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29209 Crescent Ridge Drive Lake Elsinore, CA 92530

4 Beds 2 Baths 2,300 sqft Built 2013

$515,500

List Price

$2,480

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

November 11, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2013
  • Price/Sqft : $224.13
  • 6 Days on Market
  • MLS # : SW20225334
  • Updated Date : 11/14/2020 at 20:07
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,300 sqft
  • Baths : 2 full
Listing Agent

Better Homes Of Southern Calif

Listing Agent's Description

Beautiful North Lake Elsinore Home At McVicker Park With Lake Views... 4 Bedrooms And 2.5 Baths. The Master Bedroom Is Complete With A Private Dressing Area Walk-In Closet, Granite Counter Tops, Dual Sinks, Tile Flooring And Separate Shower. Three Other Bedrooms Including A Private Casita With It's Own Entry And Complete Bath. The Kitchen Has Granite Counter Tops, Center Island, Walk-In Pantry, Inside Laundry Room, With A Two Car Attached Garage With Direct Access. The Back Yard Is Great For Entertaining, Complete With Bar-B Que Island, Gas Fire Pit, And Warm Landscape Lighting With Beautiful Lake And City Light Views. Close To Shopping, Schools, Parks And The National Forest.

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
 

$463,950$567,050$515,500

PURCHASE PRICE

$2,232$2,728$2,480

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,480
EXPENSES Loan Payment -$1,902
Property Tax -$634
Property Insurance -$83
HOA -$130
Property Management Fees -$146
CASH FLOW
-$416

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.

$515,500

PROJECTED PRICE

$2,480

PROJECTED RENT

0.48%

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$1.6M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$142,358

INVESTMENT

$142,358

Down Payment
$128,875
Rehab Estimate
$5,750
Closing Costs
$7,733

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,902

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $128,875
Loan Amount $386,625
See What Happens When You Reinvest Cash Flow

1.58

YEARS SAVED

$6,016

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,480

    LIST RENT
  • $1.08

    LIST RENT PER SQFT
  • $2,473

    COMP ESTIMATED VALUE
  • $1.08

    COMP AVG. RENT PER SQFT
Comps Range
$2,000
1$2,0002$2,2003$2,2954$2,4805$2,650
$2,650
RENT COMPS ANALYSIS
  • 29209 Crescent Ridge Drive Lake Elsinore, CA 4
    • 4 beds 2 baths ∙ 2,300 Sqft ∙ Built 2013 4 beds 2 baths ∙ 2,300 Sqft ∙ Built 2013
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,480
    • $1.08
    •  
  • 28671 Fern Glen Circle Lake Elsinore, CA 1
    • 4 beds 2 baths ∙ 1,960 Sqft ∙ Built 2004 4 beds 2 baths ∙ 1,960 Sqft ∙ Built 2004
    property image
    LEASED 06/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.02
    •  
  • 29488 Regatta Way Lake Elsinore, CA 2
    • 3 beds 2 baths ∙ 2,000 Sqft ∙ Built 1997 3 beds 2 baths ∙ 2,000 Sqft ∙ Built 1997
    property image
    LEASED 04/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.10
    •  
  • 29264 Point Shore Drive Lake Elsinore, CA 3
    • 4 beds 2 baths ∙ 2,004 Sqft ∙ Built 2008 4 beds 2 baths ∙ 2,004 Sqft ∙ Built 2008
    property image
    LEASED 02/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $1.15
    •  
  • 29231 Woodbridge Street Lake Elsinore, CA 5
    • 4 beds 3 baths ∙ 2,582 Sqft ∙ Built 2014 4 beds 3 baths ∙ 2,582 Sqft ∙ Built 2014
    property image
    LEASED 09/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $1.03
    •  
PROPERTY LISTING DETAILS
Leander Wade
Better Homes Of Southern Calif
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SW20225334
Last Updated: 11/14/2020
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