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15083 Audrey Drive Lake Elsinore, CA 92530

4 Beds 3 Baths 2,508 sqft Built 2018

$539,900

List Price

$2,240

$2K - $2.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 19, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2018
  • Price/Sqft : $215.27
  • 3 Days on Market
  • MLS # : SW21054265
  • Updated Date : 03/20/2021 at 07:59
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,508 sqft
  • Baths : 3 full
Listing Agent

Redfin Corporation

Listing Agent's Description

Attractive home on an over-sized lot! Enter into this move-in ready home with fresh paint and vinyl flooring with a main level bedroom and bathroom off the entryway hall. At the end of the hall be delighted by a highly desired open floorplan with a family room, dining area, and kitchen all together with windows facing the expansive backyard space. A large concrete patio space accessed from the sliding doors awaits its new guests to gather for al fresco dining. Upstairs find a versatile roomy loft space, a full bathroom, laundry room, two additional bedrooms, and a generously sized primary suite with an en suite bathroom. No matter which room you’re in on the upper floor you’ll enjoy a panoramic view of the mountains and hills in addition to sunlight flooding in making it feel light and bright! This home also features a direct access 2 car garage, paid off solar panels, and conveniently located near Lake Elsinore, parks, markets, and eateries. This home awaits its new owners to enjoy! Plus solar is owned!!! Bonus!!

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MARKET HIGHLIGHTS

  • 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.
  • 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)

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
Machado Elementary School Primary Regular 709 28 2
Terra Cotta Middle School Middle Regular 1,126 43 3
Lakeside High School High Regular 1,973 87 5

Machado Elementary School

  • Education Level: Primary
  • # of students: 709
  • # of teachers: 28
2
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
 

$485,910$593,890$539,900

PURCHASE PRICE

$2,016$2,464$2,240

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,240
EXPENSES Loan Payment -$1,875
Property Tax -$483
Property Insurance -$88
Property Management Fees -$132
CASH FLOW
-$338

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.

$539,900

PROJECTED PRICE

$2,240

PROJECTED RENT

0.41%

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$1.8M

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$148,824

INVESTMENT

$148,824

Down Payment
$134,975
Rehab Estimate
$5,750
Closing Costs
$8,099

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,875

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $134,975
Loan Amount $404,925
See What Happens When You Reinvest Cash Flow

2.42

YEARS SAVED

$9,747

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,240

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $2,238

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$2,240
1$2,2402$2,2503$2,2504$2,3005$2,350
$2,350
RENT COMPS ANALYSIS
  • 15083 Audrey Drive Lake Elsinore, CA 1
    • 4 beds 3 baths ∙ 2,508 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,508 Sqft ∙ Built 2018
    • Rent
    • Rent Per SQFT
    •  
    • $2,240
    • $0.89
    •  
  • 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
    •  
  • 32936 Serena Way Lake Elsinore, CA 3
    • 4 beds 3 baths ∙ 2,511 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,511 Sqft ∙ Built 2002
    LEASED 11/24/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.90
    •  
  • 4144 Lovitt Circle Lake Elsinore, CA 4
    • 3 beds 3 baths ∙ 2,618 Sqft ∙ Built 2013 3 beds 3 baths ∙ 2,618 Sqft ∙ Built 2013
    LEASED 09/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.88
    •  
  • 15488 Solstice Ct Lake Elsinore, CA 5
    • 5 beds 3 baths ∙ 2,721 Sqft ∙ Built 2005 5 beds 3 baths ∙ 2,721 Sqft ∙ Built 2005
    LEASED 11/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $0.86
    •  
PROPERTY LISTING DETAILS
Teri Conley
Redfin Corporation
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SW21054265
Last Updated: 03/20/2021
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