Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

29026 Stoneridge Lake Elsinore, CA 92530

3 Beds 2 Baths 1,565 sqft Built 1997

$450,000

List Price

$1,980

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

February 11, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1997
  • Price/Sqft : $287.54
  • 6 Days on Market
  • MLS # : SW21027487
  • Updated Date : 02/09/2021 at 17:21
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,565 sqft
  • Baths : 2 full
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

This Beauty is loaded with everything beautiful & embodies vintage charm as well as Low Taxes, No HOA, and RV Parking! This fully remodeled little charmer is tastefully done with the finest of upgrades to include a gated courtyard entry with deck to lounge & enjoy the mountain views. Upon entry you are greeted in the bright Formal Living Room with tall ceilings & opens to the dining room. Gorgeous tile flooring throughout the main living area & well-complimented by the upgraded baseboards & crown moulding throughout the home. The well appointed kitchen offers white shaker-style cabinetry, stainless steel appliances, beautiful custom tiled backsplash & upgraded countertops which wrap around to the walk in pantry. Just off the kitchen is the cozy family room with gas fireplace & custom built-ins to add the vintage charm and functionality. Just down the hall is the den with more beautiful built-ins for ample storage, gas stove for added warmth & tons of natural light. On this side of the home you will find the master bedroom with private entry to the back patio, master bath with huge soaking tub, the finest of finishes & charming antique-like vanity. You will also find 2 guest bedrooms & guest bath with gorgeous tiled walk-in shower & pretty pedestal sink. Backyard is just as gorgeous with its park-like landscaping, patio &completed with a workshop/gardening shed. Plenty of room for RV parking with double gates & located near shopping, freeway & minutes from Lake Amenities!

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: Lake View District

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $143k459k

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

Neighborhood: Lake View District

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q21100120013001400150016001700180019002000Rent in $10352083

* 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
Rice Canyon Elementary School Primary Regular 884 35 6
Terra Cotta Middle School Middle Regular 1,126 43 3
Lakeside High School High Regular 1,973 87 5

Rice Canyon Elementary School

  • Education Level: Primary
  • # of students: 884
  • # of teachers: 35
6
GreatSchools Rating

Terra Cotta Middle School

  • Education Level: Middle
  • # of students: 1,126
  • # of teachers: 43
3
GreatSchools Rating

Lakeside High School

  • Education Level: High
  • # of students: 1,973
  • # of teachers: 87
5
GreatSchools Rating
 

$405,000$495,000$450,000

PURCHASE PRICE

$1,782$2,178$1,980

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,980
EXPENSES Loan Payment -$1,563
Property Tax -$409
Property Insurance -$65
Property Management Fees -$117
CASH FLOW
-$174

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.

$450,000

PROJECTED PRICE

$1,980

PROJECTED RENT

0.44%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 8.1%
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$125,000

INVESTMENT

$125,000

Down Payment
$112,500
Rehab Estimate
$5,750
Closing Costs
$6,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,563

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $112,500
Loan Amount $337,500
See What Happens When You Reinvest Cash Flow

3.58

YEARS SAVED

$14,666

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,980

    LIST RENT
  • $1.27

    LIST RENT PER SQFT
  • $2,011

    COMP ESTIMATED VALUE
  • $1.29

    COMP AVG. RENT PER SQFT
Comps Range
$1,775
1$1,7752$1,8503$1,9804$2,0955$2,100
$2,100
RENT COMPS ANALYSIS
  • 29026 Stoneridge Lake Elsinore, CA 3
    • 3 beds 2 baths ∙ 1,565 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,565 Sqft ∙ Built 1997
    • Rent
    • Rent Per SQFT
    •  
    • $1,980
    • $1.27
    •  
  • 3538 Pear Blossom Lane Lake Elsinore, CA 1
    • 3 beds 2 baths ∙ 1,370 Sqft ∙ Built 1987 3 beds 2 baths ∙ 1,370 Sqft ∙ Built 1987
    LEASED 08/24/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,775
    • $1.30
    •  
  • 165 N Nebraska Street Lake Elsinore, CA 2
    • 3 beds 2 baths ∙ 1,521 Sqft ∙ Built 1990 3 beds 2 baths ∙ 1,521 Sqft ∙ Built 1990
    LEASED 06/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.22
    •  
  • 29029 Stoneridge Lake Elsinore, CA 4
    • 4 beds 2 baths ∙ 1,565 Sqft ∙ Built 1997 4 beds 2 baths ∙ 1,565 Sqft ∙ Built 1997
    LEASED 08/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $1.34
    •  
  • 257 Ohio Street Lake Elsinore, CA 5
    • 4 beds 3 baths ∙ 1,636 Sqft ∙ Built 1981 4 beds 3 baths ∙ 1,636 Sqft ∙ Built 1981
    LEASED 08/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.28
    •  
PROPERTY LISTING DETAILS
Erin Mills
Coldwell Banker Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SW21027487
Last Updated: 02/09/2021
BESbswy