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32873 Cedar Drive Lake Elsinore, CA 92530

3 Beds 2 Baths 1,032 sqft Built 1940

$389,000

List Price

$1,740

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

February 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1940
  • Price/Sqft : $376.94
  • 2 Days on Market
  • MLS # : SW21030463
  • Updated Date : 02/13/2021 at 12:14
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,032 sqft
  • Baths : 1 full , 1 half
Listing Agent

Coldwell Banker Assoc.brks-cl

Listing Agent's Description

Full description and photos will be uploaded this afternoon. This property does come with a membership to the private access beach at the end of the street.

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: Kilmeny Orchard

NeighborhoodNIR Market*CityMarket2010Year20002019100k150k200k250k300k350k400k450kPrice in $72k459k

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

Neighborhood: Kilmeny Orchard

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q270080090010001100120013001400150016001700180019002000Rent in $6822078

* 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
Canyon Lake Middle School Middle Regular 1,207 44 6
Lakeside High School High Regular 1,973 87 5

Canyon Lake Middle School

  • Education Level: Middle
  • # of students: 1,207
  • # of teachers: 44
6
GreatSchools Rating

Lakeside High School

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

$350,100$427,900$389,000

PURCHASE PRICE

$1,566$1,914$1,740

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,740
EXPENSES Loan Payment -$1,351
Property Tax -$348
Property Insurance -$52
Property Management Fees -$103
CASH FLOW
-$114

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.

$389,000

PROJECTED PRICE

$1,740

PROJECTED RENT

0.45%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 9.0%
Maintenance Year (1-5) 8.00%
Vacancy 5.41%
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-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

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$108,835

INVESTMENT

$108,835

Down Payment
$97,250
Rehab Estimate
$5,750
Closing Costs
$5,835

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,351

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $97,250
Loan Amount $291,750
See What Happens When You Reinvest Cash Flow

4

YEARS SAVED

$14,431

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,740

    LIST RENT
  • $1.69

    LIST RENT PER SQFT
  • $1,971

    COMP ESTIMATED VALUE
  • $1.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,740
1$1,7402$2,100
$2,100
RENT COMPS ANALYSIS
  • 32873 Cedar Drive Lake Elsinore, CA 1
    • 3 beds 2 baths ∙ 1,032 Sqft ∙ Built 1940 3 beds 2 baths ∙ 1,032 Sqft ∙ Built 1940
    • Rent
    • Rent Per SQFT
    •  
    • $1,740
    • $1.69
    •  
  • 16242 Grand Avenue Lake Elsinore, CA 2
    • 4 beds 1 baths ∙ 1,100 Sqft ∙ Built 1947 4 beds 1 baths ∙ 1,100 Sqft ∙ Built 1947
    LEASED 01/14/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.91
    •  
PROPERTY LISTING DETAILS
Cassandra Borja
Coldwell Banker Assoc.brks-cl
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SW21030463
Last Updated: 02/13/2021
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