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16659 Arnold Avenue Lake Elsinore, CA 92530

4 Beds 3 Baths 2,130 sqft Built 2007

$489,000

List Price

$2,090

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

October 30, 2020 RECENTLY ADDED
FACTS
  • Built In 2007
  • Price/Sqft : $229.58
  • 8 Days on Market
  • MLS # : SW20226555
  • Updated Date : 10/29/2020 at 22:36
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,130 sqft
  • Baths : 2 full , 1 half
Listing Agent

Coldwell Banker Assoc.brks-cl

Listing Agent's Description

VIEWS, VIEWS, VIEWS!!! NO HOA and LOW TAXES! This gorgeous 2007 built, 2130 sqft, newly remodeled 4 bedroom 3 bath home has some of the best views in the valley. Located in the coveted North Lake Elsinore hillside, this home has spectacular lake and mountain views. The two level four bedroom home has two and one half baths. All bedrooms are large, have a ton of closet space and located on the lower level (one bedroom has a separate entrance). The large family style kitchen and family room offer a beautiful view of the lake on the balcony just off of the dining area. The kitchen has granite counters and a half bath is located upstairs for your guests. There is plenty of parking, RV parking, room for a pool, no neighbors on 2 sides, extra deep garage with a workshop space, and a separate laundry room off of the garage. Located just minutes from the lake, 15 freeway, HWY 74 corridor, schools, shopping and restaurants. All furniture negotiable. Sellers interested in possible rent back. This is the home you have been waiting for!

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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: Country Club Heights District

NeighborhoodNIR Market*CityMarket2010Year20002019100k150k200k250k300k350k400k450kPrice in $98k459k

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

Neighborhood: Country Club Heights District

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q290010001100120013001400150016001700180019002000Rent in $8492078

* 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
 

$440,100$537,900$489,000

PURCHASE PRICE

$1,881$2,299$2,090

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,090
EXPENSES Loan Payment -$1,804
Property Tax -$457
Property Insurance -$79
Property Management Fees -$123
CASH FLOW
-$374

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.

$489,000

PROJECTED PRICE

$2,090

PROJECTED RENT

0.43%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 11.6%
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$1.6M$1.8M

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$1.4M$1.6M$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$135,335

INVESTMENT

$135,335

Down Payment
$122,250
Rehab Estimate
$5,750
Closing Costs
$7,335

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,804

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $122,250
Loan Amount $366,750
See What Happens When You Reinvest Cash Flow

1.92

YEARS SAVED

$7,386

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,090

    LIST RENT
  • $0.98

    LIST RENT PER SQFT
  • $2,215

    COMP ESTIMATED VALUE
  • $1.04

    COMP AVG. RENT PER SQFT
Comps Range
$2,000
1$2,0002$2,0903$2,2004$2,2005$2,295
$2,295
RENT COMPS ANALYSIS
  • 16659 Arnold Avenue Lake Elsinore, CA 2
    • 4 beds 3 baths ∙ 2,130 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,130 Sqft ∙ Built 2007
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,090
    • $0.98
    •  
  • 16529 Sedona Street Lake Elsinore, CA 1
    • 3 beds 3 baths ∙ 1,942 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,942 Sqft ∙ Built 2006
    property image
    LEASED 02/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.03
    •  
  • 30999 Verona Street Lake Elsinore, CA 3
    • 4 beds 3 baths ∙ 2,197 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,197 Sqft ∙ Built 2007
    property image
    LEASED 03/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.00
    •  
  • 15154 Biarritz Street Lake Elsinore, CA 4
    • 3 beds 3 baths ∙ 2,010 Sqft ∙ Built 1995 3 beds 3 baths ∙ 2,010 Sqft ∙ Built 1995
    property image
    LEASED 10/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.09
    •  
  • 33006 Seville Lake Elsinore, CA 5
    • 4 beds 3 baths ∙ 2,197 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,197 Sqft ∙ Built 2006
    property image
    LEASED 12/12/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $1.04
    •  
PROPERTY LISTING DETAILS
Rosanne Valek
Coldwell Banker Assoc.brks-cl
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SW20226555
Last Updated: 10/29/2020
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