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33480 Adelfa Street Lake Elsinore, CA 92530

3 Beds 2 Baths 1,364 sqft Built 1990

$325,000

List Price

$1,690

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1990
  • Price/Sqft : $238.27
  • 23 Days on Market
  • MLS # : NDP2100337
  • Updated Date : 01/27/2021 at 19:14
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,364 sqft
  • Baths : 1 full , 1 half
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

Charming Lake Elsinore cottage style home. At the foothills of the Cleveland National Forest. You can see the lake from the street. Dead end street makes for a serene feeling of living in a rural area. This home has an updated kitchen and bathrooms. Country French style cabinetry and granite counters. New roof, new electrical, evaporative cooler, white vinyl fencing (4 yrs old), windows are also 4 years old, according to the seller. Several fruit trees planted on property. This home is larger than listed as part of the home is (300 sq ft) unpermitted. Not a cookie cutter home, so warm and charming. Public records indicate this is a 3 bedroom home. It is actually a 2 bedroom home with two separate bonus rooms that can be converted to bedrooms if a closets are added. Private water rights to Lake Elsinore. 2 private boat ramps, picnic area, boating, fishing, this is serenity in these crazy times. Easy access to Ortega Highway bringing you directly into Orange County. Need to go the LA or SD, just jump on the 15! So close to all that Temecula offers at a fraction of the cost of a home.

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: Vista del Lago

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $102k459k

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

Neighborhood: Vista del Lago

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q290010001100120013001400150016001700180019002000Rent in $8162078

* 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
 

$292,500$357,500$325,000

PURCHASE PRICE

$1,521$1,859$1,690

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,690
EXPENSES Loan Payment -$1,129
Property Tax -$283
Property Insurance -$60
Property Management Fees -$100
CASH FLOW
$118

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.

$325,000

PROJECTED PRICE

$1,690

PROJECTED RENT

0.52%

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

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$91,875

INVESTMENT

$91,875

Down Payment
$81,250
Rehab Estimate
$5,750
Closing Costs
$4,875

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,129

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $81,250
Loan Amount $243,750
See What Happens When You Reinvest Cash Flow

7.58

YEARS SAVED

$31,532

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,690

    LIST RENT
  • $1.24

    LIST RENT PER SQFT
  • $1,695

    COMP ESTIMATED VALUE
  • $1.24

    COMP AVG. RENT PER SQFT
Comps Range
$1,690
1$1,6902$1,7453$1,8004$1,8005$2,000
$2,000
RENT COMPS ANALYSIS
  • 33480 Adelfa Street Lake Elsinore, CA 1
    • 3 beds 2 baths ∙ 1,364 Sqft ∙ Built 1990 3 beds 2 baths ∙ 1,364 Sqft ∙ Built 1990
    • Rent
    • Rent Per SQFT
    •  
    • $1,690
    • $1.24
    •  
  • 17540 Bodkin Avenue Lake Elsinore, CA 2
    • 3 beds 1 baths ∙ 1,348 Sqft ∙ Built 1986 3 beds 1 baths ∙ 1,348 Sqft ∙ Built 1986
    LEASED 09/09/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,745
    • $1.29
    •  
  • 1505 Morro Way Lake Elsinore, CA 3
    • 3 beds 2 baths ∙ 1,474 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,474 Sqft ∙ Built 1979
    LEASED 11/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.22
    •  
  • 33650 Naranjo Drive Lake Elsinore, CA 4
    • 3 beds 2 baths ∙ 1,460 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,460 Sqft ∙ Built 2005
    LEASED 11/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.23
    •  
  • 15101 Lighthouse Lane Lake Elsinore, CA 5
    • 3 beds 2 baths ∙ 1,625 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,625 Sqft ∙ Built 2004
    LEASED 01/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.23
    •  
PROPERTY LISTING DETAILS
Renee Mulliken
Coldwell Banker Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: NDP2100337
Last Updated: 01/27/2021
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