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32479 Silver Lake Elsinore, CA 92532

4 Beds 3 Baths 2,118 sqft Built 2005

$407,000

List Price

$2,120

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

November 23, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $192.16
  • 7 Days on Market
  • MLS # : SW20245520
  • Updated Date : 11/27/2020 at 18:34
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,118 sqft
  • Baths : 2 full , 1 half
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

Canyon Hills Community , Very desirable area . 4 bedroom, 2 1/2 bathrooms, 2 car garage , 2118 sq feet, corner lot. all bedrooms are up, laundry is on 2nd floor, built 2005. Master bedroom has a large walk as well as a 2nd closet . The community offers :parks walking trails, walk to schools ,baseball games, water activitys, fishing, skydiving, corner lot. back yard offer 50 amp for your spa. Submit your offer today we can close fast

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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: 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
 

$366,300$447,700$407,000

PURCHASE PRICE

$1,908$2,332$2,120

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,120
EXPENSES Loan Payment -$1,502
Property Tax -$499
Property Insurance -$78
HOA -$129
Property Management Fees -$125
CASH FLOW
-$213

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.

$407,000

PROJECTED PRICE

$2,120

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

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k

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$113,605

INVESTMENT

$113,605

Down Payment
$101,750
Rehab Estimate
$5,750
Closing Costs
$6,105

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,502

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $101,750
Loan Amount $305,250
See What Happens When You Reinvest Cash Flow

2.67

YEARS SAVED

$10,447

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,120

    LIST RENT
  • $1

    LIST RENT PER SQFT
  • $2,187

    COMP ESTIMATED VALUE
  • $1.03

    COMP AVG. RENT PER SQFT
Comps Range
$2,117
1$2,1172$2,1203$2,2504$2,2505$2,313
$2,313
RENT COMPS ANALYSIS
  • 32479 Silver Lake Elsinore, CA 2
    • 4 beds 3 baths ∙ 2,118 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,118 Sqft ∙ Built 2005
    • Rent
    • Rent Per SQFT
    •  
    • $2,120
    • $1.00
    •  
  • 32479 Silver Creek Lake Elsinore, CA 1
    • 4 beds 3 baths ∙ 2,118 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,118 Sqft ∙ Built 2005
    LEASED 06/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,117
    • $1.00
    •  
  • 34230 Baja Court Lake Elsinore, CA 3
    • 4 beds 3 baths ∙ 1,954 Sqft ∙ Built 2006 4 beds 3 baths ∙ 1,954 Sqft ∙ Built 2006
    LEASED 03/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $1.15
    •  
  • 31962 Hollyhock Street Lake Elsinore, CA 4
    • 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
    •  
  • 32040 Poppy Way Lake Elsinore, CA 5
    • 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
    •  
PROPERTY LISTING DETAILS
Richard Knapp, Jr
Coldwell Banker Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SW20245520
Last Updated: 11/27/2020
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