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3257 Date Court Lake Elsinore, CA 92530

3 Beds 3 Baths 1,953 sqft Built 2002

$429,900

List Price

$2,070

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

November 21, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $220.12
  • 2 Days on Market
  • MLS # : EV20244544
  • Updated Date : 11/21/2020 at 09:37
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,953 sqft
  • Baths : 2 full , 1 half
Listing Agent

Farnam & Associates Real Estate

Listing Agent's Description

THREE WISHES! Quality, Convenience, Comfort. This beautiful 3 bedroom home has been seasoned with love and care. Original Owner Purchased New from Builder in 2002. Extra Large Covered Patio with large concrete walkways & patio area. Many Fruit Trees & Low maintenance back yard. Low maintenance drought resistant front yard. 3 Bedrooms upstairs with Open Loft area could be enclosed for the 4th bedroom. Tile flooring in the entire downstairs area including the large open kitchen with island, family room with fireplace, and entry area/living room have vaulted ceilings. Low taxes and HOA. Close to schools, shopping and lake. Aesthetically beautiful; Financially smart. Situated on a cul-de-sac street.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Lake View District

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $143k459k

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

Neighborhood: Lake View District

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q21100120013001400150016001700180019002000Rent in $10352083

* 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
Rice Canyon Elementary School Primary Regular 884 35 6
Terra Cotta Middle School Middle Regular 1,126 43 3
Lakeside High School High Regular 1,973 87 5

Rice Canyon Elementary School

  • Education Level: Primary
  • # of students: 884
  • # of teachers: 35
6
GreatSchools Rating

Terra Cotta Middle School

  • Education Level: Middle
  • # of students: 1,126
  • # of teachers: 43
3
GreatSchools Rating

Lakeside High School

  • Education Level: High
  • # of students: 1,973
  • # of teachers: 87
5
GreatSchools Rating
 

$386,910$472,890$429,900

PURCHASE PRICE

$1,863$2,277$2,070

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,070
EXPENSES Loan Payment -$1,586
Property Tax -$400
Property Insurance -$74
HOA -$85
Property Management Fees -$122
CASH FLOW
-$198

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.

$429,900

PROJECTED PRICE

$2,070

PROJECTED RENT

0.48%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 8.1%
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$119,674

INVESTMENT

$119,674

Down Payment
$107,475
Rehab Estimate
$5,750
Closing Costs
$6,449

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,586

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $107,475
Loan Amount $322,425
See What Happens When You Reinvest Cash Flow

3.42

YEARS SAVED

$14,639

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,070

    LIST RENT
  • $1.06

    LIST RENT PER SQFT
  • $2,134

    COMP ESTIMATED VALUE
  • $1.09

    COMP AVG. RENT PER SQFT
Comps Range
$2,070
1$2,0702$2,1453$2,2004$2,2005$2,295
$2,295
RENT COMPS ANALYSIS
  • 3257 Date Court Lake Elsinore, CA 1
    • 3 beds 3 baths ∙ 1,953 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,953 Sqft ∙ Built 2002
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,070
    • $1.06
    •  
  • 16498 Antelope Street Lake Elsinore, CA 2
    • 3 beds 2 baths ∙ 2,003 Sqft ∙ Built 2003 3 beds 2 baths ∙ 2,003 Sqft ∙ Built 2003
    property image
    LEASED 12/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,145
    • $1.07
    •  
  • 29488 Regatta Way Lake Elsinore, CA 3
    • 3 beds 2 baths ∙ 2,000 Sqft ∙ Built 1997 3 beds 2 baths ∙ 2,000 Sqft ∙ Built 1997
    property image
    LEASED 04/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.10
    •  
  • 3852 Ash Street Lake Elsinore, CA 4
    • 3 beds 2 baths ∙ 1,941 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,941 Sqft ∙ Built 2005
    property image
    LEASED 05/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.13
    •  
  • 4103 Ballantree Street Lake Elsinore, CA 5
    • 4 beds 3 baths ∙ 2,147 Sqft ∙ Built 2011 4 beds 3 baths ∙ 2,147 Sqft ∙ Built 2011
    property image
    LEASED 03/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $1.07
    •  
PROPERTY LISTING DETAILS
Scott Farnam
Farnam & Associates Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: EV20244544
Last Updated: 11/21/2020
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