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14602 Fair Oak Drive Lake Elsinore, CA 92530

4 Beds 3 Baths 2,517 sqft Built 2004

$510,000

List Price

$2,430

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

November 10, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2004
  • Price/Sqft : $202.62
  • 6 Days on Market
  • MLS # : CV20236825
  • Updated Date : 11/10/2020 at 16:02
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,517 sqft
  • Baths : 3 full
Listing Agent

Cal American Homes And Realty

Listing Agent's Description

This North Lake Elsinore 4 bedroom, 3 full bath pool home has it all and them some!! Located on a large corner lot in an awesome community, this home is definitely the one you have been looking for. The front door opens into the grand two story entry, and a downstairs bedroom with adjacent full bath. Upstairs has a large master suite, private bath with separate tub and shower, dual sinks & walk in closet. 2 large additional "Jack & Jill" bedrooms w/shared bath has separate bath/shower area. Open concept kitchen with sliding door leading out to the backyard oasis complete with pool and spa. An island gas BBQ, and built in fire pit make this an ideal entertainer’s backyard. You will be able to spend countless hours relaxing or entertaining guests in this amazing backyard. With SOLAR already paid for you will never have to worry about running that AC and will have all the amenities to work or home school at this beautiful home. Home also features a whole house water softener. Don’t miss out on this one, it will go quick!

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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 View District

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $143k459k

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

Neighborhood: Lake View District

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q21100120013001400150016001700180019002000Rent in $10352083

* 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
Rice Canyon Elementary School Primary Regular 884 35 6
Terra Cotta Middle School Middle Regular 1,126 43 3
Lakeside High School High Regular 1,973 87 5

Rice Canyon Elementary School

  • Education Level: Primary
  • # of students: 884
  • # of teachers: 35
6
GreatSchools Rating

Terra Cotta Middle School

  • Education Level: Middle
  • # of students: 1,126
  • # of teachers: 43
3
GreatSchools Rating

Lakeside High School

  • Education Level: High
  • # of students: 1,973
  • # of teachers: 87
5
GreatSchools Rating
 

$459,000$561,000$510,000

PURCHASE PRICE

$2,187$2,673$2,430

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,430
EXPENSES Loan Payment -$1,882
Property Tax -$463
Property Insurance -$88
HOA -$64
Property Management Fees -$143
CASH FLOW
-$210

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.

$510,000

PROJECTED PRICE

$2,430

PROJECTED RENT

0.48%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 8.1%
Maintenance Year (1-5) 8.00%
Vacancy 5.43%
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

PROJECTED ANNUAL CASH FLOW

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

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$140,900

INVESTMENT

$140,900

Down Payment
$127,500
Rehab Estimate
$5,750
Closing Costs
$7,650

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,882

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $127,500
Loan Amount $382,500
See What Happens When You Reinvest Cash Flow

3.58

YEARS SAVED

$19,888

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,430

    LIST RENT
  • $0.97

    LIST RENT PER SQFT
  • $2,425

    COMP ESTIMATED VALUE
  • $0.96

    COMP AVG. RENT PER SQFT
Comps Range
$2,100
1$2,1002$2,2503$2,4304$2,700
$2,700
RENT COMPS ANALYSIS
  • 14602 Fair Oak Drive Lake Elsinore, CA 3
    • 4 beds 3 baths ∙ 2,517 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,517 Sqft ∙ Built 2004
    • Rent
    • Rent Per SQFT
    •  
    • $2,430
    • $0.97
    •  
  • 16501 Sedona Street Lake Elsinore, CA 1
    • 3 beds 3 baths ∙ 2,197 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,197 Sqft ∙ Built 2006
    LEASED 05/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.96
    •  
  • 3322 Banyon Circle Lake Elsinore, CA 2
    • 4 beds 3 baths ∙ 2,413 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,413 Sqft ∙ Built 2005
    LEASED 03/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.93
    •  
  • 14605 Fair Oak Drive Lake Elsinore, CA 4
    • 5 beds 3 baths ∙ 2,705 Sqft ∙ Built 2004 5 beds 3 baths ∙ 2,705 Sqft ∙ Built 2004
    LEASED 12/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.00
    •  
PROPERTY LISTING DETAILS
Aaron Juarez
Cal American Homes And Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV20236825
Last Updated: 11/10/2020
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