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33538 Cedar Creek Lane Lake Elsinore, CA 92532

4 Beds 3 Baths 2,116 sqft Built 2006

$420,000

List Price

$2,060

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

February 10, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $198.49
  • 6 Days on Market
  • MLS # : MB21026902
  • Updated Date : 02/13/2021 at 08:24
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,116 sqft
  • Baths : 2 full , 1 half
Listing Agent

Excellence Re Real Estate

Listing Agent's Description

Move-in condition!! Canyon Hills, This house is ready to move in ideal for a first-time buyer home that features high vaulted ceilings. family room with a fireplace including an open concept to dining room and kitchen. The kitchen has an island and lots of cabinets for storage plus a huge pantry. Come upstairs a master bedroom across with his and hers walk-in closets. The laundry room is inside the house. The backyard is very private, for you to enjoy gatherings, a grass area. Home is blocks away from Cottonwood elementary and canyon middle school.

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: Creekside

ZipNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $143k485k

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

Neighborhood: Creekside

ZipNIR Market*CityMarket2010Year2000 Q22019 Q21100120013001400150016001700180019002000210022002300Rent in $10512347

* 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
Cottonwood Canyon Elementary School Primary Regular 942 39 6
Canyon Lake Middle School Middle Regular 1,207 44 6
Elsinore High School High Regular 2,125 90 5

Cottonwood Canyon Elementary School

  • Education Level: Primary
  • # of students: 942
  • # of teachers: 39
6
GreatSchools Rating

Canyon Lake Middle School

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

Elsinore High School

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

$378,000$462,000$420,000

PURCHASE PRICE

$1,854$2,266$2,060

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,060
EXPENSES Loan Payment -$1,459
Property Tax -$515
Property Insurance -$78
HOA -$126
Property Management Fees -$122
CASH FLOW
-$240

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.

$420,000

PROJECTED PRICE

$2,060

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 6.3%
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

PROJECTED ANNUAL CASH FLOW

11530-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

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$117,050

INVESTMENT

$117,050

Down Payment
$105,000
Rehab Estimate
$5,750
Closing Costs
$6,300

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,459

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $105,000
Loan Amount $315,000
See What Happens When You Reinvest Cash Flow

2.33

YEARS SAVED

$7,004

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,060

    LIST RENT
  • $0.97

    LIST RENT PER SQFT
  • $2,269

    COMP ESTIMATED VALUE
  • $1.07

    COMP AVG. RENT PER SQFT
Comps Range
$2,060
1$2,0602$2,1173$2,2504$2,3135$2,400
$2,400
RENT COMPS ANALYSIS
  • 33538 Cedar Creek Lane Lake Elsinore, CA 1
    • 4 beds 3 baths ∙ 2,116 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,116 Sqft ∙ Built 2006
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,060
    • $0.97
    •  
  • 32479 Silver Creek Lake Elsinore, CA 2
    • 4 beds 3 baths ∙ 2,118 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,118 Sqft ∙ Built 2005
    property image
    LEASED 06/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,117
    • $1.00
    •  
  • 34230 Baja Court Lake Elsinore, CA 3
    • 4 beds 3 baths ∙ 1,954 Sqft ∙ Built 2006 4 beds 3 baths ∙ 1,954 Sqft ∙ Built 2006
    property image
    LEASED 03/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $1.15
    •  
  • 32040 Poppy Way Lake Elsinore, CA 4
    • 4 beds 3 baths ∙ 2,291 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,291 Sqft ∙ Built 2002
    property image
    LEASED 06/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,313
    • $1.01
    •  
  • 34076 Corktree Road Lake Elsinore, CA 5
    • 3 beds 3 baths ∙ 2,133 Sqft ∙ Built 2009 3 beds 3 baths ∙ 2,133 Sqft ∙ Built 2009
    property image
    LEASED 03/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.13
    •  
PROPERTY LISTING DETAILS
Gustavo Flores
Excellence Re Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: MB21026902
Last Updated: 02/13/2021
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