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29571 Cara Way Temecula, CA 92591

3 Beds 3 Baths 1,407 sqft Built 1990

$379,900

List Price

$1,820

$1.6K - $2K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 1990
  • Price/Sqft : $270.01
  • 13 Days on Market
  • MLS # : SW20223290
  • Updated Date : 11/02/2020 at 18:41
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,407 sqft
  • Baths : 3 full
Listing Agent

First Team Real Estate, Tem

Listing Agent's Description

Darling 3 bedroom, 3 bathroom Condo located in the gated community of Rancho Del Mar is also FHA APPROVED! Located in the heart of Temecula! This highly sought after end unit is the only one with a park area in front and no street directly in front. Over 1400 sf of living space with a One bedroom and bath is located on the main floor. Dedicated laundry room with cabinets. The home has a two car garage with direct access to home. Tile floor in main areas on first floor. New Carpet just installed. White kitchen cabinets and stainless appliances. Upstairs has a sweet dedicated tech center. Master has balcony with view of the community and sunrises! The patio wraps around the unit with windows to let in the natural sunlight. Enjoy the community pool/spa, tennis court and racquetball court! Enjoy the walks throughout landscaped with lighting. Close to the Promenade Mall, award winning wineries, Old Town, world class Pechanga Casino and Resort! New SJMC college opening a couple of blocks away!

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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

Zip Code: 92591

ZipNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $149k614k

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

Zip Code: 92591

ZipNIR Market*CityMarket2010Year2000 Q22019 Q211001200130014001500160017001800190020002100220023002400Rent in $10822496

* 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
Temecula Elementary School Primary Regular 632 26 5
James L. Day Middle School Middle Regular 994 38 8
Chaparral High School High Regular 3,237 120 9

Temecula Elementary School

  • Education Level: Primary
  • # of students: 632
  • # of teachers: 26
5
GreatSchools Rating

James L. Day Middle School

  • Education Level: Middle
  • # of students: 994
  • # of teachers: 38
8
GreatSchools Rating

Chaparral High School

  • Education Level: High
  • # of students: 3,237
  • # of teachers: 120
9
GreatSchools Rating
 

$341,910$417,890$379,900

PURCHASE PRICE

$1,638$2,002$1,820

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,820
EXPENSES Loan Payment -$1,402
Property Tax -$388
Property Insurance -$61
HOA -$325
Property Management Fees -$107
CASH FLOW
-$463

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.

$379,900

PROJECTED PRICE

$1,820

PROJECTED RENT

0.48%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 5.7%
Maintenance Year (1-5) 8.00%
Vacancy 5.35%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$8.0k-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$106,424

INVESTMENT

$106,424

Down Payment
$94,975
Rehab Estimate
$5,750
Closing Costs
$5,699

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$1,402

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $94,975
Loan Amount $284,925
See What Happens When You Reinvest Cash Flow

0.33

YEARS SAVED

$239

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,820

    LIST RENT
  • $1.29

    LIST RENT PER SQFT
  • $1,984

    COMP ESTIMATED VALUE
  • $1.41

    COMP AVG. RENT PER SQFT
Comps Range
$1,820
1$1,8202$1,8503$1,9504$2,0005$2,100
$2,100
RENT COMPS ANALYSIS
  • 29571 Cara Way Temecula, CA 1
    • 3 beds 4 baths ∙ 1,407 Sqft ∙ Built 1990 3 beds 4 baths ∙ 1,407 Sqft ∙ Built 1990
    • Rent
    • Rent Per SQFT
    •  
    • $1,820
    • $1.29
    •  
  • 29590 Cara Way Temecula, CA 2
    • 3 beds 3 baths ∙ 1,311 Sqft ∙ Built 1990 3 beds 3 baths ∙ 1,311 Sqft ∙ Built 1990
    LEASED 09/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.41
    •  
  • 29574 Cara Way Temecula, CA 3
    • 3 beds 4 baths ∙ 1,407 Sqft ∙ Built 1990 3 beds 4 baths ∙ 1,407 Sqft ∙ Built 1990
    LEASED 08/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $1.39
    •  
  • 29771 Via Puesta Del Sol Temecula, CA 4
    • 3 beds 2 baths ∙ 1,411 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,411 Sqft ∙ Built 1986
    LEASED 08/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.42
    •  
  • 29737 Via Las Chacras Temecula, CA 5
    • 3 beds 2 baths ∙ 1,477 Sqft ∙ Built 1989 3 beds 2 baths ∙ 1,477 Sqft ∙ Built 1989
    LEASED 05/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.42
    •  
PROPERTY LISTING DETAILS
Saundra Stormer-simm
First Team Real Estate, Tem
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SW20223290
Last Updated: 11/02/2020
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