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29061 Forest View Street Lake Elsinore, CA 92530

4 Beds 2 Baths 1,614 sqft Built 1989

$449,999

List Price

$2,010

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1989
  • Price/Sqft : $278.81
  • 5 Days on Market
  • MLS # : PW21050193
  • Updated Date : 03/13/2021 at 08:41
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,614 sqft
  • Baths : 2 full
Listing Agent

Century 21 Award

Listing Agent's Description

Welcome Home To This Charming Upgraded Single Story Ranch Style Home Featuring 4 Bedrooms And 2 Updated Bathrooms, Gorgeous Remodeled Kitchen With Granite Countertops & Stainless Steel Appliances, Counter Bar Area And Breakfast Nook In Kitchen, Family Room With Cozy Fireplace With Mantle & Hearth, Master Suite Features A Spacious Walk-In Closet With Cathedral Ceilings And Slider To The Patio Area, Upgraded Wood Flooring, Cathedral Ceilings, Bay Window, Recessed Lighting, Ceiling Fans, 6-Panel Doors, Neutral Paint And Flooring, Convenient Inside Laundry Room With Cabinets, Welcoming Cozy Front Porch, Dual Covered Rear Patios, Gated Side Yard and Relaxing Elevated Sitting Area In The BackYard, 2 Car Direct Access Garage With Cabinets With An Upgraded Insulated Garage Door, Oversized Lot With Room For Fantasy Pool & More! Mountain And Hill Views, Plus It's Walking Distance To Parks, Trails, Schools & More! This Home Is TURNKEY And Won't Last! This Home Is A Must See To Appreciate! No HOA, Low Taxes, & No Mello-Roos! **Check Out The HD Photos, Matterport Videos, & Floorplans!**https://vimeo.com/522871145

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
 

$404,999$494,999$449,999

PURCHASE PRICE

$1,809$2,211$2,010

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,010
EXPENSES Loan Payment -$1,563
Property Tax -$409
Property Insurance -$66
Property Management Fees -$119
CASH FLOW
-$147

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.

$449,999

PROJECTED PRICE

$2,010

PROJECTED RENT

0.45%

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 50% 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 $337,499
See What Happens When You Reinvest Cash Flow

3.92

YEARS SAVED

$16,636

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,010

    LIST RENT
  • $1.25

    LIST RENT PER SQFT
  • $2,094

    COMP ESTIMATED VALUE
  • $1.3

    COMP AVG. RENT PER SQFT
Comps Range
$1,850
1$1,8502$2,0103$2,0954$2,1005$2,250
$2,250
RENT COMPS ANALYSIS
  • 29061 Forest View Street Lake Elsinore, CA 2
    • 4 beds 2 baths ∙ 1,614 Sqft ∙ Built 1989 4 beds 2 baths ∙ 1,614 Sqft ∙ Built 1989
    • Rent
    • Rent Per SQFT
    •  
    • $2,010
    • $1.25
    •  
  • 165 N Nebraska Street Lake Elsinore, CA 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, CA 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
    •  
  • 29455 Moon View Court Lake Elsinore, CA 4
    • 3 beds 2 baths ∙ 1,549 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,549 Sqft ∙ Built 2006
    LEASED 01/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.36
    •  
  • 29415 Falling Leaf Drive Lake Elsinore, CA 5
    • 4 beds 2 baths ∙ 1,771 Sqft ∙ Built 2006 4 beds 2 baths ∙ 1,771 Sqft ∙ Built 2006
    LEASED 02/18/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $1.27
    •  
PROPERTY LISTING DETAILS
James Festini
Century 21 Award
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21050193
Last Updated: 03/13/2021
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