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PROPERTY INFO
FACTS
- Single Family
- Built In 2000
- Price/Sqft : $215.88
- 6 Days on Market
- MLS # : DW20261599
- Updated Date : 12/22/2020 at 15:05
CONSTRUCTION
- Beds : 3
- Floor Size : 2,015 sqft
- Baths : 3 full
Listing Agent
Beautiful Homes Real Estate
Listing Agent's Description
Honey stop the car, this is the one. Are you seeing this mountain range? Did you see the kitchen, it's huge, I really like that island with the chairs, the backsplash, and the cabinets, there's so many cabinets and the walk-in pantry. Wait, you missed the built-in desk next to the fireplace? Perfect for zoom calls in the morning with a coffee. The house was recently remodeled, the floors came out nice and the recessed lights with the crown molding looks so fancy. I can't get over how nice these floors came out and they even made the stairs nice. The bedrooms are all upstairs, they're big and the master bedroom has a long bathroom and did you ask for a walk-in closet? Outside, the backyard with that covered patio is the perfect oasis after a long day stuck inside. I seen one like that on pintrest, with the little patio lights and they just put in new grass so you're ready for BBQs in the backyard as soon as you move in. There's also a patio in the front to wave at the neighbors or just take a break out front. There's a 3 car garage that gives you so much space, they use it as a work space, mancave, maybe the gym can go here? You're located in between both lakes, minutes from Costco and the Outlets, shops and schools and Lake Elisnore is growing fast. There's also a lot of nature trails and parks to get fresh air and walk your dog. I think we checked off all the boxes with this one. Check out that kitchen again, I can start a little youtube cooking show there.
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MARKET HIGHLIGHTS
- 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.
- 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)
PRICE & RENT TRENDS
Neighborhood: Lake Elsinore Hills District
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Lake Elsinore Hills District
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $2,050 |
| EXPENSES | Loan Payment | -$1,605 |
| Property Tax | -$427 | |
| Property Insurance | -$76 | |
| Property Management Fees | -$121 | |
|
CASH FLOW
-$178
|
||
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.
$434,997
PROJECTED PRICE
$2,050
PROJECTED RENT
0.47%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 3.96% |
| Appreciation Year (1-5) | 5.8% |
| Maintenance Year (1-5) | 8.00% |
| Vacancy | 5.43% |
| Length of Stay Years | 2 |
PROJECTED ACCUMULATED WEALTH
30 YEAR PROJECTION
- Cash Flow
- Appreciation
- Principal
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
TOTAL CASH OUT OF POCKET
INVESTMENT
$121,024
LOAN DETAILS
$1,605
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 4.25% |
| Down Payment | $108,749 |
| Loan Amount | $326,248 |
3.67
YEARS SAVED
$17,121
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$2,050
LIST RENT -
$1.02
LIST RENT PER SQFT
-
$2,287
COMP ESTIMATED VALUE -
$1.14
COMP AVG. RENT PER SQFT
Comps Range
-
31781 Ridgeview Drive Lake Elsinore, CA 1
- 3 beds 3 baths ∙ 2,015 Sqft ∙ Built 2000 3 beds 3 baths ∙ 2,015 Sqft ∙ Built 2000
![property image]()
- Rent
- Rent Per SQFT
- $2,050
- $1.02
-
24 Bella Lucia Lake Elsinore, CA 2
- 4 beds 3 baths ∙ 2,007 Sqft ∙ Built 1991 4 beds 3 baths ∙ 2,007 Sqft ∙ Built 1991
![property image]()
LEASED 10/05/20- Rent
- Rent Per SQFT
- $2,200
- $1.10
-
29 Bella Caserta Lake Elsinore, CA 3
- 4 beds 3 baths ∙ 2,180 Sqft ∙ Built 1991 4 beds 3 baths ∙ 2,180 Sqft ∙ Built 1991
![property image]()
LEASED 08/23/19- Rent
- Rent Per SQFT
- $2,300
- $1.06
-
33 Bella Donaci Lake Elsinore, CA 4
- 4 beds 3 baths ∙ 2,062 Sqft ∙ Built 1994 4 beds 3 baths ∙ 2,062 Sqft ∙ Built 1994
![property image]()
LEASED 02/26/20- Rent
- Rent Per SQFT
- $2,400
- $1.16
-
24040 Savory Way Lake Elsinore, CA 5
- 4 beds 3 baths ∙ 2,133 Sqft ∙ Built 2016 4 beds 3 baths ∙ 2,133 Sqft ∙ Built 2016
![property image]()
LEASED 10/29/20- Rent
- Rent Per SQFT
- $2,595
- $1.22
PROPERTY LISTING DETAILS
Beautiful Homes Real Estate
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: DW20261599
Last Updated: 12/22/2020
