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1309 W Pottery Street Lake Elsinore, CA 92530

3 Beds 2 Baths 946 sqft Built 1972

$325,000

List Price

$1,360

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

October 29, 2020 RECENTLY ADDED
FACTS
  • Built In 1972
  • Price/Sqft : $343.55
  • 6 Days on Market
  • MLS # : IG20228496
  • Updated Date : 10/29/2020 at 12:45
CONSTRUCTION
  • Beds : 3
  • Floor Size : 946 sqft
  • Baths : 2 full
Listing Agent

Intero Real Estate Services

Listing Agent's Description

Very nice single story home. Nestled on a great neighborhood close to the Mountains, this home in the heart of it all. Just minutes away from the lake, the new marina and schools. Boasting 3 spacious bedrooms, 2 bathrooms. The large back yard is perfect for family get together and entertaining guest. Lake Elsinore is ranked as the 4th fastest growing city in California and home to the largest natural lake in Southern California. Known for its extreme sports including sky-diving, moto cross riding, hang gliding, horseback riding, water skiing, wake boarding, and more. The city also has a minor league baseball stadium and an 18-hole golf course. Centrally located in Southwest Riverside County, it's just minutes away to Orange County beaches, the famous Temecula wineries, and less than an hour drive to San Diego.

SEE MORE

MARKET HIGHLIGHTS

  • 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 area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 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)
  • Southern California's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (USMayors.org, 2018)
  • 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)
  • 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]
  • Los Angeles has been awarded the 2028 Olympics under a funding commitment of $88 billion to upgrade the transportation infrastructure connecting disparate pockets of the metro area. This is expected to produce additional employment in the coming years. (BCG, 2018)
  • As part of Southern California area, Inland Empire market inherits all the benefits from the area.

PRICE & RENT TRENDS

Neighborhood: Lake Elsinore Historic District

NeighborhoodNIR Market*CityMarket2010Year20002019100k150k200k250k300k350k400k450kPrice in $85k459k

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

Neighborhood: Lake Elsinore Historic District

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q280090010001100120013001400150016001700180019002000Rent in $7462078

* 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
Elsinore Elementary School Primary Regular 583 26 1
Elsinore Middle School Middle Magnet 790 33 3
Temescal Canyon High School High Regular 2,172 89 7

Elsinore Elementary School

  • Education Level: Primary
  • # of students: 583
  • # of teachers: 26
1
GreatSchools Rating

Elsinore Middle School

  • Education Level: Middle
  • # of students: 790
  • # of teachers: 33
3
GreatSchools Rating

Temescal Canyon High School

  • Education Level: High
  • # of students: 2,172
  • # of teachers: 89
7
GreatSchools Rating
 

$292,500$357,500$325,000

PURCHASE PRICE

$1,224$1,496$1,360

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,360
EXPENSES Loan Payment -$1,199
Property Tax -$319
Property Insurance -$50
Property Management Fees -$99
CASH FLOW
-$307

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.

$325,000

PROJECTED PRICE

$1,360

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 11.9%
Maintenance Year (1-5) 8.00%
Vacancy 5.41%
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

PROJECTED ANNUAL CASH FLOW

11530-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$91,875

INVESTMENT

$91,875

Down Payment
$81,250
Rehab Estimate
$5,750
Closing Costs
$4,875

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,199

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $81,250
Loan Amount $243,750
See What Happens When You Reinvest Cash Flow

1.42

YEARS SAVED

$2,939

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,360

    LIST RENT
  • $1.44

    LIST RENT PER SQFT
  • $1,350

    COMP ESTIMATED VALUE
  • $1.43

    COMP AVG. RENT PER SQFT
Comps Range
$1,360
1$1,3602$1,3953$1,5504$1,750
$1,750
RENT COMPS ANALYSIS
  • 1309 W Pottery Street Lake Elsinore, CA 1
    • 3 beds 2 baths ∙ 946 Sqft ∙ Built 1972 3 beds 2 baths ∙ 946 Sqft ∙ Built 1972
    • Rent
    • Rent Per SQFT
    •  
    • $1,360
    • $1.44
    •  
  • 1205 W Pottery Street Lake Elsinore, CA 2
    • 3 beds 2 baths ∙ 1,248 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,248 Sqft ∙ Built 1964
    LEASED 06/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $1.12
    •  
  • 16507 Joy Street Lake Elsinore, CA 3
    • 3 beds 3 baths ∙ 1,090 Sqft ∙ Built 1982 3 beds 3 baths ∙ 1,090 Sqft ∙ Built 1982
    LEASED 09/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $1.42
    •  
  • 29423 Ulmer Street Lake Elsinore, CA 4
    • 3 beds 1 baths ∙ 1,008 Sqft ∙ Built 1973 3 beds 1 baths ∙ 1,008 Sqft ∙ Built 1973
    LEASED 08/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.74
    •  
PROPERTY LISTING DETAILS
Alejandro Carmona
Intero Real Estate Services
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IG20228496
Last Updated: 10/29/2020
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