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9255 Middlefield Drive Riverside, CA 92508

5 Beds 3 Baths 2,079 sqft Built 1989

$555,000

List Price

$2,490

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1989
  • Price/Sqft : $266.96
  • 19 Days on Market
  • MLS # : IG21003025
  • Updated Date : 01/22/2021 at 18:48
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,079 sqft
  • Baths : 3 full
Listing Agent

Keller Williams Realty Riv

Listing Agent's Description

Highly upgraded pool & spa Home in Orangecrest. This beautiful home has four bedroom and three bathrooms, with a separate living room and dining room area, and has family room with a fireplace open to the kitchen. MAIN FLOOR BEDROOM and BATHROOM WITH SHOWER AND EXTERIOR DOOR TO POOL. The house also features WOOD LAMINATE FLOORING THROUGHOUT most of the bottom floor, THE UPSTAIRS LOFT (Could serve as 5th bedroom), stairs and hallways, kitchen and bathrooms have ceramic tile. WHOLE HOUSE FAN! The kitchen features granite countertops, stainless steel appliances with a brand new stove/range. The upstairs loft area upstairs could be used as a play room or an office. Newer central air system and water heater. The backyard is the perfect out door entertaining area with a large Alumawood covered patio w/ceiling attached to the back of the house along with a newer pebble-tech bottom swimming pool and spa. The stamped concrete decking is perfect for lounging with a second covered patio/barbecue area that is bolted down at the corner of the yard. Vinyl fencing at the backyard with a large side yard and a 3 car garage with new epoxy flooring coat over the concrete. The location is prime and is walking distance to Bergamont Park and super close to highly rated schools like Riverside's MLK High School, Earhart Middle School and Mark Twain Elementary. (Buyer to verify school districts) SEE VISUAL TOUR!!!

SEE MORE

MARKET HIGHLIGHTS

  • 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.
  • 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)

PRICE & RENT TRENDS

Neighborhood: Orangecrest

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $144k610k

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

Neighborhood: Orangecrest

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
Mark Twain Elementary School Primary Regular 1,093 41 8
Frank Augustus Miller Middle School Middle Regular 1,023 40 8
Martin Luther King High School High Regular 3,324 124 9

Mark Twain Elementary School

  • Education Level: Primary
  • # of students: 1,093
  • # of teachers: 41
8
GreatSchools Rating

Frank Augustus Miller Middle School

  • Education Level: Middle
  • # of students: 1,023
  • # of teachers: 40
8
GreatSchools Rating

Martin Luther King High School

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

$499,500$610,500$555,000

PURCHASE PRICE

$2,241$2,739$2,490

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,490
EXPENSES Loan Payment -$1,928
Property Tax -$528
Property Insurance -$78
Property Management Fees -$147
CASH FLOW
-$190

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.

$555,000

PROJECTED PRICE

$2,490

PROJECTED RENT

0.45%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 6.2%
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

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$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$152,825

INVESTMENT

$152,825

Down Payment
$138,750
Rehab Estimate
$5,750
Closing Costs
$8,325

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,928

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $138,750
Loan Amount $416,250
See What Happens When You Reinvest Cash Flow

3.83

YEARS SAVED

$19,977

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,490

    LIST RENT
  • $1.2

    LIST RENT PER SQFT
  • $2,474

    COMP ESTIMATED VALUE
  • $1.19

    COMP AVG. RENT PER SQFT
Comps Range
$2,490
1$2,4902$2,5753$2,6004$2,7005$2,750
$2,750
RENT COMPS ANALYSIS
  • 9255 Middlefield Drive Riverside, CA 1
    • 5 beds 3 baths ∙ 2,079 Sqft ∙ Built 1989 5 beds 3 baths ∙ 2,079 Sqft ∙ Built 1989
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,490
    • $1.20
    •  
  • 19540 Mt Wasatch Drive Riverside, CA 2
    • 4 beds 2 baths ∙ 2,145 Sqft ∙ Built 2003 4 beds 2 baths ∙ 2,145 Sqft ∙ Built 2003
    property image
    LEASED 07/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,575
    • $1.20
    •  
  • 19284 Krameria Avenue Riverside, CA 3
    • 5 beds 3 baths ∙ 2,328 Sqft ∙ Built 1992 5 beds 3 baths ∙ 2,328 Sqft ∙ Built 1992
    property image
    LEASED 03/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.12
    •  
  • 19553 Tarocco Lane Riverside, CA 4
    • 4 beds 3 baths ∙ 2,118 Sqft ∙ Built 1989 4 beds 3 baths ∙ 2,118 Sqft ∙ Built 1989
    property image
    LEASED 03/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.27
    •  
  • 19665 Tarocco Lane Riverside, CA 5
    • 4 beds 3 baths ∙ 2,355 Sqft ∙ Built 1988 4 beds 3 baths ∙ 2,355 Sqft ∙ Built 1988
    property image
    LEASED 11/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $1.17
    •  
PROPERTY LISTING DETAILS
Alice Bechtel
Keller Williams Realty Riv
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IG21003025
Last Updated: 01/22/2021
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