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24620 2nd Avenue Murrieta, CA 92562

4 Beds 3 Baths 1,800 sqft Built 1987

$388,000

List Price

$2,090

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
December 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1987
  • Price/Sqft : $215.56
  • 3 Days on Market
  • MLS # : NDP2003502
  • Updated Date : 12/11/2020 at 19:44
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,800 sqft
  • Baths : 3 full
Listing Agent

Signature Realty, Inc.

Listing Agent's Description

Charming 4 Bedroom / 3 Bath Victorian in the heart of Old Murrieta, less than 2 blocks from Old Town Shops and Restaurants. This unique home features original hard wood floors, antique stained glass windows in downstairs bedroom with attached private bathroom and separate entrance, open kitchen with shaker style cabinets, exposed wood beam ceilings throughout, large fireplace hearth for gatherings and vaulted ceilings in upstairs master bedroom. Large backyard boasts mature foliage, built-in brick BBQ, swimming pool, fish pond and a detached artists recording studio. Award winning school district. Close to schools, dining, shopping, major highways and thoroughfares, wineries, entertainment, hiking, parks, hospitals, and only blocks from the Murrieta Town Square Park & Amphitheater.

SEE MORE

MARKET HIGHLIGHTS

  • 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.
  • 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)

PRICE & RENT TRENDS

Neighborhood: Historic Murrieta

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550kPrice in $140k560k

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

Neighborhood: Historic Murrieta

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q210001100120013001400150016001700180019002000210022002300Rent in $9402387

* 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
 

$349,200$426,800$388,000

PURCHASE PRICE

$1,881$2,299$2,090

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,090
EXPENSES Loan Payment -$1,432
Property Tax -$399
Property Insurance -$71
Property Management Fees -$123
CASH FLOW
$65

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.

$388,000

PROJECTED PRICE

$2,090

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 9.8%
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$0.0$5.0k$10k$15k$20k

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$108,570

INVESTMENT

$108,570

Down Payment
$97,000
Rehab Estimate
$5,750
Closing Costs
$5,820

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,432

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $97,000
Loan Amount $291,000
See What Happens When You Reinvest Cash Flow

6.67

YEARS SAVED

$37,432

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,090

    LIST RENT
  • $1.16

    LIST RENT PER SQFT
  • $2,043

    COMP ESTIMATED VALUE
  • $1.14

    COMP AVG. RENT PER SQFT
Comps Range
$1,925
1$1,9252$2,0503$2,0904$2,2505$2,300
$2,300
RENT COMPS ANALYSIS
  • 24620 2nd Avenue Murrieta, CA 3
    • 4 beds 3 baths ∙ 1,800 Sqft ∙ Built 1987 4 beds 3 baths ∙ 1,800 Sqft ∙ Built 1987
    • Rent
    • Rent Per SQFT
    •  
    • $2,090
    • $1.16
    •  
  • 41945 S Davenport Way Murrieta, CA 1
    • 3 beds 3 baths ∙ 1,630 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,630 Sqft ∙ Built 2004
    LEASED 11/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,925
    • $1.18
    •  
  • 42446 Thoroughbred Lane Murrieta, CA 2
    • 3 beds 2 baths ∙ 1,834 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,834 Sqft ∙ Built 1998
    LEASED 08/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $1.12
    •  
  • 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
    •  
  • 24556 Calle San Vincente Murrieta, CA 5
    • 4 beds 3 baths ∙ 2,084 Sqft ∙ Built 1990 4 beds 3 baths ∙ 2,084 Sqft ∙ Built 1990
    LEASED 03/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.10
    •  
PROPERTY LISTING DETAILS
Erin Emblem
Signature Realty, Inc.
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: NDP2003502
Last Updated: 12/11/2020
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