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862 Camino Del Sol Riverside, CA 92508

4 Beds 3 Baths 2,475 sqft Built 1999

$574,900

List Price

$2,420

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

January 28, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1999
  • Price/Sqft : $232.28
  • 4 Days on Market
  • MLS # : IV21015452
  • Updated Date : 01/28/2021 at 17:29
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,475 sqft
  • Baths : 2 full , 1 half
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

Amazing recently remodeled Mission Grove Home. Every detail has been thoughtfully completed. Upon entering, the stunning wood floors run throughout the 1st level and are accented with designer paint colors, crown molding , tall baseboards, upgraded lighting, all new interior doors and so much more. The recently remodeled kitchen has white cabinets, stainless steel appliances, farm house sink, large pantry and quartz counter tops that are accented with the designer back plash. The first level has a formal living room and dining room, large great room that is open to the kitchen, an oversized laundry room and 1/2 bathroom. Upstairs is the Owner's Suite that boasts a remodeled bathroom with a large soaking tub, separate shower, dual sink vanity, upgraded fixtures, beautiful tile flooring and an oversized walk in closet with built ins. The 3 additional bedrooms are all good sized and adjacent to the 2nd full bath that has also been remodeled. The good sized loft provides the perfect space for a 2nd TV area, home school room or your New home office. The spacious floorplan of this home will provide large or small households the ability to Entertain or Social distance comfortably. The large back yard has a paver patio with aluma-wood cover, "secret garden' area, 2 large storage sheds, ample grass area and planters. There is plenty of room if you would like to add that pool of your dreams. Along with all the upgrades this home has paid off solar to keep utility costs very low.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: Mission Grove

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $144k603k

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

Neighborhood: Mission Grove

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q210001200140016001800200022002400Rent in $9672496

* 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
Earhart Middle School Middle Regular 959 37 8
Martin Luther King High School High Regular 3,324 124 9
Earhart Middle School Middle Unknown NA

Earhart Middle School

  • Education Level: Middle
  • # of students: 959
  • # of teachers: 37
8
GreatSchools Rating

Martin Luther King High School

  • Education Level: High
  • # of students: 3,324
  • # of teachers: 124
9
GreatSchools Rating

Earhart Middle School

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

$517,410$632,390$574,900

PURCHASE PRICE

$2,178$2,662$2,420

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,420
EXPENSES Loan Payment -$1,997
Property Tax -$629
Property Insurance -$87
Property Management Fees -$143
CASH FLOW
-$436

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.

$574,900

PROJECTED PRICE

$2,420

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 6.9%
Maintenance Year (1-5) 8.00%
Vacancy 5.35%
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$10k$15k

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$158,099

INVESTMENT

$158,099

Down Payment
$143,725
Rehab Estimate
$5,750
Closing Costs
$8,624

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% 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 $143,725
Loan Amount $431,175
See What Happens When You Reinvest Cash Flow

1.67

YEARS SAVED

$6,404

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,420

    LIST RENT
  • $0.98

    LIST RENT PER SQFT
  • $2,704

    COMP ESTIMATED VALUE
  • $1.09

    COMP AVG. RENT PER SQFT
Comps Range
$2,395
1$2,3952$2,4203$2,6004$2,8005$3,200
$3,200
RENT COMPS ANALYSIS
  • 862 Camino Del Sol Riverside, CA 2
    • 4 beds 3 baths ∙ 2,475 Sqft ∙ Built 1999 4 beds 3 baths ∙ 2,475 Sqft ∙ Built 1999
    • Rent
    • Rent Per SQFT
    •  
    • $2,420
    • $0.98
    •  
  • 19602 John F Kennedy Drive Riverside, CA 1
    • 4 beds 3 baths ∙ 2,428 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,428 Sqft ∙ Built 2003
    LEASED 03/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $0.99
    •  
  • 19429 Rotterdam Street Riverside, CA 3
    • 4 beds 4 baths ∙ 2,324 Sqft ∙ Built 2001 4 beds 4 baths ∙ 2,324 Sqft ∙ Built 2001
    LEASED 02/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.12
    •  
  • 19550 Fortunello Avenue Riverside, CA 4
    • 4 beds 3 baths ∙ 2,532 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,532 Sqft ∙ Built 2018
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.11
    •  
  • 8193 Bon View Drive Riverside, CA 5
    • 4 beds 3 baths ∙ 2,793 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,793 Sqft ∙ Built 2003
    LEASED 11/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $1.15
    •  
PROPERTY LISTING DETAILS
Colleen Horgan
Coldwell Banker Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV21015452
Last Updated: 01/28/2021
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