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23623 Gingerbread Drive Murrieta, CA 92562

4 Beds 3 Baths 2,052 sqft Built 1994

$484,900

List Price

$2,190

$2K - $2.4K

Rent Est.

PROPERTY INFO

November 01, 2020 RECENTLY ADDED
FACTS
  • Built In 1994
  • Price/Sqft : $236.31
  • 3 Days on Market
  • MLS # : SW20230394
  • Updated Date : 11/01/2020 at 18:17
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,052 sqft
  • Baths : 2 full , 1 half
Listing Agent

Corcoran Global Living

Listing Agent's Description

Welcome to this Beautiful, 4 bedroom, 3 Bath, 3 Car Garage, TURN-KEY home Located in the perfect neighborhood in Murrieta! This 4 bedroom home features a large floor plan & Low Maintenance Yard with No neighboring homes behind & LOWEST TAXES/ NO HOA!! Walking through the Entry you’re greeted by Vaulted ceilings and a spacious formal living and dining space! The Kitchen Features Gorgeous Wood cabinetry, an Island, tons of counter space and overlooks the spacious family room with a cozy fireplace. The 2nd level offers 3 generously sized bedrooms and a huge master bedroom! The Private Master Suite is spacious and leads into an Open Master Bath w/ Dual Sinks, Separated Tub/Shower and a deep walk in closet! The backyard features a Pool Sized Lot, features wrap around concrete w/an awning, lush mature landscape and true privacy with No Neighboring homes behind! NO HOA and LOW TAXES makes this home a rare find!

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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

Zip Code: 92562

ZipNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550kPrice in $149k584k

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

Zip Code: 92562

ZipNIR 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
Tovashal Elementary School Primary Regular 738 25 7
Thompson Middle School Middle Regular 1,665 56 6
Murrieta Valley High School High Regular 2,440 93 8

Tovashal Elementary School

  • Education Level: Primary
  • # of students: 738
  • # of teachers: 25
7
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
 

$436,410$533,390$484,900

PURCHASE PRICE

$1,971$2,409$2,190

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,190
EXPENSES Loan Payment -$1,789
Property Tax -$489
Property Insurance -$77
Property Management Fees -$129
CASH FLOW
-$294

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.

$484,900

PROJECTED PRICE

$2,190

PROJECTED RENT

0.45%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 7.0%
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$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$134,249

INVESTMENT

$134,249

Down Payment
$121,225
Rehab Estimate
$5,750
Closing Costs
$7,274

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,789

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $121,225
Loan Amount $363,675
See What Happens When You Reinvest Cash Flow

2.67

YEARS SAVED

$12,242

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,190

    LIST RENT
  • $1.07

    LIST RENT PER SQFT
  • $2,257

    COMP ESTIMATED VALUE
  • $1.1

    COMP AVG. RENT PER SQFT
Comps Range
$2,050
1$2,0502$2,1903$2,2004$2,2855$2,500
$2,500
RENT COMPS ANALYSIS
  • 23623 Gingerbread Drive Murrieta, CA 2
    • 4 beds 3 baths ∙ 2,052 Sqft ∙ Built 1994 4 beds 3 baths ∙ 2,052 Sqft ∙ Built 1994
    • Rent
    • Rent Per SQFT
    •  
    • $2,190
    • $1.07
    •  
  • 23768 Castinette Way Murrieta, CA 1
    • 4 beds 3 baths ∙ 1,868 Sqft ∙ Built 1989 4 beds 3 baths ∙ 1,868 Sqft ∙ Built 1989
    LEASED 02/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $1.10
    •  
  • 24051 Morning Dove Lane Murrieta, CA 3
    • 4 beds 3 baths ∙ 2,018 Sqft ∙ Built 1996 4 beds 3 baths ∙ 2,018 Sqft ∙ Built 1996
    LEASED 06/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.09
    •  
  • 40005 Lafayette Drive Murrieta, CA 4
    • 3 beds 3 baths ∙ 2,066 Sqft ∙ Built 1998 3 beds 3 baths ∙ 2,066 Sqft ∙ Built 1998
    LEASED 09/12/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,285
    • $1.11
    •  
  • 40918 Bouvier Court Murrieta, CA 5
    • 4 beds 2 baths ∙ 2,274 Sqft ∙ Built 2002 4 beds 2 baths ∙ 2,274 Sqft ∙ Built 2002
    LEASED 02/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.10
    •  
PROPERTY LISTING DETAILS
Garrett Brookman
Corcoran Global Living
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SW20230394
Last Updated: 11/01/2020
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