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24705 1st Ave Murrieta, CA 92562

3 Beds 2 Baths 1,356 sqft Built 1986

$385,000

List Price

$1,730

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

January 22, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1986
  • Price/Sqft : $283.92
  • 3 Days on Market
  • MLS # : 210001856
  • Updated Date : 01/22/2021 at 13:33
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,356 sqft
  • Baths : 2 full
Listing Agent

Mission Realty Group

Listing Agent's Description

Charming 3 bed 2 bath home in the heart of Old Town Murrieta! This home has been recently upgraded and is move in ready. Featuring new luxury vinyl plank flooring, new carpet, freshly painted, newer AC unit and refinished kitchen. The cozy brick fireplace adds tons of charm while the large kitchen with plenty of counter space will please the chef of the family. Oversized master boasts a walk-in closet and bath. There is potential for RV parking and the detached garage is accessed by a private alley. This is a great family home in a quiet neighborhood yet still just minutes from shopping, restaurants & easy access to the 15 freeway. Welcome Home! Equipment: Dryer, Range/Oven, Washer Other Fees: 0 Sewer: Septic Installed Topography: LL

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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
 

$346,500$423,500$385,000

PURCHASE PRICE

$1,557$1,903$1,730

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,730
EXPENSES Loan Payment -$1,337
Property Tax -$396
Property Insurance -$60
Property Management Fees -$102
CASH FLOW
-$166

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.

$385,000

PROJECTED PRICE

$1,730

PROJECTED RENT

0.45%

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-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

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$107,775

INVESTMENT

$107,775

Down Payment
$96,250
Rehab Estimate
$5,750
Closing Costs
$5,775

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,337

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $96,250
Loan Amount $288,750
See What Happens When You Reinvest Cash Flow

3.33

YEARS SAVED

$10,846

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,730

    LIST RENT
  • $1.28

    LIST RENT PER SQFT
  • $1,742

    COMP ESTIMATED VALUE
  • $1.29

    COMP AVG. RENT PER SQFT
Comps Range
$1,730
1$1,7302$1,7503$1,9004$2,0005$2,000
$2,000
RENT COMPS ANALYSIS
  • 24705 1st Ave Murrieta, CA 1
    • 3 beds 2 baths ∙ 1,356 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,356 Sqft ∙ Built 1986
    • Rent
    • Rent Per SQFT
    •  
    • $1,730
    • $1.28
    •  
  • 41737 Ridgewalk Street Murrieta, CA 2
    • 3 beds 3 baths ∙ 1,411 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,411 Sqft ∙ Built 2005
    LEASED 01/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.24
    •  
  • 41713 Woodridge Avenue Murrieta, CA 3
    • 3 beds 3 baths ∙ 1,444 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,444 Sqft ∙ Built 2005
    LEASED 10/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $1.32
    •  
  • 24736 Ridgewalk Street Murrieta, CA 4
    • 3 beds 3 baths ∙ 1,548 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,548 Sqft ∙ Built 2005
    LEASED 08/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.29
    •  
  • 41524 Blue Canyon Avenue Murrieta, CA 5
    • 3 beds 3 baths ∙ 1,548 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,548 Sqft ∙ Built 2006
    LEASED 02/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.29
    •  
PROPERTY LISTING DETAILS
Daniel Buksa
Mission Realty Group
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 210001856
Last Updated: 01/22/2021
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