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30831 Plumas Street Lake Elsinore, CA 92530

4 Beds 3 Baths 2,286 sqft Built 1983

$649,980

List Price

$2,540

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1983
  • Price/Sqft : $284.33
  • 24 Days on Market
  • MLS # : SW20229194
  • Updated Date : 11/19/2020 at 09:13
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,286 sqft
  • Baths : 3 full
Listing Agent

Jarrod Whitehorn, Broker

Listing Agent's Description

Turnkey highly upgraded home offers countless unique upgrades! This property sits on a lot that is over 35,000 Sq Ft with multiple gates for RV access AND a large over-sized detached garage complete with covered patio area perfectly aligned to take advantage of the massive yard! The curb appeal from this home is spectacular with plenty of concrete walkways, a fountain, low water landscaping, block walls stucco'd to match the home and even an elegant wrought iron gate! As you enter the home upgraded solid surface flooring sweeps through the living spaces and a remodeled fireplace hearth and mantle welcome you to the comfy and convenient living room directly off the kitchen. The kitchen itself has been remodeled with new hardware, counters, and even a full backsplash and under cabinet lighting as no expense was spared by this owner. Off the living area is an almost 400 sq ft theatre room complete with mounted projector and canned lighted throughout. This room could also easily function as a massive 4th bedroom. Down the hall are two additional guest bedrooms and a newly permitted and add-on master bedroom. The master bedroom was designed with a modern look, feel, and function and has an extremely large closet, retreat, and open bath concept! Exterior has been almost completely landscaped including hundreds of feet of retaining walls which is incredible for a lot of this size!

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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

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $128k464k

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

Neighborhood: Lake View

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q21100120013001400150016001700180019002000Rent in $10512083

* 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
Withrow Elementary School Primary Regular 768 30 3
Terra Cotta Middle School Middle Regular 1,126 43 3
Lakeside High School High Regular 1,973 87 5

Withrow Elementary School

  • Education Level: Primary
  • # of students: 768
  • # of teachers: 30
3
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
 

$584,982$714,978$649,980

PURCHASE PRICE

$2,286$2,794$2,540

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,540
EXPENSES Loan Payment -$2,398
Property Tax -$566
Property Insurance -$83
Property Management Fees -$150
CASH FLOW
-$656

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.

$649,980

PROJECTED PRICE

$2,540

PROJECTED RENT

0.39%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 8.2%
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$500k$1.0M$1.5M$2.0M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$177,995

INVESTMENT

$177,995

Down Payment
$162,495
Rehab Estimate
$5,750
Closing Costs
$9,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,398

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $162,495
Loan Amount $487,485
See What Happens When You Reinvest Cash Flow

1.25

YEARS SAVED

$4,419

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,540

    LIST RENT
  • $1.11

    LIST RENT PER SQFT
  • $2,332

    COMP ESTIMATED VALUE
  • $1.02

    COMP AVG. RENT PER SQFT
Comps Range
$1,975
1$1,9752$1,9953$2,0004$2,1005$2,540
$2,540
RENT COMPS ANALYSIS
  • 30831 Plumas Street Lake Elsinore, CA 5
    • 4 beds 3 baths ∙ 2,286 Sqft ∙ Built 1983 4 beds 3 baths ∙ 2,286 Sqft ∙ Built 1983
    • Rent
    • Rent Per SQFT
    •  
    • $2,540
    • $1.11
    •  
  • 15234 Washington Avenue Lake Elsinore, CA 1
    • 3 beds 3 baths ∙ 1,949 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,949 Sqft ∙ Built 2003
    LEASED 04/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,975
    • $1.01
    •  
  • 15158 Versailles Street Lake Elsinore, CA 2
    • 4 beds 2 baths ∙ 1,969 Sqft ∙ Built 1997 4 beds 2 baths ∙ 1,969 Sqft ∙ Built 1997
    LEASED 10/25/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $1.01
    •  
  • 33163 Friar Tuck Way Lake Elsinore, CA 3
    • 4 beds 3 baths ∙ 1,938 Sqft ∙ Built 2003 4 beds 3 baths ∙ 1,938 Sqft ∙ Built 2003
    LEASED 07/24/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.03
    •  
  • 15068 Knollwood Street Lake Elsinore, CA 4
    • 4 beds 2 baths ∙ 2,032 Sqft ∙ Built 2002 4 beds 2 baths ∙ 2,032 Sqft ∙ Built 2002
    LEASED 02/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.03
    •  
PROPERTY LISTING DETAILS
Jarrod Whitehorn
Jarrod Whitehorn, Broker
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SW20229194
Last Updated: 11/19/2020
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