Street Riverside, CA 3
    • 3 beds 2 baths ∙ 1,225 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,225 Sqft ∙ Built 1959
    • Rent
    • Rent Per SQFT
    •  
    • $1,930
    • $1.58
    •  
  • 1005 Clark Riverside, CA 1
    • 3 beds 3 baths ∙ 1,196 Sqft ∙ Built 1978 3 beds 3 baths ∙ 1,196 Sqft ∙ Built 1978
    LEASED 08/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $1.44
    •  
  • 3481 Columbia Avenue Riverside, CA 2
    • 4 beds 1 baths ∙ 1,352 Sqft ∙ Built 1972 4 beds 1 baths ∙ 1,352 Sqft ∙ Built 1972
    LEASED 06/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.37
    •  
  • 22361 Tanager Street Grand Terrace, CA 4
    • 4 beds 2 baths ∙ 1,424 Sqft ∙ Built 1978 4 beds 2 baths ∙ 1,424 Sqft ∙ Built 1978
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $1.40
    •  
PROPERTY LISTING DETAILS
Melissa Urena
Johnhart Corp.
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 20655682
Last Updated: 11/05/2020
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