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

8605 California Avenue Riverside, CA 92504

4 Beds 3 Baths 2,210 sqft Built 2003

$750,000

List Price

$2,550

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 20, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $339.37
  • 3 Days on Market
  • MLS # : IV21058356
  • Updated Date : 03/19/2021 at 19:29
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,210 sqft
  • Baths : 3 full
Listing Agent

Mission Property

Listing Agent's Description

Country living right in the City of Riverside. Surrounded by Orange blossoms and several varieties of lemons the driveway leads you to this hidden gem. Spacious Livingroom and dinning room opens into fabulous gourmet kitchen. You could host your own cooking show with 2 separate dual sinks, 6 burner stove that features 2 full sized ovens, plus huge spacious cabinets, granite counter and bar area that cries out for lots of entertaining and fun. Next, wander in to the cozy family room with a huge fireplace surrounded by warm wooden shelving and built-ins. Bedrooms are large and airy with lots of light. Master suite is huge with a fireplace and skylights for lots of natural light, a huge soaker tub and large separate walk in shower. Just off the master is the spa/workout room with windows to enjoy the orchard view and a giant hot tub for relaxing after your workout. Don't miss 4th bedroom and bath off the garage. Perfect for guests or office. Paid off Solar is included!! The grounds are gorgeous and the patio is the full length of the house and perfect for outdoor entertaining for a large group. The icing on the cake is the beautiful orchard featuring dozens of citrus varieties, grapefruit, blood oranges, 4 different fig varieties, A pear, 2 apple trees, persimmon, Property is nearly 1.2 acres. So many possibilities!! Build your own ADU and still have plenty of land in this quite oasis. Close to schools, CBU, shopping and 91 fwy commuter access! Must see this one!!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
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
 

$675,000$825,000$750,000

PURCHASE PRICE

$2,295$2,805$2,550

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,550
EXPENSES Loan Payment -$2,605
Property Tax -$726
Property Insurance -$81
Property Management Fees -$150
CASH FLOW
-$1,012

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.

$750,000

PROJECTED PRICE

$2,550

PROJECTED RENT

0.34%

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$2.5M

PROJECTED ANNUAL CASH FLOW

11530-$15k-$10k-$5.0k$0.0$5.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$204,500

INVESTMENT

$204,500

Down Payment
$187,500
Rehab Estimate
$5,750
Closing Costs
$11,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,605

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $187,500
Loan Amount $562,500
See What Happens When You Reinvest Cash Flow

0.17

YEARS SAVED

$124

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,550

    LIST RENT
  • $1.15

    LIST RENT PER SQFT
  • $2,763

    COMP ESTIMATED VALUE
  • $1.25

    COMP AVG. RENT PER SQFT
Comps Range
$2,550
1$2,5502$3,200
$3,200
RENT COMPS ANALYSIS
  • 8605 California Avenue Riverside, CA 1
    • 4 beds 3 baths ∙ 2,210 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,210 Sqft ∙ Built 2003
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $1.15
    •  
  • 7830 Bolton Avenue Riverside, CA 2
    • 5 beds 3 baths ∙ 2,550 Sqft ∙ Built 2003 5 beds 3 baths ∙ 2,550 Sqft ∙ Built 2003
    LEASED 11/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $1.25
    •  
PROPERTY LISTING DETAILS
Denise Tomlinson
Mission Property
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV21058356
Last Updated: 03/19/2021
BESbswy