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31380 Mckenna Court 
Lake Elsinore, CA
92530
3 Beds 2 Baths 2,052 sqft
Built 2018
INVESTimate
$439,000
List Price
$122,085
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PROPERTY INFO
FACTS
- Built In 2018
- Price/Sqft : $213.94
- 2 Days on Market
- MLS # : CV20174608
- Updated Date : 08/25/2020 at 12:33
CONSTRUCTION
- Beds : 3
- Floor Size : 2,052 sqft
- Baths : 2 full
Listing Agent
Ehomes
Listing Agent's Description
Just Listed !! Gorgeous single story home, located in one of Lake Elsinore's newest neighborhoods. Built in 2018 & designed for the most captious buyer. This home offers unique opportunity to live in brand new home for a reasonable price without the additional cost of HOAs. 3bed and 2 bath home is in pristine condition ***Pictures and videos coming soon***
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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: Lake View District
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Lake View District
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
PROJECTED ACCUMULATED WEALTH
30 YEAR PROJECTION
- Cash Flow
- Appreciation
- Principal
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $2,180 |
| EXPENSES | Loan Payment | -$1,620 |
| Property Tax | -$392 | |
| Property Insurance | -$77 | |
| Property Management Fees | -$129 | |
|
CASH FLOW
-$38
|
||
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.
$439,000
PROJECTED PRICE
$2,180
PROJECTED RENT
0.50%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 3.96% |
| Appreciation Year (1-5) | 8.12% |
| Maintenance Year (1-5) | 8.00% |
| Vacancy | 5.43% |
| Length of Stay Years | 2 |
TOTAL CASH OUT OF POCKET
INVESTMENT
$122,085
LOAN DETAILS
$1,620
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 4.25% |
| Down Payment | $109,750 |
| Loan Amount | $329,250 |
5.5
YEARS SAVED
$31,018
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$2,180
LIST RENT -
$1.06
LIST RENT PER SQFT
-
$2,093
COMP ESTIMATED VALUE -
$1.02
COMP AVG. RENT PER SQFT
Comps Range
-
31380 Mckenna Court Lake Elsinore, 3
- 3 beds 2 baths ∙ 2,052 Sqft ∙ Built 2018 3 beds 2 baths ∙ 2,052 Sqft ∙ Built 2018
- Rent
- Rent Per SQFT
- $2,180
- $1.06
-
15234 Washington Avenue Lake Elsinore, 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
-
16529 Sedona Street Lake Elsinore, 2
- 3 beds 3 baths ∙ 1,942 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,942 Sqft ∙ Built 2006
LEASED 02/15/20- Rent
- Rent Per SQFT
- $2,000
- $1.03
-
30999 Verona Street Lake Elsinore, 4
- 4 beds 3 baths ∙ 2,197 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,197 Sqft ∙ Built 2007
LEASED 03/31/20- Rent
- Rent Per SQFT
- $2,200
- $1.00
-
33006 Seville Lake Elsinore, 5
- 4 beds 3 baths ∙ 2,197 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,197 Sqft ∙ Built 2006
LEASED 12/12/19- Rent
- Rent Per SQFT
- $2,295
- $1.04
PROPERTY LISTING DETAILS
Ehomes
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: CV20174608
Last Updated: 08/25/2020
