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29422 Canyon Valley Drive Lake Elsinore, CA 92530

4 Beds 3 Baths 2,595 sqft Built 2009

$599,999

List Price

$2,480

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 23, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2009
  • Price/Sqft : $231.21
  • 7 Days on Market
  • MLS # : OC21036361
  • Updated Date : 02/24/2021 at 05:08
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,595 sqft
  • Baths : 2 full , 1 half
Listing Agent

Realty One Group West

Listing Agent's Description

Welcome Home! I am a turnkey property and ready to help you make wonderful memories with my large open floor plan! Upon entering, you will walk into a formal living space with enough room to fit a large sectional. The dining room accommodates a full size dining table with easy access to the kitchen. My highly upgraded kitchen overlooks a spacious family room with an additional dining area. The family room boasts a custom tile fireplace and mantle. My backyard is an entertainers dream with a large paver patio, custom gas fire pit, a professionally landscaped yard with stunning city and mountain views. I have all new luxury vinyl plank flooring, new top of the line carpeting upstairs as well custom paint inside and out. There are four large bedrooms and three full baths in my house - along with a huge bonus room - making the perfect play area, very large open office, home gym or classrooms! One of my bedrooms is downstairs which is currently being used for an office. The guest bathroom features a walk-in shower that is on the first floor. My master bedroom is huge - with sweeping views of the lake, city and mountains. Finally - just wait until you see my master bathroom in person!! A large inviting soaking tub greets you, separate water closet and I even have two oversized walk in closets! Oh guess what? My full size laundry room is upstairs! I am 2,000 feet above sea level - a serenity niche neighborhood - within walking distance to McVicker Sports Park.

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: Lake View District

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $143k459k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: Lake View District

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q21100120013001400150016001700180019002000Rent in $10352083

* 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
Rice Canyon Elementary School Primary Regular 884 35 6
Terra Cotta Middle School Middle Regular 1,126 43 3
Lakeside High School High Regular 1,973 87 5

Rice Canyon Elementary School

  • Education Level: Primary
  • # of students: 884
  • # of teachers: 35
6
GreatSchools Rating

Terra Cotta Middle School

  • Education Level: Middle
  • # of students: 1,126
  • # of teachers: 43
3
GreatSchools Rating

Lakeside High School

  • Education Level: High
  • # of students: 1,973
  • # of teachers: 87
5
GreatSchools Rating
 

$539,999$659,999$599,999

PURCHASE PRICE

$2,232$2,728$2,480

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,480
EXPENSES Loan Payment -$2,084
Property Tax -$738
Property Insurance -$90
HOA -$11
Property Management Fees -$146
CASH FLOW
-$590

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.

$599,999

PROJECTED PRICE

$2,480

PROJECTED RENT

0.41%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 8.1%
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-$10k-$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$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$164,750

INVESTMENT

$164,750

Down Payment
$150,000
Rehab Estimate
$5,750
Closing Costs
$9,000

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$2,084

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $150,000
Loan Amount $449,999
See What Happens When You Reinvest Cash Flow

0.75

YEARS SAVED

$1,898

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,480

    LIST RENT
  • $0.96

    LIST RENT PER SQFT
  • $2,543

    COMP ESTIMATED VALUE
  • $0.98

    COMP AVG. RENT PER SQFT
Comps Range
$2,250
1$2,2502$2,4803$2,650
$2,650
RENT COMPS ANALYSIS
  • 29422 Canyon Valley Drive Lake Elsinore, CA 2
    • 4 beds 3 baths ∙ 2,595 Sqft ∙ Built 2009 4 beds 3 baths ∙ 2,595 Sqft ∙ Built 2009
    • Rent
    • Rent Per SQFT
    •  
    • $2,480
    • $0.96
    •  
  • 3322 Banyon Circle Lake Elsinore, CA 1
    • 4 beds 3 baths ∙ 2,413 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,413 Sqft ∙ Built 2005
    LEASED 03/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.93
    •  
  • 29231 Woodbridge Street Lake Elsinore, CA 3
    • 4 beds 3 baths ∙ 2,582 Sqft ∙ Built 2014 4 beds 3 baths ∙ 2,582 Sqft ∙ Built 2014
    LEASED 09/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $1.03
    •  
PROPERTY LISTING DETAILS
Nancy Callihan
Realty One Group West
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21036361
Last Updated: 02/24/2021
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