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29577 Cara Way Temecula, CA 92591

3 Beds 3 Baths 1,407 sqft Built 1990

$388,000

List Price

$1,910

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

January 30, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1990
  • Price/Sqft : $275.76
  • 2 Days on Market
  • MLS # : EV21019813
  • Updated Date : 01/30/2021 at 20:31
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,407 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Advantage

Listing Agent's Description

Tastefully appointed and cared for 3 Bed & 3 Bath FHA approved condo that is located in Temecula's Rancho Del Mar gated community within walking distance to schools and shopping. This sought after END UNIT is designed with dual master bedrooms upstairs and a full bed and bath downstairs with upgrades that include a remodeled kitchen with newer cabinets and appliances, as well as newer vanities in all baths. Step into this light and bright home with plenty of windows. Views of the pool from Kitchen, dining, and bedroom are bonus. Work or school from home and then enjoy all the gated community has to offer including stepping out to a pool, clubhouse, gym and tennis courts, and racquetball courts.

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

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
 

$349,200$426,800$388,000

PURCHASE PRICE

$1,719$2,101$1,910

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,910
EXPENSES Loan Payment -$1,348
Property Tax -$396
Property Insurance -$61
HOA -$325
Property Management Fees -$113
CASH FLOW
-$333

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.

$388,000

PROJECTED PRICE

$1,910

PROJECTED RENT

0.49%

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

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$108,570

INVESTMENT

$108,570

Down Payment
$97,000
Rehab Estimate
$5,750
Closing Costs
$5,820

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,348

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $97,000
Loan Amount $291,000
See What Happens When You Reinvest Cash Flow

1.08

YEARS SAVED

$1,719

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,910

    LIST RENT
  • $1.36

    LIST RENT PER SQFT
  • $1,984

    COMP ESTIMATED VALUE
  • $1.41

    COMP AVG. RENT PER SQFT
Comps Range
$1,850
1$1,8502$1,9103$1,9504$2,0005$2,100
$2,100
RENT COMPS ANALYSIS
  • 29577 Cara Way Temecula, CA 2
    • 3 beds 3 baths ∙ 1,407 Sqft ∙ Built 1990 3 beds 3 baths ∙ 1,407 Sqft ∙ Built 1990
    • Rent
    • Rent Per SQFT
    •  
    • $1,910
    • $1.36
    •  
  • 29590 Cara Way Temecula, CA 1
    • 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
Janine Nielsen
Re/max Advantage
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: EV21019813
Last Updated: 01/30/2021
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