Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

29483 Rock Point Drive Lake Elsinore, CA 92530

5 Beds 3 Baths 2,000 sqft Built 2006

$470,000

List Price

$2,130

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $235.00
  • 21 Days on Market
  • MLS # : CV20240854
  • Updated Date : 12/02/2020 at 11:17
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,000 sqft
  • Baths : 3 full
Listing Agent

Realty Masters & Associates

Listing Agent's Description

Large 5 bedroom 3 full bath home for sale in Lake Elsinore. Boasts bedroom and full bath downstairs and lake view. Perfect for entertaining, inside and out!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
 

$423,000$517,000$470,000

PURCHASE PRICE

$1,917$2,343$2,130

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,130
EXPENSES Loan Payment -$1,734
Property Tax -$578
Property Insurance -$76
HOA -$138
Property Management Fees -$126
CASH FLOW
-$522

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.

$470,000

PROJECTED PRICE

$2,130

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

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$130,300

INVESTMENT

$130,300

Down Payment
$117,500
Rehab Estimate
$5,750
Closing Costs
$7,050

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,734

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $117,500
Loan Amount $352,500
See What Happens When You Reinvest Cash Flow

0.5

YEARS SAVED

$1,028

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,130

    LIST RENT
  • $1.07

    LIST RENT PER SQFT
  • $2,240

    COMP ESTIMATED VALUE
  • $1.12

    COMP AVG. RENT PER SQFT
Comps Range
$1,900
1$1,9002$2,1253$2,1304$2,1955$2,295
$2,295
RENT COMPS ANALYSIS
  • 29483 Rock Point Drive Lake Elsinore, CA 3
    • 5 beds 3 baths ∙ 2,000 Sqft ∙ Built 2006 5 beds 3 baths ∙ 2,000 Sqft ∙ Built 2006
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,130
    • $1.07
    •  
  • 805 Alpine Court Lake Elsinore, CA 1
    • 4 beds 2 baths ∙ 1,696 Sqft ∙ Built 1995 4 beds 2 baths ∙ 1,696 Sqft ∙ Built 1995
    property image
    LEASED 06/28/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $1.12
    •  
  • 29448 Rock Point Drive Lake Elsinore, CA 2
    • 4 beds 3 baths ∙ 2,000 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,000 Sqft ∙ Built 2006
    property image
    LEASED 03/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,125
    • $1.06
    •  
  • 29272 Northpointe Street Lake Elsinore, CA 4
    • 4 beds 3 baths ∙ 1,914 Sqft ∙ Built 1992 4 beds 3 baths ∙ 1,914 Sqft ∙ Built 1992
    property image
    LEASED 02/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,195
    • $1.15
    •  
  • 29264 Point Shore Drive Lake Elsinore, CA 5
    • 4 beds 2 baths ∙ 2,004 Sqft ∙ Built 2008 4 beds 2 baths ∙ 2,004 Sqft ∙ Built 2008
    property image
    LEASED 02/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $1.15
    •  
PROPERTY LISTING DETAILS
Kristy Heisser
Realty Masters & Associates
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV20240854
Last Updated: 12/02/2020
BESbswy