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151 N Woodlake Street Lake Elsinore, CA 92530

4 Beds 2 Baths 1,531 sqft Built 1982

$399,900

List Price

$1,960

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1982
  • Price/Sqft : $261.20
  • 11 Days on Market
  • MLS # : IV21002533
  • Updated Date : 01/14/2021 at 18:18
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,531 sqft
  • Baths : 2 full
Listing Agent

Berkshire Hathaway Homeservices California Realty

Listing Agent's Description

Turn Key!!! This Single story home features 4 bedrooms with brand new laminate water proof flooring on the bedrooms and master bathroom as well, the the white vanity mirror, has a nice new quartz counter top, and a new sink, the bathtub has been re-glazed. brand new water proof laminate flooring has been installed on Livingroom, which gives the home a more roomy and updated look. the Kitchen features new quartz Counter tops, the cabinets have a fresh white new coat of paint new sink & faucet, and interior walls have been painted, some of the light fixtures were replaced. All Dual pane Windows and sliding door. this beautiful home is located in a Cul-De-Sac and within proximity to shopping centers and schools, it is a great opportunity and home is ready to move in, don't wait, call me to schedule an appointment before is gone!

SEE MORE

MARKET HIGHLIGHTS

  • 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.
  • 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)

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
 

$359,910$439,890$399,900

PURCHASE PRICE

$1,764$2,156$1,960

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,960
EXPENSES Loan Payment -$1,389
Property Tax -$392
Property Insurance -$64
Property Management Fees -$116
CASH FLOW
-$1

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.

$399,900

PROJECTED PRICE

$1,960

PROJECTED RENT

0.49%

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

PROJECTED ANNUAL CASH FLOW

11530$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$111,724

INVESTMENT

$111,724

Down Payment
$99,975
Rehab Estimate
$5,750
Closing Costs
$5,999

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,389

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $99,975
Loan Amount $299,925
See What Happens When You Reinvest Cash Flow

5.58

YEARS SAVED

$25,327

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,960

    LIST RENT
  • $1.28

    LIST RENT PER SQFT
  • $1,944

    COMP ESTIMATED VALUE
  • $1.27

    COMP AVG. RENT PER SQFT
Comps Range
$1,795
1$1,7952$1,8503$1,9604$2,0955$2,100
$2,100
RENT COMPS ANALYSIS
  • 151 N Woodlake Street Lake Elsinore, CA 3
    • 4 beds 2 baths ∙ 1,531 Sqft ∙ Built 1982 4 beds 2 baths ∙ 1,531 Sqft ∙ Built 1982
    • Rent
    • Rent Per SQFT
    •  
    • $1,960
    • $1.28
    •  
  • 282 Jessica Street Lake Elsinore, CA 1
    • 3 beds 2 baths ∙ 1,442 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,442 Sqft ∙ Built 1986
    LEASED 06/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $1.24
    •  
  • 165 N Nebraska Street Lake Elsinore, CA 2
    • 3 beds 2 baths ∙ 1,521 Sqft ∙ Built 1990 3 beds 2 baths ∙ 1,521 Sqft ∙ Built 1990
    LEASED 06/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.22
    •  
  • 29029 Stoneridge Lake Elsinore, CA 4
    • 4 beds 2 baths ∙ 1,565 Sqft ∙ Built 1997 4 beds 2 baths ∙ 1,565 Sqft ∙ Built 1997
    LEASED 08/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $1.34
    •  
  • 257 Ohio Street Lake Elsinore, CA 5
    • 4 beds 3 baths ∙ 1,636 Sqft ∙ Built 1981 4 beds 3 baths ∙ 1,636 Sqft ∙ Built 1981
    LEASED 08/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.28
    •  
PROPERTY LISTING DETAILS
Saul Silva
Berkshire Hathaway Homeservices California Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV21002533
Last Updated: 01/14/2021
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