475 Transit Avenue, Riverside, California 92507, Riverside, 92507 - 3 bed, 2 bath
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Riverside, California 92507
This Renovated 1920s Bungalow is a High-Potential Investment Opportunity listed at $499,999—positioned well below the $525,172 Fair Market Value by 4%. This valuation gap, combined with a $20,000 buyer grant, secures $25,173 in Instant Equity. Featuring a Condition Rating of 3, the interior boasts an Updated Granite Kitchen and Mountain Views. The Versatile Lot provides rare RV parking within the Riverside Unified School District. This move-in-ready asset is an ideal acquisition for first-time buyers or Owner-Occupants seeking immediate value.
Property is move-in ready.
While originally built in 1929, the property has undergone significant interior renovations making it move-in ready. The kitchen features updated dark wood cabinetry, granite countertops, and stainless steel appliances. The home also includes uniform tile flooring throughout, updated ceiling fans, and refreshed bathrooms. Although the exterior landscaping and yard require work, the interior systems and finishes appear well-maintained and functional.
The availability of a $20,000 grant offers a significant financial advantage for eligible buyers, making this an exceptionally accessible entry point into the Riverside market.
The property features a rare level of flexibility with ample space for RV parking, work trucks, and multiple vehicles, catering perfectly to tradespeople or outdoor enthusiasts.
With a functional single-story layout and abundant natural light, the home serves as an ideal canvas for investors or first-time buyers looking to build equity through customization.
Living area discrepancy between mls listing and other public or private record. mls listing living area = 1140, other record living area = 760.
Built in 1929, the property may require updates to aging systems such as plumbing, electrical, or insulation to meet modern efficiency and safety standards.
At 1,140 square feet for a three-bedroom, two-bath configuration, the interior rooms and common areas may feel constrained for larger families or those seeking spacious layouts.
$20,000 grant available to buy this home. Opportunity is knocking in Riverside! This 3-bedroom, 2-bath single-story home offers great potential and sits on a versatile lot that sets it apart. The home features a functional layout with natural light throughout, providing the perfect canvas for a buyer to customize and make it their own. Ideal for first-time buyers, investors, or anyone looking to add value. The standout feature is the lot, offering ample space for RV parking, multiple vehicles, recreational toys, or work trucks. This level of flexibility is hard to find and may appeal to buyers needing extra parking or storage options. A great opportunity with both personal and investment potential.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 3.0 | 4.0 | 48% |
| Baths | 2.0 | 2.0 | 50% |
| Square foot | 1,140 | 1,739.5 | 13% |
| Lot Size | 4,792 | 8,276 | 13% |
| Price | $485.0K | $650.5K | 10% |
| Price per sq ft | $425 | $388 | 74% |
| Built year | 1929 | 1974 | 10% |
| HOA | $0 | $0 | 50% |
| Days on market | 31 | 189 | 1% |
Apr 14, 2026
$485,000
$499,999
-3% Price Drop
Initial Listing
Mar 22, 2026
$499,999
Initial Listing
Feb 20, 2024
$475,000
Public Record
Oct 4, 2021
$410,000
Public Record
Aug 26, 2013
$108,000
Public Record