Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

32031 Poppy Way Lake Elsinore, CA 92532

4 Beds 3 Baths 2,457 sqft Built 2002

$489,900

List Price

$2,490

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 19, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $199.39
  • 3 Days on Market
  • MLS # : SW21034518
  • Updated Date : 02/19/2021 at 09:56
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,457 sqft
  • Baths : 2 full , 1 half
Listing Agent

Redfin Corporation

Listing Agent's Description

Move-in ready home is the desirable Cottonwood Canyon Hills community features great curb appeal, a spacious floorplan, custom paint scheme, recessed lighting, and plantation shutters (on the 1st floor). The formal living room features beautiful tile flooring and flows into the family room and combination dining room with fireplace. The kitchen features shabby-chic style cabinetry, gorgeous granite countertops, stone tile backsplash, and stainless steel appliances. One bedroom and ½ bathroom on the 1st floor, and three bedrooms plus a bonus area, a laundry room, and additional storage area on the 2nd floor. The large primary bedroom features the ideal ensuite with dual sink vanity, a soaking tub, a separate shower, marble vinyl-plank flooring, and a huge walk-in closet. Enjoy the large backyard with a built-in Alumawood patio with a fan, and turf-grass. Community amenities including a swimming pool, spa, bbq area, clubhouse, playground, sports and tennis courts, and more! Conveniently located near schools, shopping, dining, and more!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
 

$440,910$538,890$489,900

PURCHASE PRICE

$2,241$2,739$2,490

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,490
EXPENSES Loan Payment -$1,702
Property Tax -$596
Property Insurance -$87
HOA -$118
Property Management Fees -$147
CASH FLOW
-$160

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.

$489,900

PROJECTED PRICE

$2,490

PROJECTED RENT

0.51%

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$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$135,574

INVESTMENT

$135,574

Down Payment
$122,475
Rehab Estimate
$5,750
Closing Costs
$7,349

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,702

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $122,475
Loan Amount $367,425
See What Happens When You Reinvest Cash Flow

3.58

YEARS SAVED

$15,721

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,490

    LIST RENT
  • $1.01

    LIST RENT PER SQFT
  • $2,494

    COMP ESTIMATED VALUE
  • $1.02

    COMP AVG. RENT PER SQFT
Comps Range
$2,250
1$2,2502$2,3003$2,3134$2,4905$2,900
$2,900
RENT COMPS ANALYSIS
  • 32031 Poppy Way Lake Elsinore, CA 4
    • 4 beds 3 baths ∙ 2,457 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,457 Sqft ∙ Built 2002
    • Rent
    • Rent Per SQFT
    •  
    • $2,490
    • $1.01
    •  
  • 31962 Hollyhock Street Lake Elsinore, CA 1
    • 4 beds 3 baths ∙ 2,317 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,317 Sqft ∙ Built 2002
    LEASED 06/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.97
    •  
  • 35570 Desert Rose Way Lake Elsinore, CA 2
    • 4 beds 3 baths ∙ 2,387 Sqft ∙ Built 2010 4 beds 3 baths ∙ 2,387 Sqft ∙ Built 2010
    LEASED 02/13/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.96
    •  
  • 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
    LEASED 06/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,313
    • $1.01
    •  
  • 23235 Continental Drive Canyon Lake, CA 5
    • 4 beds 3 baths ∙ 2,600 Sqft ∙ Built 1999 4 beds 3 baths ∙ 2,600 Sqft ∙ Built 1999
    LEASED 05/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $1.12
    •  
PROPERTY LISTING DETAILS
Teri Conley
Redfin Corporation
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SW21034518
Last Updated: 02/19/2021
BESbswy