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31576 Lakeridge Court Temecula, CA 92591

3 Beds 2 Baths 2,237 sqft Built 2001

$574,900

List Price

$2,500

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

January 09, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $257.00
  • 3 Days on Market
  • MLS # : SW21003217
  • Updated Date : 01/08/2021 at 15:32
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,237 sqft
  • Baths : 2 full
Listing Agent

Redfin Corporation

Listing Agent's Description

Welcome to your lovely abode in the desirable area of Temeku Hills with PAID SOLAR! Enter into an open floor plan with wood-laminate flooring throughout, upgraded base and crown molding. This home is equipped with ceiling fans in every room, as well as an upgraded pergola with a ceiling fan! The gorgeous kitchen includes granite counters, custom roll-out shelving in the cabinets, a Reverse Osmosis water system, a kitchen island, and it is open to the great room! The great room includes a cozy gas fireplace with beautiful built-in shelving. Enter into the gorgeous green backyard that includes artificial pet-friendly turf, a natural gas grill, and tons of room to relax! Not to mention, the blooming of the flowers in the summer is something you wouldn't want to miss! There is also landscape lighting for you to truly enjoy the beauty of this backyard! This home features three very spacious bedrooms and two bathrooms. The primary bedroom has ample space and a private patio entrance, the primary bathroom has been remodeled and includes an upgraded Delta shower and handheld spray. The windows and patio doors have Smith and Nobel patio door treatments, there is an electronic water treatment system, an irrigation system with an upgraded controller, a nest thermostat, a security system and Ring doorbell, Keyless electronic entry, and to top it off, the garage includes epoxy flooring and full cabinets. Don’t let this home pass you by.

SEE MORE

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: Margarita Village - Temeku Hills

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $149k614k

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

Neighborhood: Margarita Village - Temeku Hills

NeighborhoodNIR 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
Vintage Hills Elementary School Primary Regular 745 29 8
Margarita Middle School Middle Regular 862 33 7
Temecula Valley High School High Regular 2,722 103 9

Vintage Hills Elementary School

  • Education Level: Primary
  • # of students: 745
  • # of teachers: 29
8
GreatSchools Rating

Margarita Middle School

  • Education Level: Middle
  • # of students: 862
  • # of teachers: 33
7
GreatSchools Rating

Temecula Valley High School

  • Education Level: High
  • # of students: 2,722
  • # of teachers: 103
9
GreatSchools Rating
 

$517,410$632,390$574,900

PURCHASE PRICE

$2,250$2,750$2,500

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,500
EXPENSES Loan Payment -$1,997
Property Tax -$596
Property Insurance -$81
HOA -$100
Property Management Fees -$148
CASH FLOW
-$422

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.

$574,900

PROJECTED PRICE

$2,500

PROJECTED RENT

0.43%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 6.5%
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$1.2M$1.4M$1.6M

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$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$158,099

INVESTMENT

$158,099

Down Payment
$143,725
Rehab Estimate
$5,750
Closing Costs
$8,624

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,997

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $143,725
Loan Amount $431,175
See What Happens When You Reinvest Cash Flow

1.67

YEARS SAVED

$6,678

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,500

    LIST RENT
  • $1.12

    LIST RENT PER SQFT
  • $2,545

    COMP ESTIMATED VALUE
  • $1.14

    COMP AVG. RENT PER SQFT
Comps Range
$2,495
1$2,4952$2,5003$2,5004$2,6805$2,750
$2,750
RENT COMPS ANALYSIS
  • 31576 Lakeridge Court Temecula, CA 3
    • 3 beds 2 baths ∙ 2,237 Sqft ∙ Built 2001 3 beds 2 baths ∙ 2,237 Sqft ∙ Built 2001
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.12
    •  
  • 41235 Sea Island Court Temecula, CA 1
    • 4 beds 3 baths ∙ 2,141 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,141 Sqft ∙ Built 2000
    LEASED 03/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $1.17
    •  
  • 41614 Corte Pergamino Temecula, CA 2
    • 4 beds 3 baths ∙ 2,371 Sqft ∙ Built 1996 4 beds 3 baths ∙ 2,371 Sqft ∙ Built 1996
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.05
    •  
  • 31348 Canterbury Court Temecula, CA 4
    • 4 beds 3 baths ∙ 2,430 Sqft ∙ Built 1997 4 beds 3 baths ∙ 2,430 Sqft ∙ Built 1997
    LEASED 06/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,680
    • $1.10
    •  
  • 31563 Lakeridge Court Temecula, CA 5
    • 3 beds 2 baths ∙ 2,237 Sqft ∙ Built 2001 3 beds 2 baths ∙ 2,237 Sqft ∙ Built 2001
    LEASED 12/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $1.23
    •  
PROPERTY LISTING DETAILS
Kimberly Rehnquist
Redfin Corporation
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SW21003217
Last Updated: 01/08/2021
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