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

32811 Magdaleno Court Lake Elsinore, CA 92530

3 Beds 2 Baths 1,487 sqft Built 1983

$449,000

List Price

$2,050

$1.8K - $2.3K

Rent Est.

PROPERTY INFO

February 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1983
  • Price/Sqft : $301.95
  • 3 Days on Market
  • MLS # : SW21024541
  • Updated Date : 02/05/2021 at 22:28
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,487 sqft
  • Baths : 2 full
Listing Agent

Better Homes And Gardens Real Estate Registry

Listing Agent's Description

Great home located at the north end of Lake Elsinore--has a huge yard, just under 1/2 acre, to store your RV, boat, toys, or equipment. Huge 24' double drive thru gate on one side--makes pulling into the back a breeze. This is a clean 3 bedroom, 2 bathroom home with an attached 3 car garage that is move in ready. Family room has a wood/ gas burning fireplace. Kitchen has nice views of the mountains and overlooks out onto the massive backyard. Throughout the entire home is tile flooring- no carpet. Master bedroom suite has a sliding glass door to the backyard and has an attached bathroom with a newer skylight, double vanities, walk in shower and walk in closet. Two secondary bedrooms with an additional bathroom. Multiple closets and linen cabinets for all of your storage needs. There is neutral beige paint with white trim throughout and ceiling fans in several rooms. This home has great bones and has been well taken care of. New tile roof with double felt installed in 2015, new water heater and new garage roll up doors and garage door openers in 2016 and a new HVAC system installed in 2018. The garage is all set up with additional electrical outlets and 3- 220V outlets. Also comes with a workbench with a vice and several storage shelves. Backyard is completely flat and level ready for whatever you need. Build a garage, second unit or just have space. Great neighborhood with a cul de sac at the end. Super LOW Taxes and NO HOA. Come enjoy this home- won't last long!

SEE MORE

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: Lake View

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $128k464k

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

Neighborhood: Lake View

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q21100120013001400150016001700180019002000Rent in $10512083

* 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
Withrow Elementary School Primary Regular 768 30 3
Terra Cotta Middle School Middle Regular 1,126 43 3
Lakeside High School High Regular 1,973 87 5

Withrow Elementary School

  • Education Level: Primary
  • # of students: 768
  • # of teachers: 30
3
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
 

$404,100$493,900$449,000

PURCHASE PRICE

$1,845$2,255$2,050

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,050
EXPENSES Loan Payment -$1,560
Property Tax -$391
Property Insurance -$63
Property Management Fees -$121
CASH FLOW
-$84

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.

$449,000

PROJECTED PRICE

$2,050

PROJECTED RENT

0.46%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 8.2%
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$1.6M

PROJECTED ANNUAL CASH FLOW

11530$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$124,735

INVESTMENT

$124,735

Down Payment
$112,250
Rehab Estimate
$5,750
Closing Costs
$6,735

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,560

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $112,250
Loan Amount $336,750
See What Happens When You Reinvest Cash Flow

4.58

YEARS SAVED

$21,709

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,050

    LIST RENT
  • $1.38

    LIST RENT PER SQFT
  • $2,033

    COMP ESTIMATED VALUE
  • $1.37

    COMP AVG. RENT PER SQFT
Comps Range
$1,900
1$1,9002$2,0503$2,1004$2,1005$2,175
$2,175
RENT COMPS ANALYSIS
  • 32811 Magdaleno Court Lake Elsinore, CA 2
    • 3 beds 2 baths ∙ 1,487 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,487 Sqft ∙ Built 1983
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $1.38
    •  
  • 15171 Teakwood Street Lake Elsinore, CA 1
    • 3 beds 2 baths ∙ 1,391 Sqft ∙ Built 1996 3 beds 2 baths ∙ 1,391 Sqft ∙ Built 1996
    LEASED 11/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $1.37
    •  
  • 257 Ohio Street Lake Elsinore, CA 3
    • 4 beds 3 baths ∙ 1,636 Sqft ∙ Built 1981 4 beds 3 baths ∙ 1,636 Sqft ∙ Built 1981
    LEASED 08/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.28
    •  
  • 925 Diane Way Lake Elsinore, CA 4
    • 3 beds 2 baths ∙ 1,468 Sqft ∙ Built 1982 3 beds 2 baths ∙ 1,468 Sqft ∙ Built 1982
    LEASED 03/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.43
    •  
  • 15120 Ficus Street Lake Elsinore, CA 5
    • 3 beds 2 baths ∙ 1,566 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,566 Sqft ∙ Built 1999
    LEASED 11/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,175
    • $1.39
    •  
PROPERTY LISTING DETAILS
Jessica Small
Better Homes And Gardens Real Estate Registry
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SW21024541
Last Updated: 02/05/2021
BESbswy