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24665 New Haven Drive Murrieta, CA 92562

3 Beds 3 Baths 1,577 sqft Built 1988

$434,000

List Price

$1,950

$1.8K - $2.1K

Rent Est.

PROPERTY INFO

November 09, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1988
  • Price/Sqft : $275.21
  • 7 Days on Market
  • MLS # : NDP2002401
  • Updated Date : 11/09/2020 at 14:56
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,577 sqft
  • Baths : 2 full , 1 half
Listing Agent

Berkshire Hathaway Homeservice

Listing Agent's Description

Outstanding home with back yard that is an entertainer's delight. It includes a large, completely covered patio (low maintenance aluminum construction) with built-in BBQ Island, featuring "Fire & Ice" natural gas fire pit, built-in Ice Cooler, BBQ Grill and ceiling fan. Retractable shade awnings make it easy to decide how much sunshine you want while grilling. There is a second fire pit (propane) with a bench for guests in the corner of the back yard. The spacious kitchen is open to the family room which features a cozy fireplace and sliding glass door to the back yard. There is a breakfast nook plus a formal dining room next to the living room (with vaulted ceiling for that airy feeling). Nice front entry courtyard can also be used for entertaining. Front of the home has palm trees for that "Tropical" feeling.

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: 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
 

$390,600$477,400$434,000

PURCHASE PRICE

$1,755$2,145$1,950

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,950
EXPENSES Loan Payment -$1,601
Property Tax -$445
Property Insurance -$65
Property Management Fees -$115
CASH FLOW
-$276

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.

$434,000

PROJECTED PRICE

$1,950

PROJECTED RENT

0.45%

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-$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$120,760

INVESTMENT

$120,760

Down Payment
$108,500
Rehab Estimate
$5,750
Closing Costs
$6,510

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,601

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $108,500
Loan Amount $325,500
See What Happens When You Reinvest Cash Flow

2.5

YEARS SAVED

$10,018

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,950

    LIST RENT
  • $1.24

    LIST RENT PER SQFT
  • $1,952

    COMP ESTIMATED VALUE
  • $1.24

    COMP AVG. RENT PER SQFT
Comps Range
$1,700
1$1,7002$1,9503$1,9994$2,1005$2,250
$2,250
RENT COMPS ANALYSIS
  • 24665 New Haven Drive Murrieta, CA 2
    • 3 beds 3 baths ∙ 1,577 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,577 Sqft ∙ Built 1988
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $1.24
    •  
  • 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
    property image
    LEASED 09/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.21
    •  
  • 25172 Via Las Lomas Murrieta, CA 3
    • 3 beds 2 baths ∙ 1,640 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,640 Sqft ∙ Built 1988
    property image
    LEASED 10/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,999
    • $1.22
    •  
  • 24528 Ridgewood Drive Murrieta, CA 4
    • 3 beds 2 baths ∙ 1,685 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,685 Sqft ∙ Built 1988
    property image
    LEASED 09/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.25
    •  
  • 37190 Moonbeam Ct Murrieta, CA 5
    • 3 beds 3 baths ∙ 1,773 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,773 Sqft ∙ Built 2002
    property image
    LEASED 04/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $1.27
    •  
PROPERTY LISTING DETAILS
Dan Cazier
Berkshire Hathaway Homeservice
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: NDP2002401
Last Updated: 11/09/2020
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