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24325 Heron Lane Murrieta, CA 92562

3 Beds 2 Baths 1,275 sqft Built 1988

$449,900

List Price

$1,710

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

January 29, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1988
  • Price/Sqft : $352.86
  • 3 Days on Market
  • MLS # : SW21016549
  • Updated Date : 01/29/2021 at 11:18
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,275 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Realty Irvine

Listing Agent's Description

Upgraded 3+ bedroom 2 bath single family home in the beautiful Golden Triangle in the heart of Murrieta! This beautiful home features upgraded kitchen, flooring, and a beautiful sunroom for entertaining and enjoying the beautiful Murrieta weather! This home has extra sheds for storage, a whole house fan, solar and is in impeccable condition. The home shows true pride in ownership and is perfect for you and your family. The backyard features two patio covers and beautiful fully mature trees creating a tranquil atmosphere for entertaining or just relaxing with morning coffee. This home is close to all the great features Murrieta has as well as freeways and shopping. Quickly make this home yours as it won’t last long!

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: Murrieta Oaks

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550kPrice in $149k584k

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

Neighborhood: Murrieta Oaks

NeighborhoodNIR 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
Avaxat Elementary School Primary Regular 735 30 7
Shivela Middle School Middle Regular 1,443 52 8
Murrieta Mesa High School High Regular 2,198 85 8

Avaxat Elementary School

  • Education Level: Primary
  • # of students: 735
  • # of teachers: 30
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
 

$404,910$494,890$449,900

PURCHASE PRICE

$1,539$1,881$1,710

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,710
EXPENSES Loan Payment -$1,563
Property Tax -$460
Property Insurance -$58
Property Management Fees -$101
CASH FLOW
-$472

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.

$449,900

PROJECTED PRICE

$1,710

PROJECTED RENT

0.38%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 6.4%
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

PROJECTED ANNUAL CASH FLOW

11530-$8.0k-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k

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$124,974

INVESTMENT

$124,974

Down Payment
$112,475
Rehab Estimate
$5,750
Closing Costs
$6,749

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% 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 $112,475
Loan Amount $337,425
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$1,129

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,710

    LIST RENT
  • $1.34

    LIST RENT PER SQFT
  • $1,594

    COMP ESTIMATED VALUE
  • $1.25

    COMP AVG. RENT PER SQFT
Comps Range
$1,700
1$1,7002$1,7103$1,8004$1,9955$2,000
$2,000
RENT COMPS ANALYSIS
  • 24325 Heron Lane Murrieta, CA 2
    • 3 beds 2 baths ∙ 1,275 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,275 Sqft ∙ Built 1988
    • Rent
    • Rent Per SQFT
    •  
    • $1,710
    • $1.34
    •  
  • 24687 New Haven Drive Murrieta, CA 1
    • 3 beds 3 baths ∙ 1,409 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,409 Sqft ∙ Built 1988
    LEASED 09/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.21
    •  
  • 25341 Via Las Lomas Murrieta, CA 3
    • 3 beds 2 baths ∙ 1,480 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,480 Sqft ∙ Built 1988
    LEASED 10/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.22
    •  
  • 24490 Calle San Vicente Murrieta, CA 4
    • 3 beds 2 baths ∙ 1,528 Sqft ∙ Built 1989 3 beds 2 baths ∙ 1,528 Sqft ∙ Built 1989
    LEASED 01/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $1.31
    •  
  • 36044 Toulon Drive Murrieta, CA 5
    • 3 beds 2 baths ∙ 1,593 Sqft ∙ Built 1989 3 beds 2 baths ∙ 1,593 Sqft ∙ Built 1989
    LEASED 01/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.26
    •  
PROPERTY LISTING DETAILS
Christine Amador-banaga
Keller Williams Realty Irvine
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SW21016549
Last Updated: 01/29/2021
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