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PROPERTY INFO
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
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Villa D Estates
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
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
| 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
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
TOTAL CASH OUT OF POCKET
INVESTMENT
$160,775
LOAN DETAILS
$2,032
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 3.75% |
| Down Payment | $146,250 |
| Loan Amount | $438,750 |
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
-
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
No Place Like Home Real Estate
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: IV21150161
Last Updated: 07/12/2021
