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15525 Washington Avenue Lake Elsinore, CA 92530

3 Beds 3 Baths 1,427 sqft Built 1990

$390,000

List Price

$1,850

$1.7K - $2K

Rent Est.

PROPERTY INFO

February 04, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1990
  • Price/Sqft : $273.30
  • 8 Days on Market
  • MLS # : OC21019682
  • Updated Date : 02/04/2021 at 11:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,427 sqft
  • Baths : 2 full , 1 half
Listing Agent

Prestige Coastal Real Estate, Inc.

Listing Agent's Description

Love the Lake Elsinore Life here! Just minutes from all the recreation Lake Elsinore has to offer, this two-story, 3 bedroom, 2.5 bath home is located on a cul-de-sac, with a two car-garage and large driveway with lots of parking! As you walk in the home you feel cozy and warm. The Great Room and Dining Room opens to the spacious Kitchen with wood cabinetry, gas range and stainless Refrigerator as well as a large Breakfast Bar for casual eating. Upstairs you will find three bedrooms. The Master suite has vaulted ceilings, ceiling fan, sliding glass doors which opens to a Balcony facing Mountain Views. Second bedroom has Lake and Mountain views. French Doors from the Great Room lead to an outside covered patio. Enjoy outside living in the backyard with fruit trees and gardening area. As a Huge Bonus, you'll find newer Heating and Air Conditioning units, newer Hot Water Heater and a newer ROOF have all been installed for you! This home has so much to offer! Close to Schools, Parks, Hiking Trails, Ortega Highway and all the fun recreation and sports at the Lake! And No HOA payments here! You don't want to miss out on this one!

SEE MORE

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: Grandview Gardens

NeighborhoodNIR Market*CityMarket2010Year20002019100k150k200k250k300k350k400k450kPrice in $94k459k

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

Neighborhood: Grandview Gardens

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q290010001100120013001400150016001700180019002000Rent in $8312078

* 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
Canyon Lake Middle School Middle Regular 1,207 44 6
Lakeside High School High Regular 1,973 87 5

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
 

$351,000$429,000$390,000

PURCHASE PRICE

$1,665$2,035$1,850

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,850
EXPENSES Loan Payment -$1,355
Property Tax -$340
Property Insurance -$62
Property Management Fees -$109
CASH FLOW
-$15

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.

$390,000

PROJECTED PRICE

$1,850

PROJECTED RENT

0.47%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 9.0%
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$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$109,100

INVESTMENT

$109,100

Down Payment
$97,500
Rehab Estimate
$5,750
Closing Costs
$5,850

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,355

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $97,500
Loan Amount $292,500
See What Happens When You Reinvest Cash Flow

5.42

YEARS SAVED

$22,648

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,850

    LIST RENT
  • $1.3

    LIST RENT PER SQFT
  • $1,966

    COMP ESTIMATED VALUE
  • $1.38

    COMP AVG. RENT PER SQFT
Comps Range
$1,495
1$1,4952$1,5253$1,6504$1,8505$2,100
$2,100
RENT COMPS ANALYSIS
  • 15525 Washington Avenue Lake Elsinore, CA 4
    • 3 beds 3 baths ∙ 1,427 Sqft ∙ Built 1990 3 beds 3 baths ∙ 1,427 Sqft ∙ Built 1990
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.30
    •  
  • 3600 Eisenhower Drive Lake Elsinore, CA 1
    • 3 beds 2 baths ∙ 1,112 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,112 Sqft ∙ Built 1980
    LEASED 10/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $1.34
    •  
  • 3506 Eisenhower Drive Lake Elsinore, CA 2
    • 3 beds 2 baths ∙ 1,125 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,125 Sqft ∙ Built 1980
    LEASED 03/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,525
    • $1.36
    •  
  • 33279 Fairview Street Lake Elsinore, CA 3
    • 3 beds 2 baths ∙ 1,228 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,228 Sqft ∙ Built 1978
    LEASED 04/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.34
    •  
  • 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
Chandy Andre
Prestige Coastal Real Estate, Inc.
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21019682
Last Updated: 02/04/2021
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