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24012 Savory Way Lake Elsinore, CA 92532

3 Beds 3 Baths 1,750 sqft Built 2016

$398,500

List Price

$2,070

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

November 20, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2016
  • Price/Sqft : $227.71
  • 4 Days on Market
  • MLS # : SW20242824
  • Updated Date : 11/20/2020 at 13:33
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,750 sqft
  • Baths : 2 full , 1 half
Listing Agent

Coldwell Banker Assoc.brks-cl

Listing Agent's Description

Welcome to the Beautiful Westridge Community of Canyon Hills! This turn key home has so many features! Features include Wood Tile Floors, Upgraded Stainless Steel Appliances, the backyard boasts stamped concrete, a patio gable awning with LED lighting, and beautiful low maintenance landscaping! Mountain views surround you making for a wonderful afternoon breeze ! This home is gorgeous inside and out! Come see this beauty before it's too late!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Lake Elsinore Hills District

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $143k489k

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

Neighborhood: Lake Elsinore Hills District

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2110012001300140015001600170018001900200021002200Rent in $10512297

* 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
Railroad Canyon Elementary School Primary Regular 686 29 3
Canyon Lake Middle School Middle Regular 1,207 44 6
Temescal Canyon High School High Regular 2,172 89 7

Railroad Canyon Elementary School

  • Education Level: Primary
  • # of students: 686
  • # of teachers: 29
3
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
 

$358,650$438,350$398,500

PURCHASE PRICE

$1,863$2,277$2,070

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,070
EXPENSES Loan Payment -$1,470
Property Tax -$485
Property Insurance -$70
HOA -$197
Property Management Fees -$122
CASH FLOW
-$274

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.

$398,500

PROJECTED PRICE

$2,070

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 5.8%
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

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$111,353

INVESTMENT

$111,353

Down Payment
$99,625
Rehab Estimate
$5,750
Closing Costs
$5,978

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,470

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $99,625
Loan Amount $298,875
See What Happens When You Reinvest Cash Flow

2

YEARS SAVED

$6,223

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,070

    LIST RENT
  • $1.18

    LIST RENT PER SQFT
  • $2,126

    COMP ESTIMATED VALUE
  • $1.21

    COMP AVG. RENT PER SQFT
Comps Range
$1,850
1$1,8502$2,0703$2,1454$2,2505$2,295
$2,295
RENT COMPS ANALYSIS
  • 24012 Savory Way Lake Elsinore, CA 2
    • 3 beds 3 baths ∙ 1,750 Sqft ∙ Built 2016 3 beds 3 baths ∙ 1,750 Sqft ∙ Built 2016
    • Rent
    • Rent Per SQFT
    •  
    • $2,070
    • $1.18
    •  
  • 30505 Canyon Hills Road Lake Elsinore, CA 1
    • 3 beds 3 baths ∙ 1,633 Sqft ∙ Built 2009 3 beds 3 baths ∙ 1,633 Sqft ∙ Built 2009
    LEASED 07/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.13
    •  
  • 32033 Meadow Wood Lane Lake Elsinore, CA 3
    • 3 beds 3 baths ∙ 1,770 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,770 Sqft ∙ Built 2002
    LEASED 02/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,145
    • $1.21
    •  
  • 24139 Hibiscus Lane Lake Elsinore, CA 4
    • 3 beds 3 baths ∙ 1,798 Sqft ∙ Built 2017 3 beds 3 baths ∙ 1,798 Sqft ∙ Built 2017
    LEASED 07/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $1.25
    •  
  • 24209 Carnation Way Lake Elsinore, CA 5
    • 3 beds 3 baths ∙ 1,805 Sqft ∙ Built 2016 3 beds 3 baths ∙ 1,805 Sqft ∙ Built 2016
    LEASED 04/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $1.27
    •  
PROPERTY LISTING DETAILS
Christine Rogan
Coldwell Banker Assoc.brks-cl
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SW20242824
Last Updated: 11/20/2020
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