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8907 Parma Street Riverside, CA 92503

3 Beds 2 Baths 1,670 sqft Built 1959

$585,000

List Price

$2,480

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
July 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1959
  • Price/Sqft : $350.30
  • 5 Days on Market
  • MLS # : IV21150161
  • Updated Date : 07/12/2021 at 15:54
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,670 sqft
  • Baths : 2 full
Listing Agent

No Place Like Home Real Estate

Listing Agent's Description

Upgraded home fresh on the market! Central to everything: schools, universities, parks, freeways, downtown, shopping, restaurants, medical centers, ...the list goes on!!! New plumbing, a/c with nest thermostat, new tile, new floor in master bedroom, remodeled master bath and 2nd bathroom, master closet, and complete laundry room added to the house! Water softening system and tankless water heater! Remodeled kitchen with new appliances like dishwasher, convection oven, and convection microwave. Upgraded electrical panel. Beautiful garden and landscaped backyard with fruit trees. Fenced RV parking. Expanded driveway in the front. Roof is less than 5 years old! Lifetime warranty on on specialty exterior paint! Transfer with new owner: special paint helps to cool the house an seal & protect the stucco and wood finish. New owner has option of changing colors with same painting company at anytime. New garage door with "MyQ" system and exterior door. State of the art alarm system with cameras, giving 360 degree view of house, and smart lock, ready to be assumed. All on a quiet cul-de-sac.

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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: Villa D Estates

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $120k484k

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

Neighborhood: Villa D Estates

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2900100011001200130014001500160017001800190020002100Rent in $8982101

* 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
Ramona High School High Magnet 2,160 85 4
Chemawa Middle School Middle Unknown NA

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

Chemawa Middle School

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

$526,500$643,500$585,000

PURCHASE PRICE

$2,232$2,728$2,480

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,480
EXPENSES Loan Payment -$2,032
Property Tax -$581
Property Insurance -$68
Property Management Fees -$146
CASH FLOW
-$346

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.

$585,000

PROJECTED PRICE

$2,480

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 11.8%
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$500k$1.0M$1.5M$2.0M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$160,775

INVESTMENT

$160,775

Down Payment
$146,250
Rehab Estimate
$5,750
Closing Costs
$8,775

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,032

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $146,250
Loan Amount $438,750
See What Happens When You Reinvest Cash Flow

2.5

YEARS SAVED

$11,388

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,480

    LIST RENT
  • $1.49

    LIST RENT PER SQFT
  • $2,551

    COMP ESTIMATED VALUE
  • $1.53

    COMP AVG. RENT PER SQFT
Comps Range
$2,100
1$2,1002$2,1503$2,3004$2,3505$2,480
$2,480
RENT COMPS ANALYSIS
  • 8907 Parma Street Riverside, CA 5
    • 3 beds 2 baths ∙ 1,670 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,670 Sqft ∙ Built 1959
    • Rent
    • Rent Per SQFT
    •  
    • $2,480
    • $1.49
    •  
  • 3926 Madrona Road Riverside, CA 1
    • 3 beds 2 baths ∙ 1,377 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,377 Sqft ∙ Built 1959
    LEASED 11/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.53
    •  
  • 8633 Ouida Drive Riverside, CA 2
    • 3 beds 2 baths ∙ 1,402 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,402 Sqft ∙ Built 1957
    LEASED 06/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $1.53
    •  
  • 8433 Crystal Avenue Riverside, CA 3
    • 4 beds 2 baths ∙ 1,488 Sqft ∙ Built 1963 4 beds 2 baths ∙ 1,488 Sqft ∙ Built 1963
    LEASED 10/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.55
    •  
  • 9815 Mcnicholl Riverside, CA 4
    • 4 beds 1 baths ∙ 1,565 Sqft ∙ Built 1971 4 beds 1 baths ∙ 1,565 Sqft ∙ Built 1971
    LEASED 04/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $1.50
    •  
PROPERTY LISTING DETAILS
Rhonelda Lizarraga
No Place Like Home Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV21150161
Last Updated: 07/12/2021
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