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29233 Glasgow Lake Elsinore, CA 92530

4 Beds 2 Baths 1,790 sqft Built 2018

INVESTimate

$419,999

List Price

$2,040

$1,836 - $2,244

Rent Est.

$457,967  ( +9.04%)   1 YR EST. FORECAST

PROPERTY INFO

August 20, 2020 RECENTLY ADDED
FACTS
  • Built In 2018
  • Price/Sqft : $234.64
  • 7 Days on Market
  • MLS # : OC20159073
  • Updated Date : 08/22/2020 at 15:28
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,790 sqft
  • Baths : 2 full
Listing Agent

Kevin Du Real Estate

Listing Agent's Description

Beautiful single story home in the serene Summerly neighborhood! Features 4 bedrooms and 2 full bathrooms. Open floor plan with high ceilings complement the formal entry/foyer. The great room boasts a beautiful modern kitchen that opens up to the spacious family room and dining area. The kitchen is complete with granite countertops, upgraded sink, center island breakfast area and ample walk-in pantry. Perfect layout for gatherings and entertaining! Large windows allow natural light to flood the home during the day. Backyard was meticulously landscaped and is adorned with a large covered patio and short path that leads to a built-in gas fire pit area. House also comes equipped with Tesla solar panels! Attached 2 car garage. Close to Summerly Golf Course, schools, shopping and freeways and is walking distance from multiple parks, 2 community pools and clubhouse.

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: 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
 

$377,999$461,999$419,999

PURCHASE PRICE

$1,836$2,244$2,040

RENT

DOWN PAYMENT
FINANCING

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,040
EXPENSES Loan Payment -$1,550
Property Tax -$394
Property Insurance -$71
HOA -$117
Property Management Fees -$120
CASH FLOW
-$212

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.

$419,999

PROJECTED PRICE

$2,040

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 9.04%
Maintenance Year (1-5) 8.00%
Vacancy 5.43%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$117,050

INVESTMENT

$117,050

Down Payment
$105,000
Rehab Estimate
$5,750
Closing Costs
$6,300

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,550

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $105,000
Loan Amount $314,999
See What Happens When You Reinvest Cash Flow

3.17

YEARS SAVED

$12,717

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,040

    LIST RENT
  • $1.14

    LIST RENT PER SQFT
  • $2,011

    COMP ESTIMATED VALUE
  • $1.12

    COMP AVG. RENT PER SQFT
Comps Range
$1,775
1$1,7752$2,0403$2,1004$2,300
$2,300
RENT COMPS ANALYSIS
  • 29233 Glasgow Lake Elsinore, 2
    • 4 beds 2 baths ∙ 1,790 Sqft ∙ Built 2018 4 beds 2 baths ∙ 1,790 Sqft ∙ Built 2018
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,040
    • $1.14
    •  
  • 1800 E Lakeshore Drive Lake Elsinore, 1
    • 3 beds 3 baths ∙ 1,527 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,527 Sqft ∙ Built 2005
    property image
    LEASED 04/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,775
    • $1.16
    •  
  • 29518 Mascot Lake Elsinore, 3
    • 3 beds 2 baths ∙ 1,920 Sqft ∙ Built 2013 3 beds 2 baths ∙ 1,920 Sqft ∙ Built 2013
    property image
    LEASED 12/24/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.09
    •  
  • 18820 Oakview Way Lake Elsinore, 4
    • 4 beds 3 baths ∙ 2,052 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,052 Sqft ∙ Built 2001
    property image
    LEASED 04/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.12
    •  
PROPERTY LISTING DETAILS
Kevin Du
Kevin Du Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC20159073
Last Updated: 08/22/2020
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