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8068 La Crosse Way Riverside, CA 92508

5 Beds 3 Baths 2,990 sqft Built 2001

$588,500

List Price

$2,730

$2.5K - $3K

Rent Est.

PROPERTY INFO

January 01, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $196.82
  • 4 Days on Market
  • MLS # : IG20264802
  • Updated Date : 12/31/2020 at 14:34
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,990 sqft
  • Baths : 2 full , 1 half
Listing Agent

Berkshire Hathaway Homesvcs

Listing Agent's Description

Stop swiping! You’ve found it! Downstairs bedroom, loft area, RV parking, and open kitchen with true great room. Enter this amazing Orange Crest Home and you’ll be exposed to the versatile formal living/dining room with an incredible amount of light coming in from the large custom plantation shutter clad windows. The stairs do not face the front door, so the energy is great! Venture further and a huge kitchen and adjacent great room with custom touches, durable high-quality laminate flooring, recessed lighting, and access to the covered outside living area appears. The kitchen is wide open with an enormous amount of cabinets and counter space. A desirable main floor bedroom and half bath punctuate this highly functional space . Upstairs, find a spacious master bedroom suite with private bath, and three additional bright, good-sized guest bedrooms, a full bath and separate laundry room. The floor plan of this home flows nicely and there is no waste of space. The outdoor living area is ultra-private and benefits from being well maintained. You will enjoy the large “Aluma-wood” covered patio that combines indoor and outdoor living seamlessly. The home is move in ready and you are close to all the available entertainment and shopping necessities and community amenities. You’re HOME! Call on this right now.

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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: 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
Benjamin Franklin Elementary School Primary Regular 838 33 8
Benjamin Franklin Elementary School Middle Regular 838 33 8
Martin Luther King High School High Regular 3,324 124 9

Benjamin Franklin Elementary School

  • Education Level: Primary
  • # of students: 838
  • # of teachers: 33
8
GreatSchools Rating

Benjamin Franklin Elementary School

  • Education Level: Middle
  • # of students: 838
  • # of teachers: 33
8
GreatSchools Rating

Martin Luther King High School

  • Education Level: High
  • # of students: 3,324
  • # of teachers: 124
9
GreatSchools Rating
 

$529,650$647,350$588,500

PURCHASE PRICE

$2,457$3,003$2,730

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,730
EXPENSES Loan Payment -$2,171
Property Tax -$630
Property Insurance -$100
Property Management Fees -$161
CASH FLOW
-$332

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.

$588,500

PROJECTED PRICE

$2,730

PROJECTED RENT

0.46%

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-$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$161,703

INVESTMENT

$161,703

Down Payment
$147,125
Rehab Estimate
$5,750
Closing Costs
$8,828

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,171

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $147,125
Loan Amount $441,375
See What Happens When You Reinvest Cash Flow

3

YEARS SAVED

$16,478

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,730

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $2,773

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$2,500
1$2,5002$2,7003$2,7304$2,8005$2,895
$2,895
RENT COMPS ANALYSIS
  • 8068 La Crosse Way Riverside, CA 3
    • 5 beds 3 baths ∙ 2,990 Sqft ∙ Built 2001 5 beds 3 baths ∙ 2,990 Sqft ∙ Built 2001
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,730
    • $0.91
    •  
  • 8399 Attica Drive Riverside, CA 1
    • 4 beds 3 baths ∙ 2,688 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,688 Sqft ∙ Built 2000
    property image
    LEASED 07/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.93
    •  
  • 15031 Wood Road Riverside, CA 2
    • 5 beds 3 baths ∙ 2,939 Sqft ∙ Built 2005 5 beds 3 baths ∙ 2,939 Sqft ∙ Built 2005
    property image
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $0.92
    •  
  • 7833 Ralston Place Riverside, CA 4
    • 4 beds 4 baths ∙ 2,990 Sqft ∙ Built 2000 4 beds 4 baths ∙ 2,990 Sqft ∙ Built 2000
    property image
    LEASED 11/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $0.94
    •  
  • 7955 Leway Drive Riverside, CA 5
    • 5 beds 3 baths ∙ 3,130 Sqft ∙ Built 2001 5 beds 3 baths ∙ 3,130 Sqft ∙ Built 2001
    property image
    LEASED 05/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,895
    • $0.92
    •  
PROPERTY LISTING DETAILS
Todd Ridgway
Berkshire Hathaway Homesvcs
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IG20264802
Last Updated: 12/31/2020
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