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24174 Corte Cordoba Murrieta, CA 92562

3 Beds 2 Baths 2,100 sqft Built 2001

$450,000

List Price

$2,300

$2.1K - $2.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $214.29
  • 14 Days on Market
  • MLS # : SB21053635
  • Updated Date : 03/26/2021 at 21:07
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,100 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Beach Cities

Listing Agent's Description

Beautiful, well maintained, 3 Bedroom 2 Bath, single level home in the highly sought after gated community The Colony. A 55+ development. With Community Club house, Pool & Spa. The first tee for the California Oaks Golf course is just a block away. Patio over looks open space.

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
 

$405,000$495,000$450,000

PURCHASE PRICE

$2,070$2,530$2,300

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,300
EXPENSES Loan Payment -$1,563
Property Tax -$514
Property Insurance -$78
HOA -$252
Property Management Fees -$136
CASH FLOW
-$243

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.

$450,000

PROJECTED PRICE

$2,300

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$1.2M

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$125,000

INVESTMENT

$125,000

Down Payment
$112,500
Rehab Estimate
$5,750
Closing Costs
$6,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,563

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $112,500
Loan Amount $337,500
See What Happens When You Reinvest Cash Flow

2.33

YEARS SAVED

$7,845

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,300

    LIST RENT
  • $1.1

    LIST RENT PER SQFT
  • $2,331

    COMP ESTIMATED VALUE
  • $1.11

    COMP AVG. RENT PER SQFT
Comps Range
$2,200
1$2,2002$2,2503$2,3004$2,4005$2,500
$2,500
RENT COMPS ANALYSIS
  • 24174 Corte Cordoba Murrieta, CA 3
    • 3 beds 2 baths ∙ 2,100 Sqft ∙ Built 2001 3 beds 2 baths ∙ 2,100 Sqft ∙ Built 2001
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.10
    •  
  • 40900 Lacroix Avenue Murrieta, CA 1
    • 3 beds 3 baths ∙ 2,066 Sqft ∙ Built 2015 3 beds 3 baths ∙ 2,066 Sqft ∙ Built 2015
    property image
    LEASED 10/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.06
    •  
  • 41180 Marseille Court Murrieta, CA 2
    • 4 beds 2 baths ∙ 1,966 Sqft ∙ Built 1998 4 beds 2 baths ∙ 1,966 Sqft ∙ Built 1998
    property image
    LEASED 04/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $1.14
    •  
  • 40972 Lacroix Avenue Murrieta, CA 4
    • 4 beds 4 baths ∙ 2,292 Sqft ∙ Built 2015 4 beds 4 baths ∙ 2,292 Sqft ∙ Built 2015
    property image
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.05
    •  
  • 40949 Mountain Pride Drive Murrieta, CA 5
    • 3 beds 3 baths ∙ 2,105 Sqft ∙ Built 1989 3 beds 3 baths ∙ 2,105 Sqft ∙ Built 1989
    property image
    LEASED 09/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.19
    •  
PROPERTY LISTING DETAILS
Joseph Mcmahon
Keller Williams Beach Cities
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SB21053635
Last Updated: 03/26/2021
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