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29225 Glasgow Lake Elsinore, CA 92530

4 Beds 2 Baths 1,790 sqft Built 2018

$449,900

List Price

$2,190

$2K - $2.4K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 2018
  • Price/Sqft : $251.34
  • 14 Days on Market
  • MLS # : SW20226474
  • Updated Date : 11/07/2020 at 13:36
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,790 sqft
  • Baths : 2 full
Listing Agent

Big Block Realty

Listing Agent's Description

LISTING RANGE $439,900-$449,900 This single story farmhouse inspired home is located in the highly sought after community of Summerly w/UPGRADES GALORE!! This ideal floor plan features 4 bedrooms, 2 baths & 1790 sq. ft. of open floor plan living. Seller has spared no expense in adding the absolute perfect touches immediately confirm, this is the right home for your family. From custom reclaimed wood accents, to rustic cabinet handles to custom lighting accents. As you walk in you are warmly welcomed by rustic wood laminate flooring, two bedrooms & full bathroom to one side with custom shelving and designer paint. Adjacent is another bedroom, garage access & spacious laundry with Spanish style flooring & custom shelving. The gourmet kitchen features a MASSIVE eat at island, granite counters, subway tile backsplash, upgraded cabinets & perfectly placed reclaimed wood accents & walkin pantry. Kitchen is open to great room & dining with direct slider access to the lush backyard, raised garden & shaded Aluma wood patio retreat perfect for entertainment and relaxing gatherings. Master suite features dual sinks, relaxing soaking tub, separate shower and large walk-in closet. Complete with energy efficient solar, 2 car garage, perfect location & in pristine condition. This home is perfection overload. Minutes away from Summerly Golf Course & communities amenities such as 24 acre park, pools, kids splash pad, clubhouse, basketball court, baseball diamonds & skate park. Welcome home!

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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

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
 

$404,910$494,890$449,900

PURCHASE PRICE

$1,971$2,409$2,190

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,190
EXPENSES Loan Payment -$1,660
Property Tax -$427
Property Insurance -$71
HOA -$117
Property Management Fees -$129
CASH FLOW
-$214

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.

$449,900

PROJECTED PRICE

$2,190

PROJECTED RENT

0.49%

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$1.6M

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$124,974

INVESTMENT

$124,974

Down Payment
$112,475
Rehab Estimate
$5,750
Closing Costs
$6,749

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,660

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $112,475
Loan Amount $337,425
See What Happens When You Reinvest Cash Flow

3.33

YEARS SAVED

$14,645

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,190

    LIST RENT
  • $1.22

    LIST RENT PER SQFT
  • $2,023

    COMP ESTIMATED VALUE
  • $1.13

    COMP AVG. RENT PER SQFT
Comps Range
$1,750
1$1,7502$2,1003$2,1904$2,300
$2,300
RENT COMPS ANALYSIS
  • 29225 Glasgow Lake Elsinore, CA 3
    • 4 beds 2 baths ∙ 1,790 Sqft ∙ Built 2018 4 beds 2 baths ∙ 1,790 Sqft ∙ Built 2018
    • Rent
    • Rent Per SQFT
    •  
    • $2,190
    • $1.22
    •  
  • 1800 E Lakeshore Drive Lake Elsinore, CA 1
    • 3 beds 3 baths ∙ 1,477 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,477 Sqft ∙ Built 2006
    LEASED 09/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.18
    •  
  • 29518 Mascot Lake Elsinore, CA 2
    • 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 4
    • 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
Leslie Lawson
Big Block Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SW20226474
Last Updated: 11/07/2020
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