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

24229 Carnation Way Lake Elsinore, CA 92532

3 Beds 3 Baths 1,805 sqft Built 2017

$440,000

List Price

$2,220

$2K - $2.4K

Rent Est.

PROPERTY INFO

February 02, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2017
  • Price/Sqft : $243.77
  • 7 Days on Market
  • MLS # : SR21019121
  • Updated Date : 02/05/2021 at 16:10
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,805 sqft
  • Baths : 2 full , 1 half
Listing Agent

Kellar-davis,inc.

Listing Agent's Description

Come live in this Beautiful Family Home in a Private Gated Community surrounded by scenic mountains. Enjoy your home with an abundance of natural light throughout the house. Upgraded with elegant dark wood cabinets, stainless steel appliances, and an oversized pantry in the kitchen. Along with ceiling fans, open railing staircase, plush carpet, frontyard drip water system, energy efficient tankless water heater, and a solar lease option, the down stairs comes with a half bath and extra large storage closet. The upstairs offers extremely large bedrooms, two full bathrooms with dual sinks. Entertain in your landscaped backyard with it's own bbq area, walkway pavers, and night hanging lights for a cozy atmosphere. Delight in your gated family private community that offers a luxurious, enormous walk-in beach pool, club house, sport courts, family park, bbq area, dog park, and kids playground. In addition, close to schools, shopping, restaurants, Temecula Wine Country, and Lake Elsinore.

SEE MORE

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

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
 

$396,000$484,000$440,000

PURCHASE PRICE

$1,998$2,442$2,220

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,220
EXPENSES Loan Payment -$1,528
Property Tax -$530
Property Insurance -$71
HOA -$190
Property Management Fees -$131
CASH FLOW
-$230

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.

$440,000

PROJECTED PRICE

$2,220

PROJECTED RENT

0.50%

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$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$122,350

INVESTMENT

$122,350

Down Payment
$110,000
Rehab Estimate
$5,750
Closing Costs
$6,600

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,528

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $110,000
Loan Amount $330,000
See What Happens When You Reinvest Cash Flow

2.42

YEARS SAVED

$8,219

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,220

    LIST RENT
  • $1.23

    LIST RENT PER SQFT
  • $2,238

    COMP ESTIMATED VALUE
  • $1.24

    COMP AVG. RENT PER SQFT
Comps Range
$2,100
1$2,1002$2,1453$2,2204$2,2505$2,295
$2,295
RENT COMPS ANALYSIS
  • 24229 Carnation Way Lake Elsinore, CA 3
    • 3 beds 3 baths ∙ 1,805 Sqft ∙ Built 2017 3 beds 3 baths ∙ 1,805 Sqft ∙ Built 2017
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,220
    • $1.23
    •  
  • 32358 Fernleaf Drive Lake Elsinore, CA 1
    • 3 beds 3 baths ∙ 1,703 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,703 Sqft ∙ Built 2004
    property image
    LEASED 03/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.23
    •  
  • 32033 Meadow Wood Lane Lake Elsinore, CA 2
    • 3 beds 3 baths ∙ 1,770 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,770 Sqft ∙ Built 2002
    property image
    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
    property image
    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
    property image
    LEASED 04/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $1.27
    •  
PROPERTY LISTING DETAILS
Richard Moberg
Kellar-davis,inc.
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SR21019121
Last Updated: 02/05/2021
BESbswy