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29323 Little Lane Lake Elsinore, CA 92530

4 Beds 3 Baths 1,895 sqft Built 2018

$475,000

List Price

$2,240

$2K - $2.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 25, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2018
  • Price/Sqft : $250.66
  • 4 Days on Market
  • MLS # : IG21039420
  • Updated Date : 02/25/2021 at 10:57
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,895 sqft
  • Baths : 3 full
Listing Agent

Coldwell Banker Blackstone

Listing Agent's Description

PRACTICALLY BRAND NEW MOVE-IN READY HOME with NO NEIGHBORS DIRECTLY BEHIND in the desirable neighborhood of Summerly! At entry, you'll immediately see a downstairs bedroom & full bathroom. Coat closet goes deep underneath the stairs. Family kitchen has granite counters, double sinks, stainless steel appliances, elegant dark cabinets, and pantry. Kitchen opens to the dining el & family room. Going upstairs is the spacious master bedroom with views of the mountains. Master en-suite has an extended shower, dual sinks with plenty of vanity space, storage niche, and walk-in closet. Down the hallway is the main bathroom, 2 bedrooms, linen closet, and laundry room with upper shelf. Through the sliding door at family room is your private pie-shaped pool-sized backyard with patio cover, grass area, concrete walkway to a separate sitting area perfect for relaxing and/or entertaining! 2 car garage has enough room for storage/workshop. Upgrades include: crown moldings, laminate/tile floors, LED lights, separate upper & lower whole house fans, tankless water heater, patio cover with 2 ceiling fans & rain gutters, vinyl & block fences, premium lot with extended driveway to park 4 cars, and much more to mention! This home is only seconds walking distance to all community amenities! Summerly is a master planned community that features 2 pools, 3 parks, fire pits, clubhouse, sport court, kid's splash zones, hiking trails, and more amenities to come! Close to shopping, restaurants, and 15 FWY!

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
 

$427,500$522,500$475,000

PURCHASE PRICE

$2,016$2,464$2,240

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,240
EXPENSES Loan Payment -$1,650
Property Tax -$446
Property Insurance -$73
HOA -$117
Property Management Fees -$132
CASH FLOW
-$178

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.

$475,000

PROJECTED PRICE

$2,240

PROJECTED RENT

0.47%

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$1.6M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$131,625

INVESTMENT

$131,625

Down Payment
$118,750
Rehab Estimate
$5,750
Closing Costs
$7,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,650

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $118,750
Loan Amount $356,250
See What Happens When You Reinvest Cash Flow

3.5

YEARS SAVED

$14,721

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,240

    LIST RENT
  • $1.18

    LIST RENT PER SQFT
  • $2,193

    COMP ESTIMATED VALUE
  • $1.16

    COMP AVG. RENT PER SQFT
Comps Range
$2,100
1$2,1002$2,2403$2,3004$2,4505$2,475
$2,475
RENT COMPS ANALYSIS
  • 29323 Little Lane Lake Elsinore, CA 2
    • 4 beds 3 baths ∙ 1,895 Sqft ∙ Built 2018 4 beds 3 baths ∙ 1,895 Sqft ∙ Built 2018
    • Rent
    • Rent Per SQFT
    •  
    • $2,240
    • $1.18
    •  
  • 29518 Mascot Lake Elsinore, CA 1
    • 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 3
    • 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
    •  
  • 29430 Outfield Lake Elsinore, CA 4
    • 3 beds 2 baths ∙ 1,868 Sqft ∙ Built 2015 3 beds 2 baths ∙ 1,868 Sqft ∙ Built 2015
    LEASED 12/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $1.31
    •  
  • 29262 St Andrews Lake Elsinore, CA 5
    • 4 beds 3 baths ∙ 2,223 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,223 Sqft ∙ Built 2015
    LEASED 06/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,475
    • $1.11
    •  
PROPERTY LISTING DETAILS
Ray Lopez
Coldwell Banker Blackstone
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IG21039420
Last Updated: 02/25/2021
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