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8355 Coleman Street Riverside, CA 92504

4 Beds 3 Baths 2,102 sqft Built 1966

$575,000

List Price

$2,700

$2.5K - $3K

Rent Est.

PROPERTY INFO

February 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1966
  • Price/Sqft : $273.55
  • 4 Days on Market
  • MLS # : IG21029490
  • Updated Date : 02/11/2021 at 21:18
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,102 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Realty- Norco

Listing Agent's Description

Don’t hesitate! This is a beautifully remodeled single story 4bed 2.5 ba home with 3 car garage with direct access and is situated on a large 11,326 sq ft lot. This was a burn down that the seller took down to the studs. This home is an updated light bright open concept Great Room Floor Plan. Kitchen is large with plenty of cabinets, an island & breakfast bar enhanced with quartz counters and subway tile backsplash; it is also has stainless steel appliances and ornamental lighting. Home offers recessed lighting throughout and ceiling fans in Great Room, Kitchen, and bedrooms. Bathrooms have also been nicely remodeled. Family room area has a stone enhanced fireplace with wood mantel and plugs added for TV. Luxury waterproof vinyl flooring runs throughout and there is neutral paint throughout. Vinyl windows and sliders, and roof are new. Indoor laundry has cabinets for storage and has a half bath with private door. There is a 3 car attached garage fully drywalled with attic access, home access, backyard access, and garage door openers. Home has curb appeal and has stucco exterior with used brick and stone accents with new light fixtures; it has been newly painted. Backyard has in ground hot tub, covered patio and is newly sodded. Home is in a desirable area of Riverside close to Cal Baptist College, shopping and is commuter friendly to the 91 freeway. All information is deemed to be accurate but not guaranteed; buyer to do their due diligence.

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: Ramona

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $111k484k

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

Neighborhood: Ramona

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2900100011001200130014001500160017001800190020002100Rent in $8782101

* 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
Chemawa Middle School Middle Regular 896 41 4
Ramona High School High Magnet 2,160 85 4
Chemawa Middle School Middle Unknown NA

Chemawa Middle School

  • Education Level: Middle
  • # of students: 896
  • # of teachers: 41
4
GreatSchools Rating

Ramona High School

  • Education Level: High
  • # of students: 2,160
  • # of teachers: 85
4
GreatSchools Rating

Chemawa Middle School

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

$517,500$632,500$575,000

PURCHASE PRICE

$2,430$2,970$2,700

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,700
EXPENSES Loan Payment -$1,997
Property Tax -$556
Property Insurance -$78
Property Management Fees -$159
CASH FLOW
-$91

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.

$575,000

PROJECTED PRICE

$2,700

PROJECTED RENT

0.47%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 11.7%
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$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$500k$1.0M$1.5M$2.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$158,125

INVESTMENT

$158,125

Down Payment
$143,750
Rehab Estimate
$5,750
Closing Costs
$8,625

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,997

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $143,750
Loan Amount $431,250
See What Happens When You Reinvest Cash Flow

4.58

YEARS SAVED

$27,430

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,700

    LIST RENT
  • $1.28

    LIST RENT PER SQFT
  • $2,768

    COMP ESTIMATED VALUE
  • $1.32

    COMP AVG. RENT PER SQFT
Comps Range
$2,500
1$2,5002$2,5503$2,6004$2,700
$2,700
RENT COMPS ANALYSIS
  • 8355 Coleman Street Riverside, CA 4
    • 4 beds 3 baths ∙ 2,102 Sqft ∙ Built 1966 4 beds 3 baths ∙ 2,102 Sqft ∙ Built 1966
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.28
    •  
  • 6485 Nidever Avenue Riverside, CA 1
    • 4 beds 2 baths ∙ 1,758 Sqft ∙ Built 1963 4 beds 2 baths ∙ 1,758 Sqft ∙ Built 1963
    LEASED 01/25/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.42
    •  
  • 5616 Jurupa Avenue Riverside, CA 2
    • 3 beds 1 baths ∙ 2,268 Sqft ∙ Built 1957 3 beds 1 baths ∙ 2,268 Sqft ∙ Built 1957
    LEASED 03/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $1.12
    •  
  • 2855 Calle Sausalito Riverside, CA 3
    • 5 beds 2 baths ∙ 1,848 Sqft ∙ Built 1976 5 beds 2 baths ∙ 1,848 Sqft ∙ Built 1976
    LEASED 08/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.41
    •  
PROPERTY LISTING DETAILS
Bob Jacques
Keller Williams Realty- Norco
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IG21029490
Last Updated: 02/11/2021
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