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

23876 Corte Emerado Murrieta, CA 92562

3 Beds 2 Baths 1,754 sqft Built 1997

$399,900

List Price

$2,030

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

January 29, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1997
  • Price/Sqft : $227.99
  • 3 Days on Market
  • MLS # : OC21017933
  • Updated Date : 01/29/2021 at 13:23
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,754 sqft
  • Baths : 2 full
Listing Agent

First Team Real Estate

Listing Agent's Description

Highly desirable SINGLE LEVEL home in the 55+ community of The Colony. Entering the property you will enjoy the open floor plan, offering beautiful real hardwood floors, spacious living room and dining room, vaulted ceiling, naturally light and bright and boasts an in-door laundry including the washer and dryer. Peaceful, low maintanence back yard with patio cover, great for dining outside. Front yard offers a relaxing court yard as well plus the 2 car, attached garage with direct access. kitchen features include newer dishwasher, microwave, refrigerator, island and a lot of counter space. The 3rd bedroom is currently being used as an office with beautiful custom built-ins and double door entry. Master bathroom features walk-in shower, white cabinets and solid surface counters. The community offers clubhouse, swimming pool, tennis, shuffle board, billiards, paddle tennis, beauty salon, bocce ball, and shuffleboard.

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: The Colony

ZipNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550kPrice in $143k578k

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

Neighborhood: The Colony

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q21100120013001400150016001700180019002000210022002300Rent in $10732387

* 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
E. Hale Curran School Primary Regular 513 20 7
Shivela Middle School Middle Regular 1,443 52 8
Murrieta Mesa High School High Regular 2,198 85 8

E. Hale Curran School

  • Education Level: Primary
  • # of students: 513
  • # of teachers: 20
7
GreatSchools Rating

Shivela Middle School

  • Education Level: Middle
  • # of students: 1,443
  • # of teachers: 52
8
GreatSchools Rating

Murrieta Mesa High School

  • Education Level: High
  • # of students: 2,198
  • # of teachers: 85
8
GreatSchools Rating
 

$359,910$439,890$399,900

PURCHASE PRICE

$1,827$2,233$2,030

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,030
EXPENSES Loan Payment -$1,389
Property Tax -$403
Property Insurance -$70
HOA -$252
Property Management Fees -$120
CASH FLOW
-$203

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.

$399,900

PROJECTED PRICE

$2,030

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 4.8%
Maintenance Year (1-5) 8.00%
Vacancy 5.43%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$111,724

INVESTMENT

$111,724

Down Payment
$99,975
Rehab Estimate
$5,750
Closing Costs
$5,999

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,389

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $99,975
Loan Amount $299,925
See What Happens When You Reinvest Cash Flow

2.5

YEARS SAVED

$7,642

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,030

    LIST RENT
  • $1.16

    LIST RENT PER SQFT
  • $2,193

    COMP ESTIMATED VALUE
  • $1.25

    COMP AVG. RENT PER SQFT
Comps Range
$2,030
1$2,0302$2,1003$2,1004$2,2005$2,395
$2,395
RENT COMPS ANALYSIS
  • 23876 Corte Emerado Murrieta, CA 1
    • 3 beds 2 baths ∙ 1,754 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,754 Sqft ∙ Built 1997
    • Rent
    • Rent Per SQFT
    •  
    • $2,030
    • $1.16
    •  
  • 24085 Via Perlita Murrieta, CA 2
    • 3 beds 2 baths ∙ 1,754 Sqft ∙ Built 1995 3 beds 2 baths ∙ 1,754 Sqft ∙ Built 1995
    LEASED 08/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.20
    •  
  • 39862 Tanager Trail Murrieta, CA 3
    • 3 beds 3 baths ∙ 1,641 Sqft ∙ Built 1994 3 beds 3 baths ∙ 1,641 Sqft ∙ Built 1994
    LEASED 04/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.28
    •  
  • 23981 Whistling Swan Road Murrieta, CA 4
    • 3 beds 3 baths ∙ 1,732 Sqft ∙ Built 1994 3 beds 3 baths ∙ 1,732 Sqft ∙ Built 1994
    LEASED 04/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.27
    •  
  • 23815 Via De Gema Linda Murrieta, CA 5
    • 3 beds 3 baths ∙ 1,912 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,912 Sqft ∙ Built 1988
    LEASED 01/15/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $1.25
    •  
PROPERTY LISTING DETAILS
Darel Rosen
First Team Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21017933
Last Updated: 01/29/2021
BESbswy