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

29095 Allan Street Lake Elsinore, CA 92532

3 Beds 2 Baths 1,180 sqft Built 1980

$380,000

List Price

$1,750

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

December 22, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1980
  • Price/Sqft : $322.03
  • 6 Days on Market
  • MLS # : CV20261492
  • Updated Date : 12/23/2020 at 12:19
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,180 sqft
  • Baths : 2 full
Listing Agent

Homequest Real Estate

Listing Agent's Description

Welcome home to this beautiful turnkey single story 3 bedroom 2 bath plus a large bonus room home in the beautiful city of Lake Elsinore and within 10 minutes of the Lake. This home has been recently remodeled a few years ago with a new kitchen featuring granite counters, two upgraded bathrooms, fresh paint throughout, new flooring and new windows around the home. The home has large bedrooms and a master bed and bathroom. The bonus room offers an additional 277 sq ft in addition to the original 1,180 square footage. The tankless water heater is brand new. This home is perfect for the first time buyer. With one of the largest lots in the area with a single family home, not a mobile home. You can add additional square footage to the home,, or turn the backyard into an entertainers dream with all its potential. The location is ideal too! Just minutes from the 15 Freeway, shopping, restaurants and much more.

SEE MORE

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: North Central Lake Elsinore

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $123k459k

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

Neighborhood: North Central Lake Elsinore

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q290010001100120013001400150016001700180019002000Rent in $8642083

* 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
Earl Warren Elementary School Primary Regular 889 34 5
Elsinore Middle School Middle Magnet 790 33 3
Temescal Canyon High School High Regular 2,172 89 7

Earl Warren Elementary School

  • Education Level: Primary
  • # of students: 889
  • # of teachers: 34
5
GreatSchools Rating

Elsinore Middle School

  • Education Level: Middle
  • # of students: 790
  • # of teachers: 33
3
GreatSchools Rating

Temescal Canyon High School

  • Education Level: High
  • # of students: 2,172
  • # of teachers: 89
7
GreatSchools Rating
 

$342,000$418,000$380,000

PURCHASE PRICE

$1,575$1,925$1,750

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,750
EXPENSES Loan Payment -$1,402
Property Tax -$338
Property Insurance -$56
Property Management Fees -$103
CASH FLOW
-$149

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.

$380,000

PROJECTED PRICE

$1,750

PROJECTED RENT

0.46%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 7.3%
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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$106,450

INVESTMENT

$106,450

Down Payment
$95,000
Rehab Estimate
$5,750
Closing Costs
$5,700

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,402

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $95,000
Loan Amount $285,000
See What Happens When You Reinvest Cash Flow

3.75

YEARS SAVED

$15,872

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,750

    LIST RENT
  • $1.48

    LIST RENT PER SQFT
  • $1,424

    COMP ESTIMATED VALUE
  • $1.21

    COMP AVG. RENT PER SQFT
Comps Range
$1,395
1$1,3952$1,7503$1,8004$1,800
$1,800
RENT COMPS ANALYSIS
  • 29095 Allan Street Lake Elsinore, CA 2
    • 3 beds 2 baths ∙ 1,180 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,180 Sqft ∙ Built 1980
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.48
    •  
  • 1205 W Pottery Street Lake Elsinore, CA 1
    • 3 beds 2 baths ∙ 1,248 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,248 Sqft ∙ Built 1964
    LEASED 06/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $1.12
    •  
  • 805 W Pottery Street Lake Elsinore, CA 3
    • 3 beds 2 baths ∙ 1,431 Sqft ∙ Built 1968 3 beds 2 baths ∙ 1,431 Sqft ∙ Built 1968
    LEASED 08/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.26
    •  
  • 29177 Allan Street Lake Elsinore, CA 4
    • 3 beds 2 baths ∙ 1,447 Sqft ∙ Built 1982 3 beds 2 baths ∙ 1,447 Sqft ∙ Built 1982
    LEASED 08/17/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.24
    •  
PROPERTY LISTING DETAILS
Ashley Howie
Homequest Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV20261492
Last Updated: 12/23/2020
BESbswy