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168 S California Street Lake Elsinore, CA 92530

4 Beds 3 Baths 1,928 sqft Built 1989

$479,999

List Price

$2,050

$1.8K - $2.3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1989
  • Price/Sqft : $248.96
  • 3 Days on Market
  • MLS # : SW21052530
  • Updated Date : 03/12/2021 at 18:21
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,928 sqft
  • Baths : 3 full
Listing Agent

Keller Williams, The Lakes

Listing Agent's Description

This Is the home you have been waiting for! Located in the popular city of Lake Elsinore, featuring spacious 4 bedroom 3 bath, low taxes, no HOA and solar. First thing you'll notice is the amazing details, starting from the grand entry with vaulted ceilings, custom painted staircase and natural laminate flooring throughout the first level and. The great room with an open concept to the kitchen is perfect for casual dining or entertaining. The kitchen has stunning granite counter tops, light wood cabinets with plenty of space for storage, stainless steel appliances, built in microwave, recessed lighting and elegant backsplash. Upstairs you will find 3 bedrooms and 2 additional bathrooms and unangered hardwood flooring as well. The master bedroom has been completely updated and has private access to the balcony. Enjoy your morning coffee while looking out to the breathtaking views in your own private balcony with a peek a boo view of Lake Elsinore. Close to shopping, schools, 91 and 15 freeways. Schedule your appointment asap before this homes is sold.

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: 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
Rice Canyon Elementary School Primary Regular 884 35 6
Terra Cotta Middle School Middle Regular 1,126 43 3
Lakeside High School High Regular 1,973 87 5

Rice Canyon Elementary School

  • Education Level: Primary
  • # of students: 884
  • # of teachers: 35
6
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
 

$431,999$527,999$479,999

PURCHASE PRICE

$1,845$2,255$2,050

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,050
EXPENSES Loan Payment -$1,667
Property Tax -$470
Property Insurance -$74
Property Management Fees -$121
CASH FLOW
-$282

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.

$479,999

PROJECTED PRICE

$2,050

PROJECTED RENT

0.43%

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-$5.0k$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$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$132,950

INVESTMENT

$132,950

Down Payment
$120,000
Rehab Estimate
$5,750
Closing Costs
$7,200

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,667

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $120,000
Loan Amount $359,999
See What Happens When You Reinvest Cash Flow

2.5

YEARS SAVED

$9,271

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,050

    LIST RENT
  • $1.06

    LIST RENT PER SQFT
  • $2,087

    COMP ESTIMATED VALUE
  • $1.08

    COMP AVG. RENT PER SQFT
Comps Range
$1,975
1$1,9752$2,0503$2,2004$2,2005$2,200
$2,200
RENT COMPS ANALYSIS
  • 168 S California Street Lake Elsinore, CA 2
    • 4 beds 3 baths ∙ 1,928 Sqft ∙ Built 1989 4 beds 3 baths ∙ 1,928 Sqft ∙ Built 1989
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $1.06
    •  
  • 15234 Washington Avenue Lake Elsinore, CA 1
    • 3 beds 3 baths ∙ 1,949 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,949 Sqft ∙ Built 2003
    LEASED 04/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,975
    • $1.01
    •  
  • 15154 Biarritz Street Lake Elsinore, CA 3
    • 3 beds 3 baths ∙ 2,010 Sqft ∙ Built 1995 3 beds 3 baths ∙ 2,010 Sqft ∙ Built 1995
    LEASED 10/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.09
    •  
  • 29488 Regatta Way Lake Elsinore, CA 4
    • 3 beds 2 baths ∙ 2,000 Sqft ∙ Built 1997 3 beds 2 baths ∙ 2,000 Sqft ∙ Built 1997
    LEASED 04/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.10
    •  
  • 3852 Ash Street Lake Elsinore, CA 5
    • 3 beds 2 baths ∙ 1,941 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,941 Sqft ∙ Built 2005
    LEASED 05/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.13
    •  
PROPERTY LISTING DETAILS
Misty Cochren
Keller Williams, The Lakes
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SW21052530
Last Updated: 03/12/2021
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