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29486 Jersey Lake Elsinore, CA 92530

3 Beds 2 Baths 1,868 sqft Built 2015

$450,000

List Price

$2,080

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

October 30, 2020 RECENTLY ADDED
FACTS
  • Built In 2015
  • Price/Sqft : $240.90
  • 6 Days on Market
  • MLS # : SW20227274
  • Updated Date : 10/31/2020 at 09:41
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,868 sqft
  • Baths : 2 full
Listing Agent

Coldwell Banker Assoc Brkr-sc

Listing Agent's Description

Located in Summerly's Master-planned Community is this incredible 2 story floor plan featuring, 3 bedrooms, 2 Baths, Large Upstairs loft w/ 4th Bdrm potential, a Welcoming entry that leads to Great room w/Dining area, Indoor laundry, 1,868 sq. ft., 2 car garage w/epoxy flooring & storage cabinets. This beautiful Home is situated on a 6,970 sf. Lot in cul-de-sac, is newer built construction by Ryland home builders in 2015. Has Open floor plan, high ceilings, a fire suppression sprinkler system, tankless water heater, Builder installed energy saving Sun Power Solar system (owned not leased). Seller has put thousands in upgrades- to inc. Paradigm waterproof luxury laminate flooring throughout except carpeted stairs, plantation shutters, Electric standalone Fireplace, Quartz countertops in Kitchen, master and quest bath, computer desk outside laundry, surround sound in upstairs loft, E 4 Control security system inside, custom security screen door, and 4 decorative doors with glass inserts. You will enjoy using your culinary skills in smartly designed Gourmet kitchen w/stainless steel appliances, custom soft close cabinets, large center island w/bar seating. Just off Great room is Spacious master suite w/walk in closet, a magnificent Ensuite bath w/his & hers sinks, and separate shower. Outdoors backyard is custom designed by Gore Planning with Alumawood patio cover, accent lighting with timer, beautiful fountain, rain gutters, sprinkler system, just to name a few.

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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: 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
 

$405,000$495,000$450,000

PURCHASE PRICE

$1,872$2,288$2,080

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,080
EXPENSES Loan Payment -$1,660
Property Tax -$423
Property Insurance -$72
HOA -$117
Property Management Fees -$123
CASH FLOW
-$315

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.

$450,000

PROJECTED PRICE

$2,080

PROJECTED RENT

0.46%

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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$125,000

INVESTMENT

$125,000

Down Payment
$112,500
Rehab Estimate
$5,750
Closing Costs
$6,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,660

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $112,500
Loan Amount $337,500
See What Happens When You Reinvest Cash Flow

2.25

YEARS SAVED

$8,188

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,080

    LIST RENT
  • $1.11

    LIST RENT PER SQFT
  • $2,144

    COMP ESTIMATED VALUE
  • $1.15

    COMP AVG. RENT PER SQFT
Comps Range
$1,775
1$1,7752$1,9003$2,0804$2,1005$2,300
$2,300
RENT COMPS ANALYSIS
  • 29486 Jersey Lake Elsinore, CA 3
    • 3 beds 2 baths ∙ 1,868 Sqft ∙ Built 2015 3 beds 2 baths ∙ 1,868 Sqft ∙ Built 2015
    • Rent
    • Rent Per SQFT
    •  
    • $2,080
    • $1.11
    •  
  • 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
    •  
  • 31713 Indian Spring Road Lake Elsinore, CA 2
    • 3 beds 2 baths ∙ 1,553 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,553 Sqft ∙ Built 1999
    LEASED 01/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $1.22
    •  
  • 29518 Mascot Lake Elsinore, CA 4
    • 3 beds 2 baths ∙ 1,920 Sqft ∙ Built 2013 3 beds 2 baths ∙ 1,920 Sqft ∙ Built 2013
    LEASED 12/24/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.09
    •  
  • 18820 Oakview Way Lake Elsinore, CA 5
    • 4 beds 3 baths ∙ 2,052 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,052 Sqft ∙ Built 2001
    LEASED 04/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.12
    •  
PROPERTY LISTING DETAILS
Denise Gentile
Coldwell Banker Assoc Brkr-sc
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SW20227274
Last Updated: 10/31/2020
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