24380 Ironwood, Moreno Valley, California 92557, Moreno Valley, 92557 - bed, bath

24380 Ironwood, Moreno Valley, California 92557 home-pic-0
ACTIVE$749,500
24380 Ironwood, Moreno Valley, California 92557
0Bed
0Bath
2,150Sqft
19,602Lot
Year Built
1949
Close
-
List price
$750K
Original List price
$795K
Price/Sqft
$349
HOA
-
Days on market
-
Sold On
-
MLS number
IG25265448
Home ConditionFair
Features
View-

About this home

We found 4 Cons,5 Pros.

Pride of ownership triplex in growing area of Moreno Valley. New Sprouts, Starbucks and more just opened a block away. Triplex consists of a 2 bed, 1 bath front house, and two 1 bed, 1 bath units in the back. All units have their own garage. New roof installed in 2023. Property has long-term, reliable tenants that are all month to month. Rents are below market and provide an opportunity for an investor to increase rents or for someone to move into one of the units and make rental income off of the others to offset the mortgage. Plenty of space for parking or even adding an additional unit. Property has been well maintained by property owner. Great location north of the 60 freeway. Short distance to Riverside, Ontario, Palm Springs, etc. Other recent upgrades include: Mini splits for back units in 2022, exterior of the house was painted back in 2020, interiors were painted within the last 5 years, new roof in 2023, new front house water heater in 2021, new wood fence along back of property, separating backyards in 2023. Revenue and operating expenses provided by owner as accurately as possible. Buyer to complete due diligence.

Price History

Date
Event
Price
12/09/25
Price Change
$749,500-5.7%
11/23/25
Listing
$795,000
08/07/15
Sold
$165,000
Condition Rating
Fair

The property, built in 1949, has received significant recent maintenance and system upgrades, including a new roof (2023), mini-splits for back units (2022), new water heater (2021), and fresh interior/exterior paint. These updates ensure major components are functional and well-maintained. However, the kitchens and bathrooms across all units are very dated, featuring older cabinets, laminate countertops, basic white appliances, fluorescent lighting, and older tiling/fixtures. While livable, these areas require substantial renovation to meet current aesthetic and functional standards, preventing a 'Good' score. The property fits the 'Fair' criteria of being aged but maintained, with functional major components that show signs of being outdated in key areas.
Pros & Cons

Pros

Strong Income Potential: Triplex configuration with current below-market rents offers significant upside for increased cash flow and return on investment for a new owner.
Extensive Recent Upgrades: Major capital improvements including a new roof (2023), mini-splits for back units (2022), new front house water heater (2021), and new fencing (2023) reduce immediate maintenance costs.
Strategic Location & Amenities: Situated in a growing area of Moreno Valley with new retail (Sprouts, Starbucks) a block away and excellent freeway access, enhancing tenant desirability and property value.
Tenant Stability & Individual Garages: Features long-term, reliable tenants and the valuable amenity of a private garage for each unit, contributing to tenant satisfaction and retention.
Development/Expansion Opportunity: A generous 19,602 sqft lot provides ample space for additional parking or the potential to add another unit, increasing future income or property value.

Cons

MLS Listing Discrepancy: Living area discrepancy between mls listing and other public or private record. mls listing living area = 2150, other record living area = 1000.
Property Age: Built in 1949, the property's age may lead to potential maintenance issues with older systems or infrastructure not covered by recent upgrades, requiring ongoing attention.
Month-to-Month Tenancies: While offering flexibility, the month-to-month lease structure presents a higher risk of tenant turnover and requires active management to implement rent increases.
Sub-Optimal Current Cash Flow: Rents are currently below market, meaning the immediate cash flow is not maximized, requiring an investor to actively manage rent adjustments to realize full income potential.

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