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PROPERTY INFO
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.
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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
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Lake View District
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
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
| 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
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
TOTAL CASH OUT OF POCKET
INVESTMENT
$119,674
LOAN DETAILS
$1,586
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 4.25% |
| Down Payment | $107,475 |
| Loan Amount | $322,425 |
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
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3257 Date Court Lake Elsinore, CA 1
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- Rent
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- $2,070
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16498 Antelope Street Lake Elsinore, CA 2
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LEASED 12/06/19- Rent
- Rent Per SQFT
- $2,145
- $1.07
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29488 Regatta Way Lake Elsinore, CA 3
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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
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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
Farnam & Associates Real Estate
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: EV20244544
Last Updated: 11/21/2020
