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8565 Limestone Drive Riverside, CA 92504

3 Beds 2 Baths 1,416 sqft Built 1977

$479,900

List Price

$2,010

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

February 04, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1977
  • Price/Sqft : $338.91
  • 5 Days on Market
  • MLS # : SW21023109
  • Updated Date : 02/06/2021 at 16:26
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,416 sqft
  • Baths : 2 full
Listing Agent

Re/max Champions

Listing Agent's Description

Hard to find single story pool home with low taxes and no HOA. This home features 3 bedrooms and 2 baths and as well as a spacious den that is currently being used as a 4th bedroom. Many updates including wood plank tile in the bedrooms, granite counter tops in the kitchen and baths, newer energy saving variable speed pool pump and filter, Alumawood patio cover, and one year old AC and Heater. Enjoy the private backyard with no homes behind. Located near highways, schools, shopping and parks. Come see this one quick!

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: Presidential Park

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $128k484k

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

Neighborhood: Presidential Park

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2100011001200130014001500160017001800190020002100Rent in $9232101

* 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
Arlington High School High Regular 1,956 79 5
Chemawa Middle School Middle Unknown NA

Chemawa Middle School

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

Arlington High School

  • Education Level: High
  • # of students: 1,956
  • # of teachers: 79
5
GreatSchools Rating

Chemawa Middle School

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

$431,910$527,890$479,900

PURCHASE PRICE

$1,809$2,211$2,010

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,010
EXPENSES Loan Payment -$1,667
Property Tax -$464
Property Insurance -$61
Property Management Fees -$119
CASH FLOW
-$301

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.

$479,900

PROJECTED PRICE

$2,010

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 10.7%
Maintenance Year (1-5) 8.00%
Vacancy 5.43%
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

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$132,924

INVESTMENT

$132,924

Down Payment
$119,975
Rehab Estimate
$5,750
Closing Costs
$7,199

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,667

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $119,975
Loan Amount $359,925
See What Happens When You Reinvest Cash Flow

2.42

YEARS SAVED

$8,444

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,010

    LIST RENT
  • $1.42

    LIST RENT PER SQFT
  • $2,028

    COMP ESTIMATED VALUE
  • $1.43

    COMP AVG. RENT PER SQFT
Comps Range
$1,695
1$1,6952$1,8003$1,8504$2,0105$2,300
$2,300
RENT COMPS ANALYSIS
  • 8565 Limestone Drive Riverside, CA 4
    • 3 beds 2 baths ∙ 1,416 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,416 Sqft ∙ Built 1977
    • Rent
    • Rent Per SQFT
    •  
    • $2,010
    • $1.42
    •  
  • 3251 Arapahoe Street Riverside, CA 1
    • 3 beds 2 baths ∙ 1,188 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,188 Sqft ∙ Built 1959
    LEASED 10/18/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $1.43
    •  
  • 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
    •  
  • 3626 Lillian Street Riverside, CA 3
    • 3 beds 2 baths ∙ 1,260 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,260 Sqft ∙ Built 1958
    LEASED 08/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.47
    •  
  • 8401 Mimosa Tree Court Riverside, CA 5
    • 3 beds 3 baths ∙ 1,628 Sqft ∙ Built 1989 3 beds 3 baths ∙ 1,628 Sqft ∙ Built 1989
    LEASED 11/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.41
    •  
PROPERTY LISTING DETAILS
Chris Rice
Re/max Champions
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SW21023109
Last Updated: 02/06/2021
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