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20 Corte Montena Lake Elsinore, CA 92532

4 Beds 3 Baths 2,735 sqft Built 1998

$570,000

List Price

$2,540

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

January 09, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1998
  • Price/Sqft : $208.41
  • 2 Days on Market
  • MLS # : OC21005214
  • Updated Date : 01/09/2021 at 13:35
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,735 sqft
  • Baths : 3 full
Listing Agent

Esen Real Estate Services

Listing Agent's Description

HUGE LOT! Recently remodeled home with an amazing view located in the sought after Tuscany Hills area. This home features a three-car garage, four bedrooms, three bathrooms and a large upstairs office. With over 17,000 square feet in lot size this home offers ample backyard space that's fit for its amazing view. Recent upgrades include new flooring/ carpet, interior paint, granite countertops, kitchen cabinets, and kitchen appliances. Tuscany Hills Association offers multiple amenities that is just a short distance away. Amenities include a basketball court, tennis court, clubhouse, and community pool just to name a few. Must see!

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: Tuscany Hills

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550kPrice in $149k584k

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

Neighborhood: Tuscany Hills

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2110012001300140015001600170018001900200021002200230024002500Rent in $10512516

* 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
Tuscany Hills Elementary School Primary Regular 777 33 8
Canyon Lake Middle School Middle Regular 1,207 44 6
Temescal Canyon High School High Regular 2,172 89 7

Tuscany Hills Elementary School

  • Education Level: Primary
  • # of students: 777
  • # of teachers: 33
8
GreatSchools Rating

Canyon Lake Middle School

  • Education Level: Middle
  • # of students: 1,207
  • # of teachers: 44
6
GreatSchools Rating

Temescal Canyon High School

  • Education Level: High
  • # of students: 2,172
  • # of teachers: 89
7
GreatSchools Rating
 

$513,000$627,000$570,000

PURCHASE PRICE

$2,286$2,794$2,540

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,540
EXPENSES Loan Payment -$1,980
Property Tax -$539
Property Insurance -$93
HOA -$167
Property Management Fees -$150
CASH FLOW
-$389

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.

$570,000

PROJECTED PRICE

$2,540

PROJECTED RENT

0.45%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 5.9%
Maintenance Year (1-5) 8.00%
Vacancy 5.35%
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-$10k-$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$1.6M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$156,800

INVESTMENT

$156,800

Down Payment
$142,500
Rehab Estimate
$5,750
Closing Costs
$8,550

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,980

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $142,500
Loan Amount $427,500
See What Happens When You Reinvest Cash Flow

2.08

YEARS SAVED

$7,688

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,540

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $2,571

    COMP ESTIMATED VALUE
  • $0.94

    COMP AVG. RENT PER SQFT
Comps Range
$2,280
1$2,2802$2,4903$2,5004$2,5405$2,800
$2,800
RENT COMPS ANALYSIS
  • 20 Corte Montena Lake Elsinore, CA 4
    • 4 beds 3 baths ∙ 2,735 Sqft ∙ Built 1998 4 beds 3 baths ∙ 2,735 Sqft ∙ Built 1998
    • Rent
    • Rent Per SQFT
    •  
    • $2,540
    • $0.93
    •  
  • 31 Via Scenica Lake Elsinore, CA 1
    • 4 beds 3 baths ∙ 2,580 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,580 Sqft ∙ Built 2004
    LEASED 06/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,280
    • $0.88
    •  
  • 29 Bella Donaci Lake Elsinore, CA 2
    • 4 beds 3 baths ∙ 2,700 Sqft ∙ Built 1994 4 beds 3 baths ∙ 2,700 Sqft ∙ Built 1994
    LEASED 08/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,490
    • $0.92
    •  
  • 11 Bella Minozza Lake Elsinore, CA 3
    • 5 beds 3 baths ∙ 2,716 Sqft ∙ Built 1991 5 beds 3 baths ∙ 2,716 Sqft ∙ Built 1991
    LEASED 10/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.92
    •  
  • 71 Corte Madera Lake Elsinore, CA 5
    • 4 beds 4 baths ∙ 2,690 Sqft ∙ Built 1990 4 beds 4 baths ∙ 2,690 Sqft ∙ Built 1990
    LEASED 11/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.04
    •  
PROPERTY LISTING DETAILS
Daniel Escutia
Esen Real Estate Services
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21005214
Last Updated: 01/09/2021
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