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15120 Mahogany Way Lake Elsinore, CA 92530

3 Beds 2 Baths 1,566 sqft Built 1997

$420,000

List Price

$1,950

$1.8K - $2.1K

Rent Est.

PROPERTY INFO

December 28, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1997
  • Price/Sqft : $268.20
  • 7 Days on Market
  • MLS # : SW20263308
  • Updated Date : 12/29/2020 at 16:01
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,566 sqft
  • Baths : 2 full
Listing Agent

Bhhs Ca Properties

Listing Agent's Description

Single story Lake Elsinore Home in a good location, close to Schools, Parks, Restaurants, 15 freeway, Ortega Highway and the Elsinore Lake. This house has 3 Bedrooms and 2 Bathrooms in 1566 Sq. ft. The house has tile in the Living room, Kitchen, Family Room, and the bathrooms have new travertine floors. The Kitchen has granite counters, ceiling fan and recessed lighting. The Living room and the family room also have recessed lighting and a dual side fireplace with granite. The separate laundry room has newer hook-ups. the Bathrooms also have new toilets and faucets, Master Bath was remodeled and master bedroom has a good size, the other two rooms are large as well. The house has an attached 2 car garage. The water heather is two years old and the side yard is large enough for an RV and is all cemented. the back yard has7841 sq ft. This is a good size and has a lot of potential, just bring your Ideas The house is located in a quiet cul de sac street and has a great floor plan. Don't miss the opportunity to own this house.

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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
Withrow Elementary School Primary Regular 768 30 3
Terra Cotta Middle School Middle Regular 1,126 43 3
Lakeside High School High Regular 1,973 87 5

Withrow Elementary School

  • Education Level: Primary
  • # of students: 768
  • # of teachers: 30
3
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
 

$378,000$462,000$420,000

PURCHASE PRICE

$1,755$2,145$1,950

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,950
EXPENSES Loan Payment -$1,550
Property Tax -$494
Property Insurance -$65
Property Management Fees -$115
CASH FLOW
-$274

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.

$420,000

PROJECTED PRICE

$1,950

PROJECTED RENT

0.46%

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-$5.0k$0.0$5.0k$10k

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$117,050

INVESTMENT

$117,050

Down Payment
$105,000
Rehab Estimate
$5,750
Closing Costs
$6,300

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,550

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $105,000
Loan Amount $315,000
See What Happens When You Reinvest Cash Flow

2.42

YEARS SAVED

$8,851

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,950

    LIST RENT
  • $1.25

    LIST RENT PER SQFT
  • $2,001

    COMP ESTIMATED VALUE
  • $1.28

    COMP AVG. RENT PER SQFT
Comps Range
$1,795
1$1,7952$1,8503$1,9004$1,9505$2,100
$2,100
RENT COMPS ANALYSIS
  • 15120 Mahogany Way Lake Elsinore, CA 4
    • 3 beds 2 baths ∙ 1,566 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,566 Sqft ∙ Built 1997
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $1.25
    •  
  • 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
    •  
  • 15171 Teakwood Street Lake Elsinore, CA 3
    • 3 beds 2 baths ∙ 1,391 Sqft ∙ Built 1996 3 beds 2 baths ∙ 1,391 Sqft ∙ Built 1996
    LEASED 11/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $1.37
    •  
  • 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
Lenny Pineda
Bhhs Ca Properties
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SW20263308
Last Updated: 12/29/2020
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