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8171 Northpark Drive Riverside, CA 92508

3 Beds 3 Baths 2,428 sqft Built 2001

$549,900

List Price

$2,480

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 23, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $226.48
  • 6 Days on Market
  • MLS # : OC21022544
  • Updated Date : 03/24/2021 at 20:08
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,428 sqft
  • Baths : 2 full , 1 half
Listing Agent

First Team Real Estate

Listing Agent's Description

Turnkey condition "Orangecrest" INTERIOR TRACT home with RV gate & concrete pad (approx 12x35 ft) behind fence, plus 3 car garage. Right now it is a great 3 Bedroom 2.5 bath with upstairs BONUS room, but could be redesigned to a 5 or even 6 Br 3 full bath, by converting bonus room and downstairs formal dining room! Main floor massive "open plan great room" design with wrap around kitchen, plenty of space for second dining table, and a large living area with fireplace. This great room combo opens to a large "pool sized" rear yard & covered patio just out the slider. The entire rear wall has multiple windows so there is plenty of natural light. The main floor 1/2 bath has plenty of floor space to maybe modify to a full bath. The master SUITE upstairs is gigantic (appx 15x25) and seems even bigger due to the vaulted ceilings and multiple large windows over looking the rear yard. Master ensuite is complete with double sink vanity, separate shower & soaking tub and a TRUE walk-in closet. The other two large secondary bedrooms feature multiple windows for great natural light and open to the upstairs bonus room - a perfect private area for work AND play. Upstairs FULL bath offers double sink vanity and extra long countertop with abundant storage cabinets underneath. There is a full size laundry ROOM with direct access to the 3 car garage. Beautiful plantation shutters adorn the main floor windows. NO HOA $ here.

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: 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
 

$494,910$604,890$549,900

PURCHASE PRICE

$2,232$2,728$2,480

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,480
EXPENSES Loan Payment -$1,910
Property Tax -$589
Property Insurance -$86
Property Management Fees -$146
CASH FLOW
-$251

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.

$549,900

PROJECTED PRICE

$2,480

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$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$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$1.4M$1.6M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$151,474

INVESTMENT

$151,474

Down Payment
$137,475
Rehab Estimate
$5,750
Closing Costs
$8,249

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,910

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $137,475
Loan Amount $412,425
See What Happens When You Reinvest Cash Flow

3.25

YEARS SAVED

$14,813

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,480

    LIST RENT
  • $1.02

    LIST RENT PER SQFT
  • $2,537

    COMP ESTIMATED VALUE
  • $1.05

    COMP AVG. RENT PER SQFT
Comps Range
$2,300
1$2,3002$2,3953$2,4804$2,7505$2,800
$2,800
RENT COMPS ANALYSIS
  • 8171 Northpark Drive Riverside, CA 3
    • 3 beds 3 baths ∙ 2,428 Sqft ∙ Built 2001 3 beds 3 baths ∙ 2,428 Sqft ∙ Built 2001
    • Rent
    • Rent Per SQFT
    •  
    • $2,480
    • $1.02
    •  
  • 19838 Allenhurst Street Riverside, CA 1
    • 4 beds 3 baths ∙ 2,397 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,397 Sqft ∙ Built 2001
    LEASED 06/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.96
    •  
  • 19602 John F Kennedy Drive Riverside, CA 2
    • 4 beds 3 baths ∙ 2,428 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,428 Sqft ∙ Built 2003
    LEASED 03/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $0.99
    •  
  • 19688 Allenhurst Street Riverside, CA 4
    • 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 5
    • 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
    •  
PROPERTY LISTING DETAILS
Joel Spencer
First Team Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21022544
Last Updated: 03/24/2021
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