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24837 Rainbarrel Road Wildomar, CA 92595

4 Beds 3 Baths 2,907 sqft Built 2016

$475,000

List Price

$2,280

$2.1K - $2.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 27, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2016
  • Price/Sqft : $163.40
  • 2 Days on Market
  • MLS # : SW21037850
  • Updated Date : 03/27/2021 at 07:37
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,907 sqft
  • Baths : 3 full
Listing Agent

Team Forss Realty Group

Listing Agent's Description

DO NOT MISS OUT on this BEAUTIFUL 4 bedroom, 3 bathroom home located in the highly sought after community of The Farm in Wildomar. As you enter this popular floor plan with downstairs bedroom and full bathroom, you are greeted by brand new flooring, fresh paint and an abundance of natural lighting. Enjoy cooking in the upgraded kitchen that flows seamlessly together with the great room for ease of daily living. Upstairs you will find the large Master Suite that is connected to the master bathroom with dual sinks, separate shower, soaking tub and walk in closet. Two additional spacious bedrooms, secondary bathroom with dual sinks, loft and laundry room complete the upstairs. Out back is a stucco covered patio with pool size yard waiting for your own creation. Three car tandem garage finishes off this wonderful home. The Farm has 600 acres of common area, 38 acres of citrus groves, 3 pools, 2 spas, amphitheater, 2 RV storage areas, catch & release pond, baseball/soccer field, basketball & tennis courts, hiking trails, picnic areas, tot lots & lake view near the garden, all for just $68/month! Very low property taxes! Great location with easy access to the 15 fwy and 215 fwys. Make an appointment to see your new home today!

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: Wildomar

ZipNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500kPrice in $143k529k

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

Neighborhood: Wildomar

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q21100120013001400150016001700180019002000210022002300Rent in $10782398

* 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
Ronald Reagan Elementary School Primary Regular 709 30 4
David A. Brown Middle School Middle Regular 1,010 41 4
Elsinore High School High Regular 2,125 90 5

Ronald Reagan Elementary School

  • Education Level: Primary
  • # of students: 709
  • # of teachers: 30
4
GreatSchools Rating

David A. Brown Middle School

  • Education Level: Middle
  • # of students: 1,010
  • # of teachers: 41
4
GreatSchools Rating

Elsinore High School

  • Education Level: High
  • # of students: 2,125
  • # of teachers: 90
5
GreatSchools Rating
 

$427,500$522,500$475,000

PURCHASE PRICE

$2,052$2,508$2,280

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,280
EXPENSES Loan Payment -$1,650
Property Tax -$520
Property Insurance -$98
HOA -$68
Property Management Fees -$135
CASH FLOW
-$190

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.

$475,000

PROJECTED PRICE

$2,280

PROJECTED RENT

0.48%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 7.5%
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-$5.0k$0.0$5.0k$10k$15k

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$131,625

INVESTMENT

$131,625

Down Payment
$118,750
Rehab Estimate
$5,750
Closing Costs
$7,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,650

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $118,750
Loan Amount $356,250
See What Happens When You Reinvest Cash Flow

3.33

YEARS SAVED

$13,525

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,280

    LIST RENT
  • $0.78

    LIST RENT PER SQFT
  • $2,345

    COMP ESTIMATED VALUE
  • $0.81

    COMP AVG. RENT PER SQFT
Comps Range
$2,250
1$2,2502$2,2803$2,4004$2,450
$2,450
RENT COMPS ANALYSIS
  • 24837 Rainbarrel Road Wildomar, CA 2
    • 4 beds 3 baths ∙ 2,907 Sqft ∙ Built 2016 4 beds 3 baths ∙ 2,907 Sqft ∙ Built 2016
    • Rent
    • Rent Per SQFT
    •  
    • $2,280
    • $0.78
    •  
  • 24845 Rainbarrel Road Wildomar, CA 1
    • 4 beds 3 baths ∙ 2,907 Sqft ∙ Built 2016 4 beds 3 baths ∙ 2,907 Sqft ∙ Built 2016
    LEASED 07/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.77
    •  
  • 33778 Wagon Train Drive Wildomar, CA 3
    • 4 beds 3 baths ∙ 3,003 Sqft ∙ Built 2005 4 beds 3 baths ∙ 3,003 Sqft ∙ Built 2005
    LEASED 02/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.80
    •  
  • 24036 Esmeralda Court Wildomar, CA 4
    • 4 beds 3 baths ∙ 2,890 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,890 Sqft ∙ Built 2002
    LEASED 12/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $0.85
    •  
PROPERTY LISTING DETAILS
Goran Forss
Team Forss Realty Group
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SW21037850
Last Updated: 03/27/2021
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