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
REQUEST INFO
SCHEDULE APPOINTMENT
It's free, with no obligation
PROPERTY INFO
FACTS
- Single Family
- Built In 2003
- Price/Sqft : $268.58
- 4 Days on Market
- MLS # : SW21000096
- Updated Date : 01/15/2021 at 08:39
CONSTRUCTION
- Beds : 3
- Floor Size : 1,582 sqft
- Baths : 2 full
Listing Agent
Coldwell Banker Assoc.brkr-mur
Listing Agent's Description
Beautiful single story home with RV access in North Lake Elsinore! This turnkey home features 3 spacious bedrooms, 2 bathrooms, updated Kitchen with granite counter tops, Island with seating, Stainless steel appliances and pantry. The Master bathroom has been recently renovated with a new vanity with dual sinks, tile floors and tile walk in shower with a sliding glass door. Other great features include, Slate flooring throughout, Wood floors in bedrooms, ceiling fans in every room and a completed large pool sized backyard with a Alumawood Patio Cover with 2 ceiling fans, perfect for relaxing and entertaining. The home also has rain gutters all around and a long side yard for an RV, toys or a Boat! Excellent newer home built in 2003 in a great neighborhood with really low taxes and no HOA. Close to the 15 fwy and Ortega hwy. Hurry before it's gone!!
SEE MORE
MARKET HIGHLIGHTS
- 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.
- 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)
PRICE & RENT TRENDS
Neighborhood: Lake View District
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Lake View District
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $1,950 |
| EXPENSES | Loan Payment | -$1,476 |
| Property Tax | -$416 | |
| Property Insurance | -$66 | |
| Property Management Fees | -$115 | |
|
CASH FLOW
-$123
|
||
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.
$424,900
PROJECTED PRICE
$1,950
PROJECTED RENT
0.46%
PROJECTED RENT / PRICE RATIO
| 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
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
TOTAL CASH OUT OF POCKET
INVESTMENT
$118,349
LOAN DETAILS
$1,476
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 3.75% |
| Down Payment | $106,225 |
| Loan Amount | $318,675 |
4.17
YEARS SAVED
$16,550
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$1,950
LIST RENT -
$1.23
LIST RENT PER SQFT
-
$2,025
COMP ESTIMATED VALUE -
$1.28
COMP AVG. RENT PER SQFT
Comps Range
-
197 S S Ralph Road Lake Elsinore, CA 3
- 3 beds 2 baths ∙ 1,582 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,582 Sqft ∙ Built 2003
- Rent
- Rent Per SQFT
- $1,950
- $1.23
-
282 Jessica Street Lake Elsinore, CA 1
- 3 beds 2 baths ∙ 1,442 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,442 Sqft ∙ Built 1986
LEASED 06/02/20- Rent
- Rent Per SQFT
- $1,795
- $1.24
-
165 N Nebraska Street Lake Elsinore, CA 2
- 3 beds 2 baths ∙ 1,521 Sqft ∙ Built 1990 3 beds 2 baths ∙ 1,521 Sqft ∙ Built 1990
LEASED 06/12/20- Rent
- Rent Per SQFT
- $1,850
- $1.22
-
16527 Badalona Street Lake Elsinore, CA 4
- 3 beds 2 baths ∙ 1,520 Sqft ∙ Built 2007 3 beds 2 baths ∙ 1,520 Sqft ∙ Built 2007
LEASED 07/15/20- Rent
- Rent Per SQFT
- $2,000
- $1.32
-
29029 Stoneridge Lake Elsinore, CA 5
- 4 beds 2 baths ∙ 1,565 Sqft ∙ Built 1997 4 beds 2 baths ∙ 1,565 Sqft ∙ Built 1997
LEASED 08/10/20- Rent
- Rent Per SQFT
- $2,095
- $1.34
PROPERTY LISTING DETAILS
Coldwell Banker Assoc.brkr-mur
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: SW21000096
Last Updated: 01/15/2021
