Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

7850 Leway Drive Riverside, CA 92508

4 Beds 3 Baths 2,662 sqft Built 2001

$630,000

List Price

$2,820

$2.6K - $3.1K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 27, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $236.66
  • 3 Days on Market
  • MLS # : IV21037699
  • Updated Date : 02/26/2021 at 15:04
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,662 sqft
  • Baths : 3 full
Listing Agent

Grove Realty

Listing Agent's Description

Fantastic home in Mission Grove! Interior upgrades include crown molding, wood look porcelain tile, plantation shutters, recessed lighting, fresh paint, ceiling fans, granite counters, and 4 inch custom baseboards. The kitchen features granite tile counter tops, custom cabinet slide outs including the spacious kitchen island with plenty of room for an eating area. Open to the kitchen is the family room which features a great fireplace with built in cabinets on each side. There is one bedroom and one bathroom located downstairs, perfect for guests or elderly family members. There is also a laundry room with cabinet and counter space! The stairs are solid oak with white risers and custom wrought iron banister. Lots of storage space in the hallway of the second level. All remaining bedrooms and bathrooms are located upstairs. The primary bedroom has custom crown molding with coffered ceiling, barn door and custom wallpaper accent wall. The primary bathroom has custom tile for the shower, granite counters, pull out cabinets and upgraded toilet with soft close lid. There is also a spacious game room with herringbone patterned floor. The backyard is gorgeous and features stamped concrete, river rock planters, a concrete pad for your future spa, large patio cover with ceiling fans and lights and the yard is beautifully landscaped. The front yard has artificial turf and a beautiful brick paver driveway. 3 car garage and no HOA! Do not miss out on this home!

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: 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
Earhart Middle School Middle Regular 959 37 8
Martin Luther King High School High Regular 3,324 124 9
Earhart Middle School Middle Unknown NA

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

Earhart Middle School

  • Education Level: Middle
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$567,000$693,000$630,000

PURCHASE PRICE

$2,538$3,102$2,820

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,820
EXPENSES Loan Payment -$2,188
Property Tax -$710
Property Insurance -$92
Property Management Fees -$166
CASH FLOW
-$336

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.

$630,000

PROJECTED PRICE

$2,820

PROJECTED RENT

0.45%

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

PROJECTED ANNUAL CASH FLOW

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

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$172,700

INVESTMENT

$172,700

Down Payment
$157,500
Rehab Estimate
$5,750
Closing Costs
$9,450

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$2,188

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $157,500
Loan Amount $472,500
See What Happens When You Reinvest Cash Flow

2.67

YEARS SAVED

$13,875

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,820

    LIST RENT
  • $1.06

    LIST RENT PER SQFT
  • $2,995

    COMP ESTIMATED VALUE
  • $1.13

    COMP AVG. RENT PER SQFT
Comps Range
$2,600
1$2,6002$2,7503$2,8004$2,8205$3,200
$3,200
RENT COMPS ANALYSIS
  • 7850 Leway Drive Riverside, CA 4
    • 4 beds 3 baths ∙ 2,662 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,662 Sqft ∙ Built 2001
    • Rent
    • Rent Per SQFT
    •  
    • $2,820
    • $1.06
    •  
  • 19429 Rotterdam Street Riverside, CA 1
    • 4 beds 4 baths ∙ 2,324 Sqft ∙ Built 2001 4 beds 4 baths ∙ 2,324 Sqft ∙ Built 2001
    LEASED 02/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.12
    •  
  • 19688 Allenhurst Street Riverside, CA 2
    • 4 beds 3 baths ∙ 2,447 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,447 Sqft ∙ Built 2001
    LEASED 07/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $1.12
    •  
  • 19550 Fortunello Avenue Riverside, CA 3
    • 4 beds 3 baths ∙ 2,532 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,532 Sqft ∙ Built 2018
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.11
    •  
  • 8193 Bon View Drive Riverside, CA 5
    • 4 beds 3 baths ∙ 2,793 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,793 Sqft ∙ Built 2003
    LEASED 11/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $1.15
    •  
PROPERTY LISTING DETAILS
Marni Jimenez
Grove Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV21037699
Last Updated: 02/26/2021
BESbswy