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8401 Basswood Avenue Riverside, CA 92504

4 Beds 2 Baths 1,428 sqft Built 1960

$549,900

List Price

$2,020

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1960
  • Price/Sqft : $385.08
  • 10 Days on Market
  • MLS # : IG20244058
  • Updated Date : 11/23/2020 at 14:07
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,428 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Realty

Listing Agent's Description

Oh My Goodness! This exquisite Riverside home walking distance to Adams Elementary and Stater Bros shopping Center, Parks, Hospitals and Churches all within easy distance. Come view what happens when the 1960’s meet the modern times. This 4 Bedroom and 2 FULL bathrooms with a Extra wide driveway for RV Parking has Dual Pane Windows throughout, Porcelain Ceramic Wood Flooring throughout the home. Surround sound speakers in the Living room with a gorgeous Stone work around the fireplace. This meticulously Landscaped backyard will allow you to enjoy Friends & family gatherings for many years to come. This is the “ONE”…………

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MARKET HIGHLIGHTS

  • 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.
  • 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)

PRICE & RENT TRENDS

Neighborhood: Riverside Ranchos

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $116k484k

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

Neighborhood: Riverside Ranchos

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2900100011001200130014001500160017001800190020002100Rent in $8822101

* 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
John Adams Elementary School Primary Regular 554 22 3
John Adams Elementary School Middle Regular 554 22 3
Ramona High School High Magnet 2,160 85 4

John Adams Elementary School

  • Education Level: Primary
  • # of students: 554
  • # of teachers: 22
3
GreatSchools Rating

John Adams Elementary School

  • Education Level: Middle
  • # of students: 554
  • # of teachers: 22
3
GreatSchools Rating

Ramona High School

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

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

PURCHASE PRICE

$1,818$2,222$2,020

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,020
EXPENSES Loan Payment -$2,029
Property Tax -$532
Property Insurance -$62
Property Management Fees -$119
CASH FLOW
-$722

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

$2,020

PROJECTED RENT

0.37%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 8.9%
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$1.6M$1.8M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k

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$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 70% down payment or higher enables the proceeds from the asset to cover all costs.

$2,029

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $137,475
Loan Amount $412,425
See What Happens When You Reinvest Cash Flow

0.33

YEARS SAVED

$320

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,020

    LIST RENT
  • $1.41

    LIST RENT PER SQFT
  • $2,153

    COMP ESTIMATED VALUE
  • $1.51

    COMP AVG. RENT PER SQFT
Comps Range
$1,800
1$1,8002$2,0203$2,1004$2,1505$2,300
$2,300
RENT COMPS ANALYSIS
  • 8401 Basswood Avenue Riverside, CA 2
    • 4 beds 2 baths ∙ 1,428 Sqft ∙ Built 1960 4 beds 2 baths ∙ 1,428 Sqft ∙ Built 1960
    • Rent
    • Rent Per SQFT
    •  
    • $2,020
    • $1.41
    •  
  • 4214 Adams Street Riverside, CA 1
    • 3 beds 2 baths ∙ 1,270 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,270 Sqft ∙ Built 1959
    LEASED 08/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.42
    •  
  • 3926 Madrona Road Riverside, CA 3
    • 3 beds 2 baths ∙ 1,377 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,377 Sqft ∙ Built 1959
    LEASED 11/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.53
    •  
  • 8633 Ouida Drive Riverside, CA 4
    • 3 beds 2 baths ∙ 1,402 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,402 Sqft ∙ Built 1957
    LEASED 06/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $1.53
    •  
  • 8433 Crystal Avenue Riverside, CA 5
    • 4 beds 2 baths ∙ 1,488 Sqft ∙ Built 1963 4 beds 2 baths ∙ 1,488 Sqft ∙ Built 1963
    LEASED 10/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.55
    •  
PROPERTY LISTING DETAILS
Oscar Tortola
Keller Williams Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IG20244058
Last Updated: 11/23/2020
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