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32 Corte Rivera Lake Elsinore, CA 92532

4 Beds 3 Baths 2,086 sqft Built 1996

INVESTimate

$439,900

List Price

$2,190

$1,971 - $2,409

Rent Est.

$465,898  ( +5.91%)   1 YR EST. FORECAST

PROPERTY INFO

August 23, 2020 RECENTLY ADDED
FACTS
  • Built In 1996
  • Price/Sqft : $210.88
  • 4 Days on Market
  • MLS # : IG20172403
  • Updated Date : 08/24/2020 at 16:57
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,086 sqft
  • Baths : 2 full , 1 half
Listing Agent

Realty One Group West

Listing Agent's Description

Location, Location, Location!!!. Beautiful Single Story Home Located in The Prestigious Tuscany Hills Community. This Home is situated on a Quiet Cul-De-Sac with no Neighbors Behind and Unobstructed Panoramic Views of the City Lights and Lake Views. As you enter This Home, You are greeted by an Open Floor Plan with High Ceilings, Featuring 3 Bedrooms and an Office that can easily be a 4th Bedroom. The Spacious Family Room has a Cozy Fireplace, Adorned with Custom Built –In Cabinetry and Opens to an Entertainer’s Dream Kitchen with Dinning Area. The Kitchen is Well Appointed with Crisp White Counters, Plenty of Cabinet Storage, Large Island, and Stainless Steel Appliances. The Master Suite Features an Oversized Master Bathroom with Walk- In Shower, Soaking Tub, Dual Vanity, and Walk - In Closet. This Home is Fully Upgraded with Built-In Cabinets and Plantation Shutters throughout the Entire Home. Tuscany Hills has a Full Resort Style Clubhouse with Tennis, Pools, Sauna, Playground, Weight Room, Recreation Room that can be rented for Private Events, and Much More….. DON’T MISS OUT ON THIS AMAZING OPPORTUNITY TO OWN THIS GEM.

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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: Tuscany Hills

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550kPrice in $149k584k

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

Neighborhood: Tuscany Hills

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2110012001300140015001600170018001900200021002200230024002500Rent in $10512516

* 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
Tuscany Hills Elementary School Primary Regular 777 33 8
Canyon Lake Middle School Middle Regular 1,207 44 6
Temescal Canyon High School High Regular 2,172 89 7

Tuscany Hills Elementary School

  • Education Level: Primary
  • # of students: 777
  • # of teachers: 33
8
GreatSchools Rating

Canyon Lake Middle School

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

Temescal Canyon High School

  • Education Level: High
  • # of students: 2,172
  • # of teachers: 89
7
GreatSchools Rating
 

$395,910$483,890$439,900

PURCHASE PRICE

$1,971$2,409$2,190

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,190
EXPENSES Loan Payment -$1,623
Property Tax -$416
Property Insurance -$78
HOA -$167
Property Management Fees -$129
CASH FLOW
-$223

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.

$439,900

PROJECTED PRICE

$2,190

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 5.91%
Maintenance Year (1-5) 8.00%
Vacancy 5.35%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$122,324

INVESTMENT

$122,324

Down Payment
$109,975
Rehab Estimate
$5,750
Closing Costs
$6,599

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,623

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $109,975
Loan Amount $329,925
See What Happens When You Reinvest Cash Flow

3.08

YEARS SAVED

$12,987

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,190

    LIST RENT
  • $1.05

    LIST RENT PER SQFT
  • $2,368

    COMP ESTIMATED VALUE
  • $1.14

    COMP AVG. RENT PER SQFT
Comps Range
$2,050
1$2,0502$2,1903$2,3004$2,4005$2,550
$2,550
RENT COMPS ANALYSIS
  • 32 Corte Rivera Lake Elsinore, 2
    • 4 beds 3 baths ∙ 2,086 Sqft ∙ Built 1996 4 beds 3 baths ∙ 2,086 Sqft ∙ Built 1996
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,190
    • $1.05
    •  
  • 32 Del Brienza Lake Elsinore, 1
    • 3 beds 2 baths ∙ 1,936 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,936 Sqft ∙ Built 2000
    property image
    LEASED 02/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $1.06
    •  
  • 24 Bella Lucia Lake Elsinore, 3
    • 4 beds 3 baths ∙ 2,007 Sqft ∙ Built 1991 4 beds 3 baths ∙ 2,007 Sqft ∙ Built 1991
    property image
    LEASED 08/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.15
    •  
  • 33 Bella Donaci Lake Elsinore, 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
    •  
  • 6 Bella Lucia Lake Elsinore, 5
    • 4 beds 3 baths ∙ 2,180 Sqft ∙ Built 1991 4 beds 3 baths ∙ 2,180 Sqft ∙ Built 1991
    property image
    LEASED 10/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $1.17
    •  
PROPERTY LISTING DETAILS
Marian Wells-munerlyn
Realty One Group West
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IG20172403
Last Updated: 08/24/2020
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