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24318 Red Spruce Avenue Murrieta, CA 92562

3 Beds 3 Baths 1,986 sqft Built 2018

$505,000

List Price

$2,120

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 2018
  • Price/Sqft : $254.28
  • 13 Days on Market
  • MLS # : PT21012384
  • Updated Date : 01/29/2021 at 14:18
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,986 sqft
  • Baths : 2 full , 1 half
Listing Agent

Century 21 Award

Listing Agent's Description

Outstanding open concept floor plan with great use of space. This fully automated Smart Home has many convenient features all controlled by Smart Panel, Whole Home Wifi and Apps that connect with your phone to remotely adjust your thermostat, lock your door, set your security alarm, and even turn your lights on and off. Including front door Smart Lock with Skybell Video Doorbell, Smart Thermostats, Z-Wave Smart Light Switch, Amazon Echo View, Home Security System with Cameras and more! All appliances, doors and windows are Energy Efficient with HERS rating of 41, Solar Panels, and QuietCool Whole House Fan. Downstairs, a modern, bright and open kitchen with a large granite island leads to a dining area leading to great room and guest bathroom. All 3 bedrooms are upstairs with a cozy open loft, and upstairs laundry room. Master Bedroom has 2 walk in closets and spacious Master Bathroom. Sellers have lovingly upgraded this less than two year old home with Plantation Shutters throughout the entire house, custom lighting fixtures, guest bathroom cabinet, and ceiling fans. The back yard has been beautifully fully landscaped with drought friendly plants, artificial turf, and oversized concrete stamped patio spanning the width of the house. The front yard has also been drought friendly, low maintenance landscaped, with extended width driveway. There are too many features to list in this READY TO MOVE IN newer home. All you will have to do is move in!

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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

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
 

$454,500$555,500$505,000

PURCHASE PRICE

$1,908$2,332$2,120

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,120
EXPENSES Loan Payment -$1,754
Property Tax -$513
Property Insurance -$75
HOA -$175
Property Management Fees -$125
CASH FLOW
-$523

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.

$505,000

PROJECTED PRICE

$2,120

PROJECTED RENT

0.42%

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

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$139,575

INVESTMENT

$139,575

Down Payment
$126,250
Rehab Estimate
$5,750
Closing Costs
$7,575

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,754

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $126,250
Loan Amount $378,750
See What Happens When You Reinvest Cash Flow

0.58

YEARS SAVED

$1,087

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,120

    LIST RENT
  • $1.07

    LIST RENT PER SQFT
  • $2,145

    COMP ESTIMATED VALUE
  • $1.08

    COMP AVG. RENT PER SQFT
Comps Range
$2,120
1$2,1202$2,2003$2,2504$2,2505$2,400
$2,400
RENT COMPS ANALYSIS
  • 24318 Red Spruce Avenue Murrieta, CA 1
    • 3 beds 3 baths ∙ 1,986 Sqft ∙ Built 2018 3 beds 3 baths ∙ 1,986 Sqft ∙ Built 2018
    • Rent
    • Rent Per SQFT
    •  
    • $2,120
    • $1.07
    •  
  • 40900 Lacroix Avenue Murrieta, CA 2
    • 3 beds 3 baths ∙ 2,066 Sqft ∙ Built 2015 3 beds 3 baths ∙ 2,066 Sqft ∙ Built 2015
    LEASED 10/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.06
    •  
  • 39999 Via Graziana Murrieta, CA 3
    • 3 beds 2 baths ∙ 2,100 Sqft ∙ Built 2004 3 beds 2 baths ∙ 2,100 Sqft ∙ Built 2004
    LEASED 09/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $1.07
    •  
  • 41180 Marseille Court Murrieta, CA 4
    • 4 beds 2 baths ∙ 1,966 Sqft ∙ Built 1998 4 beds 2 baths ∙ 1,966 Sqft ∙ Built 1998
    LEASED 04/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $1.14
    •  
  • 40972 Lacroix Avenue Murrieta, CA 5
    • 4 beds 4 baths ∙ 2,292 Sqft ∙ Built 2015 4 beds 4 baths ∙ 2,292 Sqft ∙ Built 2015
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.05
    •  
PROPERTY LISTING DETAILS
Sonja Glass
Century 21 Award
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PT21012384
Last Updated: 01/29/2021
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