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1545 Morro Way Lake Elsinore, CA 92530

4 Beds 2 Baths 1,474 sqft Built 1980

$350,000

List Price

$1,760

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

December 02, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1980
  • Price/Sqft : $237.45
  • 6 Days on Market
  • MLS # : IV20249376
  • Updated Date : 12/01/2020 at 22:47
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,474 sqft
  • Baths : 2 full
Listing Agent

Allison James Est. & Homes

Listing Agent's Description

Single story with large family room and kitchen area. Lake view from front of house. No homes behind, private. Large covered patio in back. Ready for immediate move-in. Home has tons of upgrades, including new windows, HVAC (only a year old) and solar panels. Solar panels will be paid off at closing. The kitchen was also recently remodeled with upgraded cabinets and new stainless-steel appliances. The home features a 2-car garage and RV parking. Easily Accessible to Ortega Highway as well as the 15 Freeway. Only 40 minutes to Orange County. No HOA and Low tax area.

SEE MORE

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 Edge District

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $116k459k

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

Neighborhood: Lake Edge District

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q210001100120013001400150016001700180019002000Rent in $9112078

* 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
Lakeland Village School Primary Regular 912 44 2
Canyon Lake Middle School Middle Regular 1,207 44 6
Lakeside High School High Regular 1,973 87 5

Lakeland Village School

  • Education Level: Primary
  • # of students: 912
  • # of teachers: 44
2
GreatSchools Rating

Canyon Lake Middle School

  • Education Level: Middle
  • # of students: 1,207
  • # of teachers: 44
6
GreatSchools Rating

Lakeside High School

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

$315,000$385,000$350,000

PURCHASE PRICE

$1,584$1,936$1,760

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,760
EXPENSES Loan Payment -$1,291
Property Tax -$316
Property Insurance -$63
Property Management Fees -$104
CASH FLOW
-$14

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.

$350,000

PROJECTED PRICE

$1,760

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 9.4%
Maintenance Year (1-5) 8.00%
Vacancy 5.41%
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

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$98,500

INVESTMENT

$98,500

Down Payment
$87,500
Rehab Estimate
$5,750
Closing Costs
$5,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,291

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $87,500
Loan Amount $262,500
See What Happens When You Reinvest Cash Flow

5.5

YEARS SAVED

$24,733

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,760

    LIST RENT
  • $1.19

    LIST RENT PER SQFT
  • $1,865

    COMP ESTIMATED VALUE
  • $1.27

    COMP AVG. RENT PER SQFT
Comps Range
$1,650
1$1,6502$1,7603$1,8004$2,0755$2,100
$2,100
RENT COMPS ANALYSIS
  • 1545 Morro Way Lake Elsinore, CA 2
    • 4 beds 2 baths ∙ 1,474 Sqft ∙ Built 1980 4 beds 2 baths ∙ 1,474 Sqft ∙ Built 1980
    • Rent
    • Rent Per SQFT
    •  
    • $1,760
    • $1.19
    •  
  • 33146 California Street Lake Elsinore, CA 1
    • 3 beds 2 baths ∙ 1,361 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,361 Sqft ∙ Built 1964
    LEASED 07/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.21
    •  
  • 1505 Morro Way Lake Elsinore, CA 3
    • 3 beds 2 baths ∙ 1,474 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,474 Sqft ∙ Built 1979
    LEASED 11/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.22
    •  
  • 15710 Lake Ridge Road Lake Elsinore, CA 4
    • 4 beds 2 baths ∙ 1,782 Sqft ∙ Built 1987 4 beds 2 baths ∙ 1,782 Sqft ∙ Built 1987
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,075
    • $1.16
    •  
  • 33202 Blanche Drive Lake Elsinore, CA 5
    • 3 beds 2 baths ∙ 1,426 Sqft ∙ Built 1985 3 beds 2 baths ∙ 1,426 Sqft ∙ Built 1985
    LEASED 09/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.47
    •  
PROPERTY LISTING DETAILS
Lisa Riess
Allison James Est. & Homes
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV20249376
Last Updated: 12/01/2020
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