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29331 Catchers Way Lake Elsinore, CA 92530

4 Beds 2 Baths 1,856 sqft Built 2012

$475,000

List Price

$2,120

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 27, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2012
  • Price/Sqft : $255.93
  • 5 Days on Market
  • MLS # : CV21062046
  • Updated Date : 03/27/2021 at 05:10
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,856 sqft
  • Baths : 2 full
Listing Agent

Reliance Real Estate Services

Listing Agent's Description

Beautiful single story home for sale in the masterfully planned community of Summerly. Located within walking distance to the Lake Elsinore Storm Stadium, this spacious open floor plan offers 3 bedrooms, a den, two full baths, and a two car garage. Spectacular interior features include dark rich colored cabinetry, granite kitchen counter tops with a breakfast bar and tile throughout all high traffic areas. Energy efficient features include dual pane windows and energy star appliances. Entertain friends and family in this stunning backyard uniquely positioned for breathtaking mountain views. This property is located within a highly sought after Summerly community with wonderful amenities such as, a pool, spa, community parks, splash pad, and close proximity to local shopping, restaurants, and easy access to the 15 freeway. This property is in immaculate condition and move in ready.

SEE MORE

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
 

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

PURCHASE PRICE

$1,908$2,332$2,120

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,120
EXPENSES Loan Payment -$1,650
Property Tax -$446
Property Insurance -$72
HOA -$117
Property Management Fees -$125
CASH FLOW
-$290

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

$2,120

PROJECTED RENT

0.45%

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

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 60% 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

2.33

YEARS SAVED

$8,091

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,120

    LIST RENT
  • $1.14

    LIST RENT PER SQFT
  • $2,255

    COMP ESTIMATED VALUE
  • $1.21

    COMP AVG. RENT PER SQFT
Comps Range
$1,775
1$1,7752$1,9753$2,1004$2,1205$2,450
$2,450
RENT COMPS ANALYSIS
  • 29331 Catchers Way Lake Elsinore, CA 4
    • 4 beds 2 baths ∙ 1,856 Sqft ∙ Built 2012 4 beds 2 baths ∙ 1,856 Sqft ∙ Built 2012
    • Rent
    • Rent Per SQFT
    •  
    • $2,120
    • $1.14
    •  
  • 1800 E Lakeshore Drive Lake Elsinore, CA 1
    • 3 beds 3 baths ∙ 1,527 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,527 Sqft ∙ Built 2005
    LEASED 04/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,775
    • $1.16
    •  
  • 440 Avenue 10 Lake Elsinore, CA 2
    • 3 beds 3 baths ∙ 1,705 Sqft ∙ Built 1993 3 beds 3 baths ∙ 1,705 Sqft ∙ Built 1993
    LEASED 03/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,975
    • $1.16
    •  
  • 350 Avenue 11 Lake Elsinore, CA 3
    • 3 beds 3 baths ∙ 1,705 Sqft ∙ Built 1992 3 beds 3 baths ∙ 1,705 Sqft ∙ Built 1992
    LEASED 04/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.23
    •  
  • 29430 Outfield Lake Elsinore, CA 5
    • 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
    •  
PROPERTY LISTING DETAILS
Anna Defrance
Reliance Real Estate Services
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV21062046
Last Updated: 03/27/2021
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