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15111 Courtney Lane Lake Elsinore, CA 92530

4 Beds 3 Baths 2,709 sqft Built 2018

$470,000

List Price

$2,390

$2.2K - $2.6K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
SINGLE-FAMILY
February 24, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2018
  • Price/Sqft : $173.50
  • 6 Days on Market
  • MLS # : PW21035100
  • Updated Date : 02/23/2021 at 15:05
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,709 sqft
  • Baths : 2 full , 1 half
Listing Agent

Coldwell Banker Diamond

Listing Agent's Description

Whether you are a first time home buyer or looking for your next home, this 2,709 Sq. Ft, 2 story, McKenna Pointe property may be just what you're looking for. This lovely home features an attached Suite of 509 square feet with a Private Entry. Suite living space or perfect for your home office with 1 bedroom and 1 bath. Enclosed Stackable Laundry hook-ups. Main house has a fully dry-walled 2 car garage with direct access to the interior. Three bedrooms with a loft converted to a fourth bedroom including a closet. Master bedroom has a full bath with spacious walk in closet. Pool size backyard for your own creative design. This spacious home has room for it all. Hiking and horseback riding trails, skydiving, mountain biking, fishing, the list goes on and on here in Lake Elsinore. Extreme sports and the Storm Stadium just to name a few of the many activities offered here. Great restaurants for take-out and delivery.

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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
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
 

$423,000$517,000$470,000

PURCHASE PRICE

$2,151$2,629$2,390

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,390
EXPENSES Loan Payment -$1,632
Property Tax -$427
Property Insurance -$93
Property Management Fees -$141
CASH FLOW
$97

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.

$470,000

PROJECTED PRICE

$2,390

PROJECTED RENT

0.51%

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$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$130,300

INVESTMENT

$130,300

Down Payment
$117,500
Rehab Estimate
$5,750
Closing Costs
$7,050

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,632

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $117,500
Loan Amount $352,500
See What Happens When You Reinvest Cash Flow

7

YEARS SAVED

$40,065

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,390

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $2,384

    COMP ESTIMATED VALUE
  • $0.88

    COMP AVG. RENT PER SQFT
Comps Range
$2,250
1$2,2502$2,3003$2,3504$2,3505$2,390
$2,390
RENT COMPS ANALYSIS
  • 15111 Courtney Lane Lake Elsinore, CA 5
    • 4 beds 3 baths ∙ 2,709 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,709 Sqft ∙ Built 2018
    • Rent
    • Rent Per SQFT
    •  
    • $2,390
    • $0.88
    •  
  • 3322 Banyon Circle Lake Elsinore, CA 1
    • 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
    •  
  • 4144 Lovitt Circle Lake Elsinore, CA 2
    • 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
    •  
  • 200 S California Street Lake Elsinore, CA 3
    • 4 beds 3 baths ∙ 2,762 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,762 Sqft ∙ Built 2002
    LEASED 07/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $0.85
    •  
  • 15488 Solstice Ct Lake Elsinore, CA 4
    • 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
Christine Woods
Coldwell Banker Diamond
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21035100
Last Updated: 02/23/2021
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