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PROPERTY INFO
FACTS
- Single Family
- Built In 2017
- Price/Sqft : $216.18
- 10 Days on Market
- MLS # : SW21014721
- Updated Date : 01/26/2021 at 10:18
CONSTRUCTION
- Beds : 4
- Floor Size : 2,521 sqft
- Baths : 2 full , 1 half
Listing Agent
Century 21 Preferred
Listing Agent's Description
Beautiful 3 bed 2 bath Home located in the gorgeous community of summerly! This 2,521-sf home on a 10,173-sf Lot sits perfectly on a private cul-de-sac. Large kitchen with granite counter tops, butler’s pantry, plenty of cabinet space, a huge center Island with plenty of seating room and stainless-steel appliances. Interior Laundry Room, large loft, two car attached garage, one ground floor bedroom and full bath. The spacious master bathroom features dual sink vanity, oversize step in shower with glass doors, and large walk-in closet. There is a Solar system and tankless water heater. Summerly Association including pool, spa, clubhouse, park, outdoor dining room with fire pit, BBQ area, basketball & tennis courts. Will not last long, act now.
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MARKET HIGHLIGHTS
- 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)
- Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 2018)
PRICE & RENT TRENDS
Neighborhood: Summerly
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Summerly
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $2,290 |
| EXPENSES | Loan Payment | -$1,893 |
| Property Tax | -$512 | |
| Property Insurance | -$88 | |
| HOA | -$118 | |
| Property Management Fees | -$135 | |
|
CASH FLOW
-$456
|
||
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.
$545,000
PROJECTED PRICE
$2,290
PROJECTED RENT
0.42%
PROJECTED RENT / PRICE RATIO
| 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
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
TOTAL CASH OUT OF POCKET
INVESTMENT
$150,175
LOAN DETAILS
$1,893
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 3.75% |
| Down Payment | $136,250 |
| Loan Amount | $408,750 |
1.42
YEARS SAVED
$4,209
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$2,290
LIST RENT -
$0.91
LIST RENT PER SQFT
-
$2,559
COMP ESTIMATED VALUE -
$1.02
COMP AVG. RENT PER SQFT
Comps Range
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- $2,350
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LEASED 05/15/20- Rent
- Rent Per SQFT
- $2,700
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-
29314 First Green Lake Elsinore, CA 5
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LEASED 09/09/20- Rent
- Rent Per SQFT
- $2,700
- $0.97
PROPERTY LISTING DETAILS
Century 21 Preferred
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: SW21014721
Last Updated: 01/26/2021
