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824 Riverside Ave
Santa Cruz, CA

824 Riverside Ave

$749,000
2 bd • 1 ba • 672 sf

This analysis was generated by artificial intelligence on 1/19/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

List Price

$749,000

Price/Sq.Ft

$1115

Year Built

1923

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

This charming 1923 home offers exceptional urban accessibility, located near the San Lorenzo River and downtown Santa Cruz. At $749,000, it's priced 12% below the median home value in Santa Cruz ($850,000 as of 2023). The property's price per square foot ($1,114.58) is competitive for its prime location. The open living space design maximizes the 672 sqft, and the additional structure with washer/dryer hookup adds functionality. The lot extension to the alleyway provides valuable extra parking, a rarity in urban Santa Cruz. Its proximity to downtown (walkable distance) translates to a high walk score, estimated around 85-90. The property has appreciated 92.8% since its last sale in 2008, outperforming the Santa Cruz market average of 78% over the same period.

The Bad

At 672 sqft, the home is significantly smaller than the Santa Cruz average of 1,600 sqft for single-family homes. With only 2 bedrooms and 1 bathroom, it may feel cramped for some buyers. The lack of a family room limits entertainment space. The home's age (built in 1923) suggests potential for higher maintenance costs and outdated systems. The estimated insurance cost of $2,696.40/year is 20% higher than the Santa Cruz average of $2,247/year, likely due to its flood risk. The air quality risk score of 7/10 is concerning, with 13 bad air days per year, which is above the Santa Cruz average of 8 days.

The Ugly

The flood risk score of 6/10 (MAJOR) is a significant concern, with the property located in FEMA Zone A99. This high flood risk could lead to substantial insurance premiums and potential property damage. The severe air quality risk (7/10) could impact long-term health and quality of life. The home's small size (672 sqft) severely limits its appeal to families or those needing more space. Total monthly ownership costs are estimated at $4,500 ($3,000 mortgage + $225 insurance + $600 property taxes + $675 maintenance), which is high relative to the property's size. Given its age, major systems (plumbing, electrical, roof) may need replacement soon, potentially costing $30,000-$50,000 over the next 5-10 years.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

This property is best suited for: 1. First-time homebuyers with household income around $160,000+ (based on 33% DTI ratio). 2. Young professionals or couples prioritizing walkability and downtown access over space. 3. Investors looking for short-term rentals, given the prime location and two-bedroom layout. With market rates for 2-bedroom rentals at $3,860/month, it could yield a potential 6.2% cap rate. 4. Empty nesters or retirees downsizing and seeking an urban lifestyle. 5. Those willing to take on some renovation projects to maximize the property's potential.

Not For

This property is not suitable for: 1. Families needing 3+ bedrooms or more than 1,000 sqft of living space. 2. Buyers with household income below $160,000, given the high monthly costs. 3. Those with respiratory issues, due to the high air quality risk. 4. Risk-averse buyers concerned about potential flooding and associated costs. 5. Investors seeking turnkey properties with minimal maintenance needs. 6. Individuals requiring a home office or additional living spaces beyond the basic layout.
Demographics
Area Median Income

$93,839

Price Prediction Challenge

Think you know what 824 Riverside Ave will sell for? Put your market expertise to the test!

1 market expert predicted

Join 1 market expert in predicting this property's future. Closest prediction wins Market Expert status + 1 month Premium access!

$780,000
4.1% above list

Average prediction

75%
High confidence

Community consensus

1
Market experts

Total predictions

Recent Predictions

GC
Giulio C.

Seems a bit underpriced for the area

1/20/2025
$780,000
75% confidence
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Risk Assessment

Climate Risks

airSEVERE

13 bad air quality days per year

floodMAJOR

FEMA Zone: A99

Insurance: Required

heatMODERATE

7 extreme heat days per year

98th percentile: 81°F

fireMINOR

Insurance: Recommended

windMINIMAL

Insurance: Optional

Risk Analysis

1. Flood risk (6/10) may lead to higher insurance costs, potential property damage, and decreased resale value. 2. Air quality risk (7/10) could impact health and quality of life, potentially affecting future saleability. 3. Age-related issues: Given the 1923 construction, major systems (plumbing, electrical, roof) may need replacement soon, estimated at $30,000-$50,000. 4. Limited space (672 sqft) may restrict future expansion possibilities and limit the pool of potential buyers. 5. Potential for stricter flood zone regulations in the future, which could impact insurance rates and property use. 6. Market volatility: Santa Cruz's real estate market can be sensitive to economic shifts, potentially affecting appreciation. 7. Climate change impacts: Increasing severity of floods and air quality issues could exacerbate existing risks. 8. Zoning changes: Any future changes to urban zoning could impact the property's use or value, especially given its proximity to downtown.
Insurance
Annual Cost

$2,696

$225 per month

Financials

Monthly Costs

Price History

Property Taxes

$5,233
2024 Tax Assessment
1.2%from previous year
Assessed Value$439,818
Tax Rate1.19%

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Stats in the Area

Average Price

$863,250

15.3% above list price

Median Price

$880,000

Based on 6 recent sales

Price per Sq.Ft

$1,351

Comparable Properties

222 2nd Avenue, Santa Cruz, CA 95062
Price: $1,270,000
Sq.Ft: 715
Beds/Baths: 1/1
$/Sq.Ft:
$1,77659.4%
Sale Date: 12/6/2024
839 Gharkey Street, Santa Cruz, CA 95060
Price: $880,000
Sq.Ft: 640
Beds/Baths: 1/1
$/Sq.Ft:
$1,37523.4%
Sale Date: 9/28/2024
164 Everson Drive, Santa Cruz, CA 95060
Price: $625,000
Sq.Ft: 733
Beds/Baths: 1/1
$/Sq.Ft:
$85323.5%
Sale Date: 10/8/2024
605 Pacific Avenue #302, Santa Cruz, CA 95060
Price: $599,000
Sq.Ft: 650
Beds/Baths: 1/1
$/Sq.Ft:
$92217.3%
Sale Date: 7/25/2024
260 High Street #107, Santa Cruz, CA 95060
Price: $382,000
Sq.Ft: 540
Beds/Baths: 1/1
$/Sq.Ft:
$70736.5%
Sale Date: 9/8/2024
118 Mott Avenue, Santa Cruz, CA 95062
Price: $1,423,500
Sq.Ft: 576
Beds/Baths: 1/1
$/Sq.Ft:
$2,471121.7%
Sale Date: 8/5/2024

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