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31948 Honeysuckle Court Lake Elsinore, CA 92532

4 Beds 3 Baths 2,457 sqft Built 2002

$449,888

List Price

$2,330

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

November 15, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $183.10
  • 2 Days on Market
  • MLS # : CV20240045
  • Updated Date : 11/14/2020 at 16:44
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,457 sqft
  • Baths : 2 full , 1 half
Listing Agent

Kw College Park

Listing Agent's Description

Step in & enjoy your new beautiful single family two story home. It is in the coveted Canyon Hills community! As you first enter, you find the high ceiling foyer with plenty of natural light streaming in the windows and recessed lighting through out. Then, make your way into the kitchen that has been upgraded, newer WHIRLPOOL Suite stainless steel appliances, stylestone quartz, recessed lighting, island, & 42 inch cabinets. Just off the kitchen area is a family room, dining area with over sized windows, & slider to the backyard. There are four spacious bedrooms upstairs, and another room (5th) DOWNSTAIRS for an office or guest. The bathrooms are conveniently located throughout, one downstairs, two upstairs, & a laundry room. Make your way up the staircase, which features all the four bedrooms and the master suite with walk in closet / bathroom. The backyard features amazing mountain views and plenty of room to play or rest! The two car attached garage with epoxy floors & insulated doors also has direct access to the house. Some additional bonuses are the energy efficiency with solar, newer HVAC, alumawood patio cover, and new water heater. The community club house with a low HOA payment of $118.50 a month has three sparkling pools, spa, play zone for the kids, park, BBQ area. LOCATION, LOCATION, LOCATION! You can find all the sought after locale - Shopping, Entertainment, Restaurants, and Grocery, to make for a seamless place to do life! So make us an offer we can't refuse!

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: Creekside

ZipNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $143k485k

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

Neighborhood: Creekside

ZipNIR Market*CityMarket2010Year2000 Q22019 Q21100120013001400150016001700180019002000210022002300Rent in $10512347

* 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
Cottonwood Canyon Elementary School Primary Regular 942 39 6
Canyon Lake Middle School Middle Regular 1,207 44 6
Elsinore High School High Regular 2,125 90 5

Cottonwood Canyon Elementary School

  • Education Level: Primary
  • # of students: 942
  • # of teachers: 39
6
GreatSchools Rating

Canyon Lake Middle School

  • Education Level: Middle
  • # of students: 1,207
  • # of teachers: 44
6
GreatSchools Rating

Elsinore High School

  • Education Level: High
  • # of students: 2,125
  • # of teachers: 90
5
GreatSchools Rating
 

$404,899$494,877$449,888

PURCHASE PRICE

$2,097$2,563$2,330

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,330
EXPENSES Loan Payment -$1,660
Property Tax -$552
Property Insurance -$87
HOA -$119
Property Management Fees -$137
CASH FLOW
-$224

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.

$449,888

PROJECTED PRICE

$2,330

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 6.3%
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$200k$400k$600k$800k$1.0M$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

11530-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$124,970

INVESTMENT

$124,970

Down Payment
$112,472
Rehab Estimate
$5,750
Closing Costs
$6,748

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,660

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $112,472
Loan Amount $337,416
See What Happens When You Reinvest Cash Flow

3

YEARS SAVED

$12,754

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,330

    LIST RENT
  • $0.95

    LIST RENT PER SQFT
  • $2,482

    COMP ESTIMATED VALUE
  • $1.01

    COMP AVG. RENT PER SQFT
Comps Range
$2,250
1$2,2502$2,2503$2,3134$2,3305$2,400
$2,400
RENT COMPS ANALYSIS
  • 31948 Honeysuckle Court Lake Elsinore, CA 4
    • 4 beds 3 baths ∙ 2,457 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,457 Sqft ∙ Built 2002
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,330
    • $0.95
    •  
  • 34096 Agaliya Court Lake Elsinore, CA 1
    • 4 beds 3 baths ∙ 2,326 Sqft ∙ Built 2010 4 beds 3 baths ∙ 2,326 Sqft ∙ Built 2010
    property image
    LEASED 01/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.97
    •  
  • 31962 Hollyhock Street Lake Elsinore, CA 2
    • 4 beds 3 baths ∙ 2,317 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,317 Sqft ∙ Built 2002
    property image
    LEASED 06/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.97
    •  
  • 32040 Poppy Way Lake Elsinore, CA 3
    • 4 beds 3 baths ∙ 2,291 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,291 Sqft ∙ Built 2002
    property image
    LEASED 06/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,313
    • $1.01
    •  
  • 24186 Carnation Way Lake Elsinore, CA 5
    • 4 beds 3 baths ∙ 2,210 Sqft ∙ Built 2016 4 beds 3 baths ∙ 2,210 Sqft ∙ Built 2016
    property image
    LEASED 07/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.09
    •  
PROPERTY LISTING DETAILS
Lori Alvarez
Kw College Park
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV20240045
Last Updated: 11/14/2020
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