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29456 Tours Street Lake Elsinore, CA 92530

5 Beds 3 Baths 2,300 sqft Built 1998

$525,000

List Price

$2,180

$2K - $2.4K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 07, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1998
  • Price/Sqft : $228.26
  • 2 Days on Market
  • MLS # : PW21047464
  • Updated Date : 03/06/2021 at 20:09
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,300 sqft
  • Baths : 3 full
Listing Agent

Exp Realty Of California

Listing Agent's Description

GREAT opportunity to own a singe-family residence in North Lake Community of beautiful Lake Elsinore! This home offers 5 bedrooms, 3 baths and a loft with gorgeous lake views. The tall ceilings provide a grand entrance as you walk into this wonderful layout with newer flooring. The rooms are spacious and the kitchen to family room concept is perfect for entertaining as you are steps away from the backyard patio area. The the move-in ready condition house also has a spacious 3 car garage. Close to shopping and walking distance to the Launch Pointe! Your home in this quiet neighborhood awaits you-this one will not last!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
 

$472,500$577,500$525,000

PURCHASE PRICE

$1,962$2,398$2,180

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,180
EXPENSES Loan Payment -$1,824
Property Tax -$488
Property Insurance -$83
Property Management Fees -$129
CASH FLOW
-$343

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.

$525,000

PROJECTED PRICE

$2,180

PROJECTED RENT

0.42%

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

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$144,875

INVESTMENT

$144,875

Down Payment
$131,250
Rehab Estimate
$5,750
Closing Costs
$7,875

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,824

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $131,250
Loan Amount $393,750
See What Happens When You Reinvest Cash Flow

2.33

YEARS SAVED

$8,642

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,180

    LIST RENT
  • $0.95

    LIST RENT PER SQFT
  • $2,277

    COMP ESTIMATED VALUE
  • $0.99

    COMP AVG. RENT PER SQFT
Comps Range
$1,875
1$1,8752$1,9953$2,1004$2,1805$2,200
$2,200
RENT COMPS ANALYSIS
  • 29456 Tours Street Lake Elsinore, CA 4
    • 5 beds 3 baths ∙ 2,300 Sqft ∙ Built 1998 5 beds 3 baths ∙ 2,300 Sqft ∙ Built 1998
    • Rent
    • Rent Per SQFT
    •  
    • $2,180
    • $0.95
    •  
  • 15148 Mahogany Way Lake Elsinore, CA 1
    • 4 beds 3 baths ∙ 2,037 Sqft ∙ Built 1996 4 beds 3 baths ∙ 2,037 Sqft ∙ Built 1996
    LEASED 11/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,875
    • $0.92
    •  
  • 15158 Versailles Street Lake Elsinore, CA 2
    • 4 beds 2 baths ∙ 1,969 Sqft ∙ Built 1997 4 beds 2 baths ∙ 1,969 Sqft ∙ Built 1997
    LEASED 10/25/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $1.01
    •  
  • 15068 Knollwood Street Lake Elsinore, CA 3
    • 4 beds 2 baths ∙ 2,032 Sqft ∙ Built 2002 4 beds 2 baths ∙ 2,032 Sqft ∙ Built 2002
    LEASED 02/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.03
    •  
  • 30999 Verona Street Lake Elsinore, CA 5
    • 4 beds 3 baths ∙ 2,197 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,197 Sqft ∙ Built 2007
    LEASED 03/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.00
    •  
PROPERTY LISTING DETAILS
Ismael Chavez
Exp Realty Of California
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21047464
Last Updated: 03/06/2021
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