Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

1800 E Lakeshore Drive #2607 Lake Elsinore, CA 92530

3 Beds 3 Baths 1,477 sqft Built 2005

$290,000

List Price

$1,590

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 2005
  • Price/Sqft : $196.34
  • 12 Days on Market
  • MLS # : SW20224604
  • Updated Date : 10/26/2020 at 15:15
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,477 sqft
  • Baths : 2 full , 1 half
Listing Agent

Century 21 Preferred

Listing Agent's Description

2 STORY CONDO in Lake Pointe. Large 1,477 sqft open floor plan features 3 bedrooms, 2.5 baths. Full kitchen and dining room opens to living room with Fireplace. Stackable laundry closet. Attached 2 car garage with direct access. This complex is in walking distance to all services, dining, shopping & entertainment. Conveniently located close to freeway, parks and schools. LOW TAX RATE!!

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: East Lake District

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $116k459k

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

Neighborhood: East Lake District

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2100011001200130014001500160017001800190020002100Rent in $9112115

* 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
Railroad Canyon Elementary School Primary Regular 686 29 3
Elsinore Middle School Middle Magnet 790 33 3
Elsinore High School High Regular 2,125 90 5

Railroad Canyon Elementary School

  • Education Level: Primary
  • # of students: 686
  • # of teachers: 29
3
GreatSchools Rating

Elsinore Middle School

  • Education Level: Middle
  • # of students: 790
  • # of teachers: 33
3
GreatSchools Rating

Elsinore High School

  • Education Level: High
  • # of students: 2,125
  • # of teachers: 90
5
GreatSchools Rating
 

$261,000$319,000$290,000

PURCHASE PRICE

$1,431$1,749$1,590

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,590
EXPENSES Loan Payment -$1,070
Property Tax -$295
Property Insurance -$63
HOA -$215
Property Management Fees -$99
CASH FLOW
-$151

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.

$290,000

PROJECTED PRICE

$1,590

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 8.1%
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

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$82,600

INVESTMENT

$82,600

Down Payment
$72,500
Rehab Estimate
$5,750
Closing Costs
$4,350

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,070

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $72,500
Loan Amount $217,500
See What Happens When You Reinvest Cash Flow

2.42

YEARS SAVED

$6,459

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,590

    LIST RENT
  • $1.08

    LIST RENT PER SQFT
  • $1,806

    COMP ESTIMATED VALUE
  • $1.22

    COMP AVG. RENT PER SQFT
Comps Range
$1,590
1$1,5902$1,7503$1,9004$2,0005$2,100
$2,100
RENT COMPS ANALYSIS
  • 1800 E Lakeshore Drive Lake Elsinore, CA 1
    • 3 beds 3 baths ∙ 1,477 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,477 Sqft ∙ Built 2005
    • Rent
    • Rent Per SQFT
    •  
    • $1,590
    • $1.08
    •  
  • 1800 E Lakeshore Drive Lake Elsinore, CA 2
    • 3 beds 3 baths ∙ 1,477 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,477 Sqft ∙ Built 2006
    LEASED 09/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.18
    •  
  • 31713 Indian Spring Road Lake Elsinore, CA 3
    • 3 beds 2 baths ∙ 1,553 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,553 Sqft ∙ Built 1999
    LEASED 01/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $1.22
    •  
  • 368 Avenue 6 Lake Elsinore, CA 4
    • 4 beds 2 baths ∙ 1,592 Sqft ∙ Built 2003 4 beds 2 baths ∙ 1,592 Sqft ∙ Built 2003
    LEASED 01/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.26
    •  
  • 350 Avenue 11 Lake Elsinore, CA 5
    • 3 beds 3 baths ∙ 1,705 Sqft ∙ Built 1992 3 beds 3 baths ∙ 1,705 Sqft ∙ Built 1992
    LEASED 04/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.23
    •  
PROPERTY LISTING DETAILS
Christopher Holden
Century 21 Preferred
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SW20224604
Last Updated: 10/26/2020
BESbswy