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24522 Preston Court Lake Elsinore, CA 92532

5 Beds 3 Baths 2,883 sqft Built 2018

$515,111

List Price

$2,450

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 25, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2018
  • Price/Sqft : $178.67
  • 4 Days on Market
  • MLS # : IG21061841
  • Updated Date : 03/25/2021 at 09:12
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,883 sqft
  • Baths : 3 full
Listing Agent

Active Realty

Listing Agent's Description

Welcome to the gated village of the Westridge community of Canyon Hills. Enjoy quiet days and starlit nights in these 5 bedrooms with 3 full bathrooms situated at the end of a quiet and scenic cul-de-sac. With no neighbors behind, you have total privacy to sip lemonade on summer days in your pool sized backyard! Inside, the home boasts $25,000 in upgrades and includes a whole house fan and solar. The first level Features a Large Formal Living Room, Separate Dining Room with access to the Spacious Kitchen. The Kitchen Features Wood Cabinetry, an Oversized Island, Granite Counters, walk in pantry. Downstairs, also has full size bedroom and bathroom, that is perfect for guests, upgraded tile and wood laminate flooring throughout. The upstairs opens to a huge loft that can be used as a movie room, game room, or study space for the kids. The laundry room is conveniently located upstairs. The Private Master Suite is spacious and leads into an Open oversized shower w/ Dual Sinks, Upgraded Tile, and a his/ hers walk in closets. Three car tandem garage and lots of storage. Enjoy the gated community and all the amenities, Basketball Court, Playground, Cabanas, spectacular Pools, Lap Pool, Jacuzzi both w/Handicap Access, BBQ's & Picnic Areas, and relax by an oversized fire pit as you enjoy the spectacular views of Canyon Lake & Lake Elsinore. Don't miss out on this beauty.

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: 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
 

$463,600$566,622$515,111

PURCHASE PRICE

$2,205$2,695$2,450

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,450
EXPENSES Loan Payment -$1,789
Property Tax -$627
Property Insurance -$97
HOA -$190
Property Management Fees -$145
CASH FLOW
-$397

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.

$515,111

PROJECTED PRICE

$2,450

PROJECTED RENT

0.48%

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$1.4M

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$142,254

INVESTMENT

$142,254

Down Payment
$128,778
Rehab Estimate
$5,750
Closing Costs
$7,727

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,789

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $128,778
Loan Amount $386,333
See What Happens When You Reinvest Cash Flow

1.5

YEARS SAVED

$4,160

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,450

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $2,399

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$2,280
1$2,2802$2,2953$2,2954$2,3955$2,450
$2,450
RENT COMPS ANALYSIS
  • 24522 Preston Court Lake Elsinore, CA 5
    • 5 beds 3 baths ∙ 2,865 Sqft ∙ Built 2016 5 beds 3 baths ∙ 2,865 Sqft ∙ Built 2016
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $0.86
    •  
  • 31 Via Scenica Lake Elsinore, CA 1
    • 4 beds 3 baths ∙ 2,580 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,580 Sqft ∙ Built 2004
    LEASED 06/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,280
    • $0.88
    •  
  • 31947 Cedarhill Lake Elsinore, CA 2
    • 5 beds 3 baths ∙ 2,902 Sqft ∙ Built 2002 5 beds 3 baths ∙ 2,902 Sqft ∙ Built 2002
    LEASED 12/17/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $0.79
    •  
  • 31934 Flowerhill Drive Lake Elsinore, CA 3
    • 4 beds 3 baths ∙ 2,880 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,880 Sqft ∙ Built 2003
    LEASED 03/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $0.80
    •  
  • 30697 Long Point Drive Canyon Lake, CA 4
    • 4 beds 3 baths ∙ 2,714 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,714 Sqft ∙ Built 2000
    LEASED 12/24/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $0.88
    •  
PROPERTY LISTING DETAILS
Monica Lopez
Active Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IG21061841
Last Updated: 03/25/2021
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