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5834 Norman Way, Riverside, California 92504, Riverside, 92504 - 5 bed, 3 bath

5834 Norman Way, Riverside, California 92504 home-pic-0
ACTIVE$810,000
5834 Norman Way, Riverside, California 92504
5Beds
3Baths
1,909Sqft
7,405Lot

Price Vs. Estimate

The estimated value ($311,685.32) is $498,314.68 (61%) lower than the list price ($810,000). This property may be overpriced.

Key pros and cons

Top Pros:
Dual-Unit Income Potential: The property features two separate homes on one lot, each with its own electrical meter, offering significant income potential through renting both units or living in one and renting the other.
Top Cons:
Significant Price Discrepancy: The listing price of $810,000 is substantially higher than the estimated property value of $311,685.32, indicating a potential overvaluation or a discrepancy that warrants further investigation.

Compared to the nearby listings

Price:$810.0K vs avg $630.0K (+$180,000)73%
Size:1,909 sqft vs avg 1,594.5 sqft68%
Price/sqft:$424 vs avg $41256%

More Insights

Built in 1984 (41 years old).
Condition: The property was built in 1984, making it 40 years old. While the main house features some updates like granite countertops in the kitchen and bathrooms, tile flooring, and new carpet in the bedrooms, the overall style of the kitchen cabinets and light fixtures appears dated. The second unit is very basic, and the outdoor laundry room is a significant functional drawback. The property is maintained and functional, but shows its age and would benefit from further modernization to meet current quality standards.
Year Built
1984
Close
-
List price
$810K
Original List price
$830K
Price/Sqft
$424
HOA
-
Days on market
-
Sold On
-
MLS number
HD25045398
Home ConditionFair
Features
Patio
View-

About this home

Welcome to 5834 Norman Way. Two homes on one lot! This residence is tucked away on a peaceful cul-de-sac located in the heart of Riverside. Perfect income property! Rent both houses or live in one and rent the other! The main home features three bedrooms and two bathrooms; upon entering, you will appreciate the spacious family room, centered around the warm brick fireplace and dining area; the kitchen features granite countertops and tile floors throughout the home, and the new carpet in all three bedrooms. The second home is under 700 sq. ft., with two bedrooms, one bath, a living area, a kitchen, and an outdoor laundry room. Each house has its own electrical meter. It is a great investment property. It is conveniently located just minutes away from schools, shopping centers, restaurants, and close to major freeways. Don’t miss this unique property, which combines flexibility and investment potential—schedule your tour today!

Condition Rating
Fair
The property was built in 1984, making it 40 years old. While the main house features some updates like granite countertops in the kitchen and bathrooms, tile flooring, and new carpet in the bedrooms, the overall style of the kitchen cabinets and light fixtures appears dated. The second unit is very basic, and the outdoor laundry room is a significant functional drawback. The property is maintained and functional, but shows its age and would benefit from further modernization to meet current quality standards.
Pros & Cons

Pros

Dual-Unit Income Potential: The property features two separate homes on one lot, each with its own electrical meter, offering significant income potential through renting both units or living in one and renting the other.
Cul-de-sac Location: Situated on a peaceful cul-de-sac, providing a quieter and safer environment with reduced traffic and enhanced privacy.
Convenient Accessibility: Excellent location with close proximity to schools, shopping centers, restaurants, and major freeways, enhancing desirability for residents.
Main Home Updates: The main home includes desirable features such as granite countertops in the kitchen, tile flooring, and new carpet in the bedrooms, indicating recent improvements.
Investment Opportunity: Explicitly marketed as a 'great investment property' due to its multi-unit configuration and rental flexibility, appealing to investors.

Cons

Significant Price Discrepancy: The listing price of $810,000 is substantially higher than the estimated property value of $311,685.32, indicating a potential overvaluation or a discrepancy that warrants further investigation.
Property Age: Built in 1984, the property is 40 years old, which may imply older systems (e.g., plumbing, HVAC, roof) that could require future maintenance or replacement, despite some interior updates.
Limited Second Unit Amenities/Size: The second home is under 700 sq. ft. and features an outdoor laundry room, which might be less attractive to tenants seeking modern conveniences or more spacious living arrangements.

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