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29040 Mango Court Lake Elsinore, CA 92530

4 Beds 2 Baths 1,656 sqft Built 1989

INVESTimate

$395,000

List Price

$1,990

$1,791 - $2,189

Rent Est.

$427,074  ( +8.12%)   1 YR EST. FORECAST

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 1989
  • Price/Sqft : $238.53
  • 8 Days on Market
  • MLS # : IV20169654
  • Updated Date : 08/22/2020 at 11:18
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,656 sqft
  • Baths : 2 full
Listing Agent

Century 21 Showcase

Listing Agent's Description

This neighborhood is one of the most sought after family friendly places to live in Lake Elsinore. Located minutes from the lake AND on a quiet cul-del-sac, your family will immediately feel at ease and welcome in this home. This Craftsman Style house features vaulted ceilings, granite counters, recessed lighting, indoor laundry, a cozy gas fireplace and a three car garage. The Master Suite offers dual closets, his & hers sinks and private access to the backyard. The curent homeowners even updated the A/C and HVAC units, along with the ducting with in the last five years. With this great location being walking distance to Summer Lake Park and just minutes from Historic Old Town Main Street and Minor League Storm Stadium, this 4 bedroom single story home truly is a great find.

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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
 

$355,500$434,500$395,000

PURCHASE PRICE

$1,791$2,189$1,990

RENT

DOWN PAYMENT
FINANCING

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,990
EXPENSES Loan Payment -$1,457
Property Tax -$359
Property Insurance -$67
Property Management Fees -$117
CASH FLOW
-$11

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.

$395,000

PROJECTED PRICE

$1,990

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 8.12%
Maintenance Year (1-5) 8.00%
Vacancy 5.43%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$110,425

INVESTMENT

$110,425

Down Payment
$98,750
Rehab Estimate
$5,750
Closing Costs
$5,925

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,457

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $98,750
Loan Amount $296,250
See What Happens When You Reinvest Cash Flow

5.67

YEARS SAVED

$30,109

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,990

    LIST RENT
  • $1.2

    LIST RENT PER SQFT
  • $1,983

    COMP ESTIMATED VALUE
  • $1.2

    COMP AVG. RENT PER SQFT
Comps Range
$1,850
1$1,8502$1,9903$2,0954$2,2005$2,200
$2,200
RENT COMPS ANALYSIS
  • 29040 Mango Court Lake Elsinore, 2
    • 4 beds 2 baths ∙ 1,656 Sqft ∙ Built 1989 4 beds 2 baths ∙ 1,656 Sqft ∙ Built 1989
    • Rent
    • Rent Per SQFT
    •  
    • $1,990
    • $1.20
    •  
  • 165 N Nebraska Street Lake Elsinore, 1
    • 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, 3
    • 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
    •  
  • 29488 Regatta Way Lake Elsinore, 4
    • 3 beds 2 baths ∙ 2,000 Sqft ∙ Built 1997 3 beds 2 baths ∙ 2,000 Sqft ∙ Built 1997
    LEASED 04/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.10
    •  
  • 3852 Ash Street Lake Elsinore, 5
    • 3 beds 2 baths ∙ 1,941 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,941 Sqft ∙ Built 2005
    LEASED 05/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.13
    •  
PROPERTY LISTING DETAILS
Jacqueline Overstreet
Century 21 Showcase
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV20169654
Last Updated: 08/22/2020
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