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29182 Jacaranda Lake Elsinore, CA 92530

3 Beds 2 Baths 1,868 sqft Built 2016

$415,000

List Price

$2,130

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

October 30, 2020 RECENTLY ADDED
FACTS
  • Built In 2016
  • Price/Sqft : $222.16
  • 6 Days on Market
  • MLS # : OC20229061
  • Updated Date : 11/02/2020 at 05:12
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,868 sqft
  • Baths : 2 full
Listing Agent

Cali Dream Homes

Listing Agent's Description

Charming single story cottage straight out of Disneyland, ideally located in inside tract location on the corner lot in beautiful Summerly. All bedrooms and baths are on the lower level and the huge loft is upstairs, perfectly situated for a home office, woman/man cave, playroom, hobby room, or gym, whatever you want it to be. Open floor plan allows for intimate gatherings and ideal kitchen features, a perfectly sized island with stainless steel farmhouse sink, granite counters, stainless steel appliances and lots of cabinet space. Private inside laundry room with lots of storage and a mud room feel with bench just off the garage entrance. Beautiful laminate floors in the living room, tile in walk areas and cozy carpet in the bedrooms and loft. Home is outfitted for ultimate energy savings with tankless water heater and solar power. Outdoor patio is perfect for entertaining with surround sound built in along with open landscaping for you to design your own backyard. Low association dues, lots of amenities included are several pools, splash pads, clubhouse, park and play areas. Easy access to the freeway, shopping, sports park, lake, restaurants and entertainment, and schools.

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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: Summerly

ZipNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $132k459k

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

Neighborhood: Summerly

ZipNIR Market*CityMarket2010Year2000 Q22019 Q210001100120013001400150016001700180019002000Rent in $9902083

* 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
William Collier Elementary School Primary Regular 612 26 4
David A. Brown Middle School Middle Regular 1,010 41 4
Elsinore High School High Regular 2,125 90 5

William Collier Elementary School

  • Education Level: Primary
  • # of students: 612
  • # of teachers: 26
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
 

$373,500$456,500$415,000

PURCHASE PRICE

$1,917$2,343$2,130

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,130
EXPENSES Loan Payment -$1,531
Property Tax -$407
Property Insurance -$72
HOA -$117
Property Management Fees -$126
CASH FLOW
-$123

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.

$415,000

PROJECTED PRICE

$2,130

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 9.0%
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$115,725

INVESTMENT

$115,725

Down Payment
$103,750
Rehab Estimate
$5,750
Closing Costs
$6,225

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,531

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $103,750
Loan Amount $311,250
See What Happens When You Reinvest Cash Flow

4.17

YEARS SAVED

$19,059

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,130

    LIST RENT
  • $1.14

    LIST RENT PER SQFT
  • $2,144

    COMP ESTIMATED VALUE
  • $1.15

    COMP AVG. RENT PER SQFT
Comps Range
$1,775
1$1,7752$1,9003$2,1004$2,1305$2,300
$2,300
RENT COMPS ANALYSIS
  • 29182 Jacaranda Lake Elsinore, CA 4
    • 3 beds 2 baths ∙ 1,868 Sqft ∙ Built 2016 3 beds 2 baths ∙ 1,868 Sqft ∙ Built 2016
    • Rent
    • Rent Per SQFT
    •  
    • $2,130
    • $1.14
    •  
  • 1800 E Lakeshore Drive Lake Elsinore, CA 1
    • 3 beds 3 baths ∙ 1,527 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,527 Sqft ∙ Built 2005
    LEASED 04/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,775
    • $1.16
    •  
  • 31713 Indian Spring Road Lake Elsinore, CA 2
    • 3 beds 2 baths ∙ 1,553 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,553 Sqft ∙ Built 1999
    LEASED 01/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $1.22
    •  
  • 29518 Mascot Lake Elsinore, CA 3
    • 3 beds 2 baths ∙ 1,920 Sqft ∙ Built 2013 3 beds 2 baths ∙ 1,920 Sqft ∙ Built 2013
    LEASED 12/24/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.09
    •  
  • 18820 Oakview Way Lake Elsinore, CA 5
    • 4 beds 3 baths ∙ 2,052 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,052 Sqft ∙ Built 2001
    LEASED 04/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.12
    •  
PROPERTY LISTING DETAILS
Gabbriellea Frigo
Cali Dream Homes
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC20229061
Last Updated: 11/02/2020
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