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24080 Huntridge Drive Murrieta, CA 92562

4 Beds 3 Baths 2,447 sqft Built 1991

$588,000

List Price

$2,330

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

January 20, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1991
  • Price/Sqft : $240.29
  • 6 Days on Market
  • MLS # : PTP2100397
  • Updated Date : 01/22/2021 at 10:46
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,447 sqft
  • Baths : 3 full
Listing Agent

Keller Williams Realty

Listing Agent's Description

**Located in desirable West Murrieta** Move in ready 4 bedroom, 3 bath home. Entry features tall ceilings over living room/dining room. Kitchen has matching appliances, granite counter tops, island and eating nook. Kitchen opens to spacious family room that includes a gas fireplace.Two sliding doors open to a large backyard that features a built in BBQ, and gorgeous pool and spa. It truly is an entertainers dream backyard. Main level also includes a bedroom, a bathroom with shower, and a indoor laundry room with cabinets and sink. Upstairs features a large master bedroom with newly updated bathroom, complete with dual sinks, freestanding tub and seat in shower. The Master also includes a custom walk in closet and looks out over the backyard pool. Upstairs also includes two more bedrooms connected with a Jack and Jill bathroom. This home has an attached three car garage, FULLY PAID solar, and is located on a large lot in a desirable neighborhood with a park. This home is in the desirable Murrieta school district, has no HOA, low taxes, close to shopping and restaurants and so much more!!!

SEE MORE

MARKET HIGHLIGHTS

  • 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.
  • 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)

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
Murrieta Elementary School Primary Regular 830 29 7
Thompson Middle School Middle Regular 1,665 56 6
Murrieta Valley High School High Regular 2,440 93 8

Murrieta Elementary School

  • Education Level: Primary
  • # of students: 830
  • # of teachers: 29
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
 

$529,200$646,800$588,000

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 -$2,042
Property Tax -$664
Property Insurance -$86
Property Management Fees -$137
CASH FLOW
-$600

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.

$588,000

PROJECTED PRICE

$2,330

PROJECTED RENT

0.40%

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$1.6M$1.8M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$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$1.6M$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$161,570

INVESTMENT

$161,570

Down Payment
$147,000
Rehab Estimate
$5,750
Closing Costs
$8,820

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$2,042

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $147,000
Loan Amount $441,000
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$1,663

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
  • $0.95

    LIST RENT PER SQFT
  • $2,453

    COMP ESTIMATED VALUE
  • $1

    COMP AVG. RENT PER SQFT
Comps Range
$2,330
1$2,3302$2,3503$2,4004$2,6005$2,650
$2,650
RENT COMPS ANALYSIS
  • 24080 Huntridge Drive Murrieta, CA 1
    • 4 beds 3 baths ∙ 2,447 Sqft ∙ Built 1991 4 beds 3 baths ∙ 2,447 Sqft ∙ Built 1991
    • Rent
    • Rent Per SQFT
    •  
    • $2,330
    • $0.95
    •  
  • 24095 Fuschia Court Murrieta, CA 2
    • 3 beds 2 baths ∙ 2,610 Sqft ∙ Built 1989 3 beds 2 baths ∙ 2,610 Sqft ∙ Built 1989
    LEASED 03/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $0.90
    •  
  • 24077 Orleans Lane Murrieta, CA 3
    • 4 beds 3 baths ∙ 2,470 Sqft ∙ Built 1998 4 beds 3 baths ∙ 2,470 Sqft ∙ Built 1998
    LEASED 07/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.97
    •  
  • 23918 Cadenza Drive Murrieta, CA 4
    • 4 beds 3 baths ∙ 2,300 Sqft ∙ Built 1994 4 beds 3 baths ∙ 2,300 Sqft ∙ Built 1994
    LEASED 08/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.13
    •  
  • 23897 Constantine Drive Murrieta, CA 5
    • 5 beds 3 baths ∙ 2,626 Sqft ∙ Built 1990 5 beds 3 baths ∙ 2,626 Sqft ∙ Built 1990
    LEASED 12/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $1.01
    •  
PROPERTY LISTING DETAILS
Nikki Lora
Keller Williams Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PTP2100397
Last Updated: 01/22/2021
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