The Best Value Properties in Riverside, CA
• • ☕️ 3 min read • By Noah Blumberg •Just a bit East of L.A., Riverside, California is part of the Inland Empire which also includes San Bernadino and Ontario. It's been the subject of lots of investment speculation in recent years because, even after large price run-ups since the pandemic started, it's still relatively inexpensive when compared with the rest of Southern California. Being part of the vast megalopolis centered around Los Angeles and its countless amenities keeps demand high.
Like so many places in the U.S., Riverside has seen major price increases for real estate properties. Depending on when you begin measuring, prices have increased 22-25% in the last year. When considering the right economic environment for an investment, you'll want to consider the price-to-rent ratio. A low price-to-rent ratio indicates that demand is sufficient to support rents at a high level. With a suggested ratio of about 23, Riverside is just beyond the 22 price-to-rent ratio threshold for ideal conditions.
Riverside is one of the most competitive rental markets in the U.S. with 97% occupancy and 28 prospective renters per rental, according to RentCafe. And more appreciation may be on the way as Realtor.com predicts a decrease in overall number of sales but a 5% increase in prices. With rising prices, low inventory, and rentals in demand, it appears to be a generally favorable time to own in Riverside.
The Properties
The top of our Riverside list is all mobile homes. These are not the drivable mobile homes you may be thinking of, they are normal homes in appearance but modularly movable in a technical sense. They have very low asking prices and have the added advantage of being taxed at a much lower level than a conventional home. You'll notice that the cash-on-cash return numbers are outlandishly high for these homes. Despite the low prices, homes like these can command normal rents in some cases, but, of course, our cash-on-cash return and cap rate numbers are rough estimates and any buyer would need to independently confirm them before making a buying decision.
For single family homes, you'll want to take a look at our #16 property. It's a huge move-in-ready 4000 sqft home on half an acre. It's also in one of Riverside's most desirable zip codes. Property #18 is an interesting option as well. Offered at considerably less than the median price, it's a large home in great condition.
Reading Resources
- Forbes: The Best Markets For Real Estate Investment In 2022
- Top 50 Most Competitive Rental Markets in 2021
- Realtor.com: 2022 Housing Market Predictions
- Florida Atlantic University's School of Business: 100 Top Housing Markets Ranked by Most Overpriced
- Housing Market Data from Housing Tides
- Federal Housing Finance Agency's House Price Indexes
| Median List Price | Median Sqft | Median Lot Size(SqFt) | Median HOA Fee |
|---|---|---|---|
| $640,000 | 1,741 | 7,402 | $155 |
| Score** | Property | ZipX** | Type | Cap Rate* | SqFt | Cash-On-Cash Return* | Price |
|---|---|---|---|---|---|---|---|
| 37.67 | 1560 Massachusetts Ave Spc 96 | 1.19 | mobile | 29.01 | 1180 | N/A | $70,000 |
| 25.52 | 4080 Pedley Rd Spc 21 | 1.18 | mobile | 17.3 | 1736 | 61.83 | $140,000 |
| 21.91 | 4041 Pedley Rd Spc 3 | 1.18 | mobile | 16.87 | 1440 | 59.71 | $145,000 |
| 20.42 | 4041 Pedley Rd Spc 144 | 1.18 | mobile | N/A | 1440 | N/A | $139,500 |
| 19.69 | 4080 Pedley Rd Spc 192 | 1.18 | mobile | 14.01 | 1646 | 45.39 | $175,000 |
| 17.37 | 3700 Buchanan St Spc 182 | 1.13 | mobile | N/A | 1248 | N/A | $122,000 |
| 17.35 | 4080 Pedley Rd Spc 211 | 1.18 | mobile | N/A | 1056 | N/A | $115,000 |
| 17.27 | 15181 Van Buren Blvd Spc 211 | 1.03 | mobile | 16.7 | 1344 | 58.84 | $120,000 |
| 16.78 | 5100 Queen St | 1.22 | single family | N/A | 6224 | N/A | $1,375,000 |
| 16.58 | 3701 Fillmore St Spc 175 | 1.23 | mobile | 13.96 | 960 | 45.15 | $139,000 |
| 15.34 | 11518 Waterwell Ct | 1.23 | single family | 3 | 3989 | -8.21 | $780,000 |
| 15.30 | 9520 Lost Grove Rd | 1.31 | single family | 2.67 | 4479 | -9.47 | $950,000 |
| 15.06 | 11514 Trailway Dr | 1.23 | single family | 2.81 | 4281 | -8.8 | $889,000 |
| 14.77 | 1196 Fountain St | 1.19 | multi family | N/A | 3540 | N/A | $890,000 |
| 13.87 | 9391 California Ave Spc 64 | 1.13 | mobile | N/A | 1000 | N/A | $99,900 |
| 12.64 | 6659 Sunset Cir | 1.23 | single family | 4.04 | 4098 | -2.66 | $849,000 |
| 12.51 | 20815 Orchid Way | 1.31 | single family | 2.79 | 3746 | -8.89 | $877,000 |
| 12.30 | 9265 Dauchy Ave | 1.31 | single family | 2.91 | 3808 | -8.3 | $900,000 |
| 12.10 | 3585 Dixie Ln | 1.13 | single family | 4.3 | 2421 | -1.72 | $595,000 |
| 12.09 | 16418 Limerick St | 1.13 | single family | 3.17 | 5237 | -6.99 | $1,200,000 |
| 11.99 | 12657 Sierra Creek Dr | 1.13 | single family | 2.62 | 4101 | -9.74 | $999,000 |
| 11.91 | 9686 Tuco Ln | 1.31 | single family | 2.07 | 2882 | -12.95 | $766,990 |
| 11.90 | 8722 Barnwood Ln | 1.31 | single family | 3.29 | 3354 | -6.38 | $887,000 |
| 11.75 | 8196 Aliso Ct | 1.31 | single family | 3.64 | 2912 | -5.02 | $753,000 |
| 11.67 | 4210 Riverview Dr | 1.18 | multi family | 4.55 | 4200 | -0.07 | $1,200,000 |