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32975 Serena Way Lake Elsinore, CA 92530

4 Beds 2 Baths 2,512 sqft Built 1990

$450,000

List Price

$2,160

$1.9K - $2.4K

Rent Est.

PROPERTY INFO

November 04, 2020 RECENTLY ADDED
FACTS
  • Built In 1990
  • Price/Sqft : $179.14
  • 5 Days on Market
  • MLS # : IG20232545
  • Updated Date : 11/04/2020 at 11:17
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,512 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Realty

Listing Agent's Description

WELCOME TO THIS BEAUTIFUL, MEDITERRANEAN-STYLE POOL HOME with gorgeous views of Lake Elsinore and Lake Access. Open Floor Plan. Wrap-around Fireplace in the family and living room. Two French Doors from the family/game room to the backyard pool oasis. Plantation Shutters. Beautiful front yard landscaping with large driveway for multiple vehicles or toys. Tons of hidden storage under the stairs and in one of the upstairs bedrooms with attic space. Two bedrooms and one bath downstairs. Two bedrooms and one bath upstairs. (Master Bedroom with attached Master Bathroom). Master Bedroom has an outdoor balcony to take in the spectacular views of Lake Elsinore, the city and the vast horizon of mountains and hills. Two large walk-in closets in the Master Bedroom. Convenient access to the Ortega Highway for easy commuting. Please view the 3D Video. Thank you. https://my.matterport.com/show/?m=jjdtZgWaf7F

SEE MORE

MARKET HIGHLIGHTS

  • 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.
  • 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)

PRICE & RENT TRENDS

Neighborhood: Lake Edge District

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $116k459k

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

Neighborhood: Lake Edge District

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q210001100120013001400150016001700180019002000Rent in $9112078

* 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
Lakeland Village School Primary Regular 912 44 2
Canyon Lake Middle School Middle Regular 1,207 44 6
Lakeside High School High Regular 1,973 87 5

Lakeland Village School

  • Education Level: Primary
  • # of students: 912
  • # of teachers: 44
2
GreatSchools Rating

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
 

$405,000$495,000$450,000

PURCHASE PRICE

$1,944$2,376$2,160

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,160
EXPENSES Loan Payment -$1,660
Property Tax -$437
Property Insurance -$88
HOA -$27
Property Management Fees -$127
CASH FLOW
-$180

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.

$450,000

PROJECTED PRICE

$2,160

PROJECTED RENT

0.48%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 9.4%
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-$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$125,000

INVESTMENT

$125,000

Down Payment
$112,500
Rehab Estimate
$5,750
Closing Costs
$6,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,660

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $112,500
Loan Amount $337,500
See What Happens When You Reinvest Cash Flow

3.5

YEARS SAVED

$16,562

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,160

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $2,273

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$2,000
1$2,0002$2,1603$2,2504$2,2505$2,295
$2,295
RENT COMPS ANALYSIS
  • 32975 Serena Way Lake Elsinore, CA 2
    • 4 beds 2 baths ∙ 2,512 Sqft ∙ Built 1990 4 beds 2 baths ∙ 2,512 Sqft ∙ Built 1990
    • Rent
    • Rent Per SQFT
    •  
    • $2,160
    • $0.86
    •  
  • 15129 Lighthouse Lane Lake Elsinore, CA 1
    • 3 beds 3 baths ∙ 2,197 Sqft ∙ Built 2003 3 beds 3 baths ∙ 2,197 Sqft ∙ Built 2003
    LEASED 09/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.91
    •  
  • 33125 Leeward Way Lake Elsinore, CA 3
    • 4 beds 3 baths ∙ 2,419 Sqft ∙ Built 1990 4 beds 3 baths ∙ 2,419 Sqft ∙ Built 1990
    LEASED 05/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.93
    •  
  • 32936 Serena Way Lake Elsinore, CA 4
    • 4 beds 3 baths ∙ 2,511 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,511 Sqft ∙ Built 2002
    LEASED 11/24/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.90
    •  
  • 33440 Walham Place Lake Elsinore, CA 5
    • 5 beds 3 baths ∙ 2,610 Sqft ∙ Built 2000 5 beds 3 baths ∙ 2,610 Sqft ∙ Built 2000
    LEASED 11/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $0.88
    •  
PROPERTY LISTING DETAILS
Sharie Scott
Keller Williams Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IG20232545
Last Updated: 11/04/2020
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