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29459 Mcvicker Canyon Park Road Lake Elsinore, CA 92530

4 Beds 3 Baths 2,595 sqft Built 2012

$549,999

List Price

$2,500

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

November 07, 2020 RECENTLY ADDED
FACTS
  • Built In 2012
  • Price/Sqft : $211.95
  • 3 Days on Market
  • MLS # : SW20234086
  • Updated Date : 11/06/2020 at 09:11
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,595 sqft
  • Baths : 3 full
Listing Agent

Keller Williams, The Lakes

Listing Agent's Description

Location! Location! Amazing views with a POOL size lot! This beautiful home in Cambria Hills at La Laguna Estates will not disappoint! This 4 bedroom and 3 bathroom home offers so many features. The main level of the home offers a formal living room and dining room with beautiful tile and engineered hardwood flooring throughout most of the main level. The spacious family room and kitchen are perfect for entertaining guest and family. The gorgeous kitchen with granite counter tops and large granite island has plenty of storage and allows the chef in the family plenty of space to make whatever they enjoy cooking! On the main level you will also find a spacious bedroom that is perfect for guests and family with a bathroom as well. Step out into your HUGE backyard space which can easily have a large pool with breathtaking views of Lake Elsinore and the National Forest. Heading upstairs you find a loft area and the door that takes you into your spacious master bedroom where you can enjoy those views from your large patio. Step into your full master bathroom with soaking tub, stand up shower and huge walk in closet which completes your master retreat. You have 2 more additional bedrooms on the upper level and full bathroom as well and the laundry room. The community offers hiking trails and parks. The Local elementary and Junior high are minutes away. This home will not last long so call us today!

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: 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
 

$494,999$604,999$549,999

PURCHASE PRICE

$2,250$2,750$2,500

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,500
EXPENSES Loan Payment -$2,029
Property Tax -$677
Property Insurance -$90
HOA -$135
Property Management Fees -$148
CASH FLOW
-$579

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.

$549,999

PROJECTED PRICE

$2,500

PROJECTED RENT

0.45%

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$151,500

INVESTMENT

$151,500

Down Payment
$137,500
Rehab Estimate
$5,750
Closing Costs
$8,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,029

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $137,500
Loan Amount $412,499
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$1,858

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,500

    LIST RENT
  • $0.96

    LIST RENT PER SQFT
  • $2,517

    COMP ESTIMATED VALUE
  • $0.97

    COMP AVG. RENT PER SQFT
Comps Range
$2,250
1$2,2502$2,3503$2,4004$2,5005$2,650
$2,650
RENT COMPS ANALYSIS
  • 29459 Mcvicker Canyon Park Road Lake Elsinore, CA 4
    • 4 beds 3 baths ∙ 2,595 Sqft ∙ Built 2012 4 beds 3 baths ∙ 2,595 Sqft ∙ Built 2012
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $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
    •  
  • 15488 Solstice Ct Lake Elsinore, CA 2
    • 5 beds 3 baths ∙ 2,721 Sqft ∙ Built 2005 5 beds 3 baths ∙ 2,721 Sqft ∙ Built 2005
    LEASED 01/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $0.86
    •  
  • 27481 Pacos Corona, CA 3
    • 3 beds 3 baths ∙ 2,274 Sqft ∙ Built 2002 3 beds 3 baths ∙ 2,274 Sqft ∙ Built 2002
    LEASED 05/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.06
    •  
  • 29231 Woodbridge Street Lake Elsinore, CA 5
    • 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
Misty Cochren
Keller Williams, The Lakes
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SW20234086
Last Updated: 11/06/2020
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