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29255 Southerness Lake Elsinore, CA 92530

4 Beds 3 Baths 2,521 sqft Built 2017

$520,000

List Price

$2,570

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2017
  • Price/Sqft : $206.27
  • 3 Days on Market
  • MLS # : CV21052318
  • Updated Date : 03/12/2021 at 11:55
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,521 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Time Realty

Listing Agent's Description

This SUMMERLY HOME in Lake Elsinore is an absolute joy to see with an amazing open floor plan!! Ready for you to move in, built in 2017. Very well maintained 2521 sq. ft., 4 bedrooms, 3 baths home. One bedroom and full bathroom downstairs.. This home offers ample space for your family to thoroughly enjoy! From the moment you walk through the front door, you are able to appreciate the floor plan and size of this home .. floor plan featuring a kitchen with granite countertops, beautiful cabinets, stainless steel appliances, and oversized kitchen island. A good size master bedroom with walk in closet, separate shower and soaking tub.. And a huge laundry room with a cabinets and a sink. Two car garage. That's not all.. This home offers a backyard with built in patio cover, lots of concrete. This is a great opportunity to own a beautiful home in the master planned community of Summerly. Freeway and shopping close by. Summerly amenities offer sprawling parks, swimming pools, kids splash zones, hiking trails, sport court, and clubhouse. Located near the golf course. THIS LISTING WILL NOT LAST LONG ON THE MARKET!!!

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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
 

$468,000$572,000$520,000

PURCHASE PRICE

$2,313$2,827$2,570

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,570
EXPENSES Loan Payment -$1,806
Property Tax -$488
Property Insurance -$88
HOA -$117
Property Management Fees -$152
CASH FLOW
-$81

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.

$520,000

PROJECTED PRICE

$2,570

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$1.8M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k$20k

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$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$143,550

INVESTMENT

$143,550

Down Payment
$130,000
Rehab Estimate
$5,750
Closing Costs
$7,800

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,806

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $130,000
Loan Amount $390,000
See What Happens When You Reinvest Cash Flow

4.58

YEARS SAVED

$25,005

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,570

    LIST RENT
  • $1.02

    LIST RENT PER SQFT
  • $2,584

    COMP ESTIMATED VALUE
  • $1.03

    COMP AVG. RENT PER SQFT
Comps Range
$2,300
1$2,3002$2,5703$2,6504$2,7005$2,700
$2,700
RENT COMPS ANALYSIS
  • 29255 Southerness Lake Elsinore, CA 2
    • 4 beds 3 baths ∙ 2,521 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,521 Sqft ∙ Built 2017
    • Rent
    • Rent Per SQFT
    •  
    • $2,570
    • $1.02
    •  
  • 29317 Centerfield Lake Elsinore, CA 1
    • 4 beds 3 baths ∙ 2,402 Sqft ∙ Built 2013 4 beds 3 baths ∙ 2,402 Sqft ∙ Built 2013
    LEASED 08/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.96
    •  
  • 29390 Batters Box Lake Elsinore, CA 3
    • 4 beds 3 baths ∙ 2,402 Sqft ∙ Built 2012 4 beds 3 baths ∙ 2,402 Sqft ∙ Built 2012
    LEASED 02/22/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $1.10
    •  
  • 29205 Lundin Links Lake Elsinore, CA 4
    • 4 beds 3 baths ∙ 2,521 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,521 Sqft ∙ Built 2017
    LEASED 05/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.07
    •  
  • 29314 First Green Lake Elsinore, CA 5
    • 4 beds 3 baths ∙ 2,789 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,789 Sqft ∙ Built 2017
    LEASED 09/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $0.97
    •  
PROPERTY LISTING DETAILS
Margarita Junak
Re/max Time Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV21052318
Last Updated: 03/12/2021
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