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

8557 Colorado Avenue Riverside, CA 92504

3 Beds 2 Baths 1,119 sqft Built 1959

$459,900

List Price

$1,670

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

February 02, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1959
  • Price/Sqft : $410.99
  • 6 Days on Market
  • MLS # : OC21021128
  • Updated Date : 02/04/2021 at 11:49
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,119 sqft
  • Baths : 1 full , 1 half
Listing Agent

Harcourts Prime Properties

Listing Agent's Description

LOCATION, BEAUTY, AND VALUE What makes a Dream Home? Tree lined streets, great front and back yard, RV space, open floor plan, beautiful floors, big open kitchen, laundry room, your own pergola, fully fenced wrap around back yard, barn door, plenty of storage room, and newer everything!! This 3 bedroom home is located in the heart of Riverside, minutes from Downtown and the Historic Mission Inn. Mission Square, California Baptist University, Riverside College, University of California-Riverside, Harvest Church, shopping centers, and easy freeway access to 91,15,60 and 215.

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: Roblynn Manor

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $109k484k

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

Neighborhood: Roblynn Manor

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2900100011001200130014001500160017001800190020002100Rent in $8332101

* 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
Sierra Middle School Middle Regular 890 41 3
Ramona High School High Magnet 2,160 85 4

Sierra Middle School

  • Education Level: Middle
  • # of students: 890
  • # of teachers: 41
3
GreatSchools Rating

Ramona High School

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

$413,910$505,890$459,900

PURCHASE PRICE

$1,503$1,837$1,670

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,670
EXPENSES Loan Payment -$1,597
Property Tax -$445
Property Insurance -$54
Property Management Fees -$99
CASH FLOW
-$526

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.

$459,900

PROJECTED PRICE

$1,670

PROJECTED RENT

0.36%

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

PROJECTED ANNUAL CASH FLOW

11530-$10k-$8.0k-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$127,624

INVESTMENT

$127,624

Down Payment
$114,975
Rehab Estimate
$5,750
Closing Costs
$6,899

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$1,597

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $114,975
Loan Amount $344,925
See What Happens When You Reinvest Cash Flow

0.42

YEARS SAVED

$490

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,670

    LIST RENT
  • $1.49

    LIST RENT PER SQFT
  • $1,684

    COMP ESTIMATED VALUE
  • $1.51

    COMP AVG. RENT PER SQFT
Comps Range
$1,670
1$1,6702$1,8003$2,1004$2,1505$2,200
$2,200
RENT COMPS ANALYSIS
  • 8557 Colorado Avenue Riverside, CA 1
    • 3 beds 2 baths ∙ 1,119 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,119 Sqft ∙ Built 1959
    • Rent
    • Rent Per SQFT
    •  
    • $1,670
    • $1.49
    •  
  • 4214 Adams Street Riverside, CA 2
    • 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
    •  
  • 4331 Monticello Avenue Riverside, CA 5
    • 4 beds 2 baths ∙ 1,428 Sqft ∙ Built 1957 4 beds 2 baths ∙ 1,428 Sqft ∙ Built 1957
    LEASED 09/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.54
    •  
PROPERTY LISTING DETAILS
Laura Menendezderflingher
Harcourts Prime Properties
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21021128
Last Updated: 02/04/2021
BESbswy