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8672 Garfield Street Riverside, CA 92504

3 Beds 2 Baths 1,088 sqft Built 1957

INVESTimate

$435,000

List Price

$1,720

$1,548 - $1,892

Rent Est.

$473,846  ( +8.93%)   1 YR EST. FORECAST

PROPERTY INFO

August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 1957
  • Price/Sqft : $399.82
  • 6 Days on Market
  • MLS # : IV20171939
  • Updated Date : 08/22/2020 at 11:45
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,088 sqft
  • Baths : 1 full , 1 half
Listing Agent

Realty Executives/riverside

Listing Agent's Description

Welcome home to 8672 Garfield Street, Nestled in one of Riverside's desirable neighborhoods! This beauty's exterior has been freshly painted with earthy tones, and updated with custom exterior wood shutters, dual pane windows, and a new garage door. From the moment you enter the home?you'll find an amazing array of features including a gorgeous?open concept kitchen with new cabinetry, pot filler, new stainless steel appliances, and quartz counter tops. ?This charming 3 bedroom, 2 bath home offers a spacious living room with an amazingly beautiful quartz fireplace, that opens up onto the dining area. All bathrooms have been updated with new fixtures, custom tile, custom shower door, and vanities. ?The backyard is private and ready for your imagination. There?s plenty of room for extra parking. The home is located near CBU, and just minutes to historic downtown Riverside where you can find shopping, dining, schools, parks, and even walking and hiking trails at Mt. Rubidoux. You won?t want to miss this great home. Truly a must see!

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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 South

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $106k484k

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

Neighborhood: Roblynn Manor South

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2900100011001200130014001500160017001800190020002100Rent in $8402101

* 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
Monroe Elementary School Primary Regular 671 26 4
Chemawa Middle School Middle Regular 896 41 4
Ramona High School High Magnet 2,160 85 4

Monroe Elementary School

  • Education Level: Primary
  • # of students: 671
  • # of teachers: 26
4
GreatSchools Rating

Chemawa Middle School

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

Ramona High School

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

$391,500$478,500$435,000

PURCHASE PRICE

$1,548$1,892$1,720

RENT

DOWN PAYMENT
FINANCING

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,720
EXPENSES Loan Payment -$1,605
Property Tax -$421
Property Insurance -$54
Property Management Fees -$101
CASH FLOW
-$461

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.

$435,000

PROJECTED PRICE

$1,720

PROJECTED RENT

0.40%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 8.93%
Maintenance Year (1-5) 8.00%
Vacancy 5.43%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$121,025

INVESTMENT

$121,025

Down Payment
$108,750
Rehab Estimate
$5,750
Closing Costs
$6,525

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,605

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $108,750
Loan Amount $326,250
See What Happens When You Reinvest Cash Flow

1

YEARS SAVED

$2,030

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,720

    LIST RENT
  • $1.58

    LIST RENT PER SQFT
  • $1,618

    COMP ESTIMATED VALUE
  • $1.49

    COMP AVG. RENT PER SQFT
Comps Range
$1,695
1$1,6952$1,7203$1,8004$2,0005$2,150
$2,150
RENT COMPS ANALYSIS
  • 8672 Garfield Street Riverside, 2
    • 3 beds 2 baths ∙ 1,088 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,088 Sqft ∙ Built 1957
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,720
    • $1.58
    •  
  • 3251 Arapahoe Street Riverside, 1
    • 3 beds 2 baths ∙ 1,188 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,188 Sqft ∙ Built 1959
    property image
    LEASED 10/18/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $1.43
    •  
  • 4344 Monticello Avenue Riverside, 3
    • 3 beds 2 baths ∙ 1,166 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,166 Sqft ∙ Built 1957
    property image
    LEASED 10/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.54
    •  
  • 3926 Madrona Road Riverside, 4
    • 3 beds 2 baths ∙ 1,377 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,377 Sqft ∙ Built 1959
    property image
    LEASED 03/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.45
    •  
  • 8633 Ouida Drive Riverside, 5
    • 3 beds 2 baths ∙ 1,402 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,402 Sqft ∙ Built 1957
    property image
    LEASED 06/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $1.53
    •  
PROPERTY LISTING DETAILS
Aracely Gomez
Realty Executives/riverside
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV20171939
Last Updated: 08/22/2020
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