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1021 Funquest Dr Fallbrook, CA 92028

3 Beds 2 Baths 1,826 sqft Built 1993

$535,000

List Price

$2,530

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
December 10, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1993
  • Price/Sqft : $292.99
  • 4 Days on Market
  • MLS # : 200053644
  • Updated Date : 12/10/2020 at 20:14
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,826 sqft
  • Baths : 2 full
Listing Agent

Redfin Corporation

Listing Agent's Description

Move right in! This desirable single story home is updated with fresh neutral paint and laminate flooring throughout, ready to make it truly your own. High vaulted ceilings and large windows fill the home with an abundance of natural light. Spacious living spaces include a welcoming living room that flows seamlessly into the heart of the home: an open floor plan with an entertainer's kitchen, dining area and family room equipped with a cozy hearth fireplace.

SEE MORE

MARKET HIGHLIGHTS

  • Southern California has 58.7% labor force participation rate; within this area, Los Angeles metro has 62.3% labor force participation rate (USMayors.org, 2018)
  • Southern California's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (USMayors.org, 2018)
  • Headquarters to several Fortune 500 companies: Amgen, Farmers Insurance, Walt Disney, Avery Dennison, Activision Blizzard, CBRE Group, Edison International, Molina Healthcare, First American Financial, Pacific Life, Qualcomm and Sempra Energy (Fortune, 2018)
  • Southern California produces more technology PhDs per year than any other region in the country and many of the higher educated students stay within Souther California contributing to readily available workforce skills making the area more attractive than Silicon Valley (BCG, 2018)
  • As part of Southern California area, San Diego market inherits all the benefits from the area.
  • Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 2018)
  • The area has major technology nodes of excellence: Los Angeles (Media and entertainment); Pasadena (High-tech engineering, data analytics); Riverside (Agtech, transportation/ distribution); San Diego (Healthcare, biotech, wireless communications); Irvine (Medtech, cyber security); El Segundo (Aerospace and defense IT, space transport) [BCG, 2018]

PRICE & RENT TRENDS

Zip Code: 92028

ZipNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550kPrice in $223k594k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Zip Code: 92028

ZipNIR Market*CityMarket2010Year2000 Q42019 Q215001600170018001900200021002200230024002500260027002800Rent in $14542885

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
La Paloma Elementary School Primary Regular 669 26 7
La Paloma Elementary School Middle Regular 669 26 7
Fallbrook High School High Regular 2,183 92 5

La Paloma Elementary School

  • Education Level: Primary
  • # of students: 669
  • # of teachers: 26
7
GreatSchools Rating

La Paloma Elementary School

  • Education Level: Middle
  • # of students: 669
  • # of teachers: 26
7
GreatSchools Rating

Fallbrook High School

  • Education Level: High
  • # of students: 2,183
  • # of teachers: 92
5
GreatSchools Rating
 

$481,500$588,500$535,000

PURCHASE PRICE

$2,277$2,783$2,530

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,530
EXPENSES Loan Payment -$1,974
Property Tax -$481
Property Insurance -$73
Property Management Fees -$129
CASH FLOW
-$127

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 13% of earned rent to cover both maintenance and periods of vacancy.

$535,000

PROJECTED PRICE

$2,530

PROJECTED RENT

0.47%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.42%
Appreciation Year (1-5) 6.2%
Maintenance Year (1-5) 8.00%
Vacancy 4.80%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k$20k$25k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$147,525

INVESTMENT

$147,525

Down Payment
$133,750
Rehab Estimate
$5,750
Closing Costs
$8,025

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,974

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $133,750
Loan Amount $401,250
See What Happens When You Reinvest Cash Flow

6.25

YEARS SAVED

$44,869

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $2,530

    LIST RENT
  • $1.39

    LIST RENT PER SQFT
  • $2,538

    COMP ESTIMATED VALUE
  • $1.39

    COMP AVG. RENT PER SQFT
Comps Range
$2,500
1$2,5002$2,5303$2,550
$2,550
RENT COMPS ANALYSIS
  • 1021 Funquest Dr Fallbrook, CA 2
    • 3 beds 3 baths ∙ 1,826 Sqft ∙ Built 1993 3 beds 3 baths ∙ 1,826 Sqft ∙ Built 1993
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,530
    • $1.39
    •  
  • 156 Amigos Way Fallbrook, CA 1
    • 3 beds 2 baths ∙ 1,812 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,812 Sqft ∙ Built 1978
    property image
    LEASED 03/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.38
    •  
  • 1914 Gum Tree Lane Fallbrook, CA 3
    • 3 beds 2 baths ∙ 1,824 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,824 Sqft ∙ Built 1979
    property image
    LEASED 11/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $1.40
    •  
PROPERTY LISTING DETAILS
Ixie Weber
1.310.801.2366
Redfin Corporation
BESbswy