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8668 Hoffman Avenue Riverside, CA 92504

4 Beds 2 Baths 2,010 sqft Built 1953

$485,000

List Price

$2,450

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
SINGLE-FAMILY
February 19, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1953
  • Price/Sqft : $241.29
  • 3 Days on Market
  • MLS # : IV21034236
  • Updated Date : 02/19/2021 at 09:28
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,010 sqft
  • Baths : 2 full
Listing Agent

Windermere R.e. Tower Prop.

Listing Agent's Description

Turnkey and updated single story home in Riverside's Presidential Park neighborhood near California Baptist University. This spacious home has fresh interior paint, offers upgraded ceramic wood tile flooring throughout the living space and guest bedrooms, dual paned windows, newer roof, tankless water heater and more. The layout is well designed with separate living, dining, and family rooms. The entertainer's kitchen has wood cabinets, granite slab counter tops, a large kitchen island and views to the backyard and the koi pond with water features. The primary suite is separate from guest bedrooms and is expansive with walk in closet, berber carpeting and and ensuite remodeled bathroom with walk-in shower. The 3 guest bedrooms. The backyard provides a zen like space with the custom Koi Pond with waterfall, covered patio, and plenty of space for a garden.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Monroe Heights

NeighborhoodNIR Market*CityMarket2010Year20002019100k150k200k250k300k350k400k450kPrice in $98k484k

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

Neighborhood: Monroe Heights

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2900100011001200130014001500160017001800190020002100Rent in $8442101

* 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
 

$436,500$533,500$485,000

PURCHASE PRICE

$2,205$2,695$2,450

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,450
EXPENSES Loan Payment -$1,685
Property Tax -$469
Property Insurance -$76
Property Management Fees -$145
CASH FLOW
$76

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.

$485,000

PROJECTED PRICE

$2,450

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 8.9%
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$0.0$5.0k$10k$15k$20k

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$134,275

INVESTMENT

$134,275

Down Payment
$121,250
Rehab Estimate
$5,750
Closing Costs
$7,275

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,685

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $121,250
Loan Amount $363,750
See What Happens When You Reinvest Cash Flow

6.58

YEARS SAVED

$38,723

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,450

    LIST RENT
  • $1.22

    LIST RENT PER SQFT
  • $2,513

    COMP ESTIMATED VALUE
  • $1.25

    COMP AVG. RENT PER SQFT
Comps Range
$2,150
1$2,1502$2,450
$2,450
RENT COMPS ANALYSIS
  • 8668 Hoffman Avenue Riverside, CA 2
    • 4 beds 2 baths ∙ 2,010 Sqft ∙ Built 1953 4 beds 2 baths ∙ 2,010 Sqft ∙ Built 1953
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $1.22
    •  
  • 3855 Mckenzie Street Riverside, CA 1
    • 3 beds 2 baths ∙ 1,718 Sqft ∙ Built 1940 3 beds 2 baths ∙ 1,718 Sqft ∙ Built 1940
    LEASED 02/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $1.25
    •  
PROPERTY LISTING DETAILS
Brent Lee
Windermere R.e. Tower Prop.
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV21034236
Last Updated: 02/19/2021
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