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32890 Scales Way Lake Elsinore, CA 92530

3 Beds 3 Baths 1,500 sqft Built 1974

$399,000

List Price

$1,920

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

November 13, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1974
  • Price/Sqft : $266.00
  • 3 Days on Market
  • MLS # : SW20239460
  • Updated Date : 11/13/2020 at 15:06
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,500 sqft
  • Baths : 2 full , 1 half
Listing Agent

Ranbrea Realty

Listing Agent's Description

Remodel in process; Whole house remodeled and refurbished, Entry Stairs into Main Level, New paint, New fixtures, New Appliances, New Flooring, Laminate in Main Living area, Carpet in Bedrooms, HVAC 4 Zoned separate room units(Energy efficient, run on 25amps) Deck off of Master Bedroom(aprx 30 X 8), Both bathrooms have Shower/tub combos, Jack N Jill Bathroom, Covered Concrete Patio, Ground floor 3 Car Garage with 1/2 bath & Laundry Room, and a Separate office/utility room, Large driveway and Front Yard, RV and Boat Parking ( Mobile home is being removed)

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: Lakeland Village

NeighborhoodNIR Market*CityMarket2010Year20002019100k150k200k250k300k350k400k450kPrice in $98k459k

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

Neighborhood: Lakeland Village

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q210001100120013001400150016001700180019002000Rent in $9012078

* 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
William Collier Elementary School Primary Regular 612 26 4
David A. Brown Middle School Middle Regular 1,010 41 4
Elsinore High School High Regular 2,125 90 5

William Collier Elementary School

  • Education Level: Primary
  • # of students: 612
  • # of teachers: 26
4
GreatSchools Rating

David A. Brown Middle School

  • Education Level: Middle
  • # of students: 1,010
  • # of teachers: 41
4
GreatSchools Rating

Elsinore High School

  • Education Level: High
  • # of students: 2,125
  • # of teachers: 90
5
GreatSchools Rating
 

$359,100$438,900$399,000

PURCHASE PRICE

$1,728$2,112$1,920

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,920
EXPENSES Loan Payment -$1,472
Property Tax -$348
Property Insurance -$64
Property Management Fees -$113
CASH FLOW
-$77

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.

$399,000

PROJECTED PRICE

$1,920

PROJECTED RENT

0.48%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 11.2%
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$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$111,485

INVESTMENT

$111,485

Down Payment
$99,750
Rehab Estimate
$5,750
Closing Costs
$5,985

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,472

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $99,750
Loan Amount $299,250
See What Happens When You Reinvest Cash Flow

4.58

YEARS SAVED

$22,659

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,920

    LIST RENT
  • $1.28

    LIST RENT PER SQFT
  • $2,155

    COMP ESTIMATED VALUE
  • $1.44

    COMP AVG. RENT PER SQFT
Comps Range
$1,795
1$1,7952$1,9203$2,0004$2,150
$2,150
RENT COMPS ANALYSIS
  • 32890 Scales Way Lake Elsinore, CA 2
    • 3 beds 4 baths ∙ 1,500 Sqft ∙ Built 1974 3 beds 4 baths ∙ 1,500 Sqft ∙ Built 1974
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,920
    • $1.28
    •  
  • 21611 Waite St. Wildomar, CA 1
    • 3 beds 2 baths ∙ 1,457 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,457 Sqft ∙ Built 1971
    property image
    LEASED 06/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $1.23
    •  
  • 32455 Somerset Drive Lake Elsinore, CA 3
    • 3 beds 3 baths ∙ 1,438 Sqft ∙ Built 1989 3 beds 3 baths ∙ 1,438 Sqft ∙ Built 1989
    property image
    LEASED 05/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.39
    •  
  • 19243 Okeechobee Lane Lake Elsinore, CA 4
    • 3 beds 2 baths ∙ 1,274 Sqft ∙ Built 1989 3 beds 2 baths ∙ 1,274 Sqft ∙ Built 1989
    property image
    LEASED 10/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $1.69
    •  
PROPERTY LISTING DETAILS
Randal Banagas
Ranbrea Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SW20239460
Last Updated: 11/13/2020
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