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23008 Joaquin Ridge Drive Murrieta, CA 92562

4 Beds 3 Baths 2,218 sqft Built 1988

$490,000

List Price

$2,330

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

November 09, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1988
  • Price/Sqft : $220.92
  • 7 Days on Market
  • MLS # : SW20235883
  • Updated Date : 11/13/2020 at 09:56
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,218 sqft
  • Baths : 2 full , 1 half
Listing Agent

Signature Real Estate Group

Listing Agent's Description

NEWLY REMODELED HOME!!!! Walk into the fully remodeled formal living room/dining with cathedral high ceiling at entry, bay window and fireplace. Beautifully remodeled kitchen with new quartz countertops, cabinets, stainless steel appliances, sink, windows, flooring, subway back splash with lots of cupboard space, pantry, everyday eating area and family room setting and so much more. Guest bath downstairs. New energy efficient windows and plantation shutters. All new interior and exterior paint, new engineered hardwood flooring, baseboards, doors, frames. Upstairs you have the master bedroom with balcony. In addition you will find 3 spacious bedrooms and guest bathroom. This home is a must see!!!!! The remodeled is GORGEOUS!!!! This home also features a large patio great for those family BBQ's plenty of grass area for kids and pets to play, pool size yard and all this is nestled near the Murrieta Hills across from Bear Creek!! Association Pool and Spa is great for some fun in the sun. Walking distant to Copper Canyon elementary School and High school. Easy access to the freeway and wonderful restaurants and shopping centers.. Professional photos will be home tomorrow.

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: Copper Canyon

ZipNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550kPrice in $149k584k

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

Neighborhood: Copper Canyon

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q211001200130014001500160017001800190020002100220023002400Rent in $10822496

* 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
Cole Canyon Elementary School Primary Regular 1,105 39 9
Thompson Middle School Middle Regular 1,665 56 6
Murrieta Valley High School High Regular 2,440 93 8

Cole Canyon Elementary School

  • Education Level: Primary
  • # of students: 1,105
  • # of teachers: 39
9
GreatSchools Rating

Thompson Middle School

  • Education Level: Middle
  • # of students: 1,665
  • # of teachers: 56
6
GreatSchools Rating

Murrieta Valley High School

  • Education Level: High
  • # of students: 2,440
  • # of teachers: 93
8
GreatSchools Rating
 

$441,000$539,000$490,000

PURCHASE PRICE

$2,097$2,563$2,330

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,330
EXPENSES Loan Payment -$1,808
Property Tax -$561
Property Insurance -$81
HOA -$93
Property Management Fees -$137
CASH FLOW
-$350

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.

$490,000

PROJECTED PRICE

$2,330

PROJECTED RENT

0.48%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 5.6%
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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$135,600

INVESTMENT

$135,600

Down Payment
$122,500
Rehab Estimate
$5,750
Closing Costs
$7,350

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,808

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $122,500
Loan Amount $367,500
See What Happens When You Reinvest Cash Flow

2.08

YEARS SAVED

$8,173

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,330

    LIST RENT
  • $1.05

    LIST RENT PER SQFT
  • $2,379

    COMP ESTIMATED VALUE
  • $1.07

    COMP AVG. RENT PER SQFT
Comps Range
$2,200
1$2,2002$2,3003$2,3004$2,3305$2,750
$2,750
RENT COMPS ANALYSIS
  • 23008 Joaquin Ridge Drive Murrieta, CA 4
    • 4 beds 3 baths ∙ 2,218 Sqft ∙ Built 1988 4 beds 3 baths ∙ 2,218 Sqft ∙ Built 1988
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,330
    • $1.05
    •  
  • 37299 Jerome Murrieta, CA 1
    • 3 beds 2 baths ∙ 2,175 Sqft ∙ Built 1993 3 beds 2 baths ∙ 2,175 Sqft ∙ Built 1993
    property image
    LEASED 11/28/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.01
    •  
  • 37367 Huckaby Lane Murrieta, CA 2
    • 3 beds 2 baths ∙ 2,097 Sqft ∙ Built 1993 3 beds 2 baths ∙ 2,097 Sqft ∙ Built 1993
    property image
    LEASED 06/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.10
    •  
  • 23231 Joaquin Ridge Drive Murrieta, CA 3
    • 4 beds 3 baths ∙ 2,218 Sqft ∙ Built 1988 4 beds 3 baths ∙ 2,218 Sqft ∙ Built 1988
    property image
    LEASED 04/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.04
    •  
  • 42730 Settlers Ridge Murrieta, CA 5
    • 4 beds 3 baths ∙ 2,417 Sqft ∙ Built 1995 4 beds 3 baths ∙ 2,417 Sqft ∙ Built 1995
    property image
    LEASED 09/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $1.14
    •  
PROPERTY LISTING DETAILS
Renee Keeling
Signature Real Estate Group
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SW20235883
Last Updated: 11/13/2020
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