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3359 Fern Circle Lake Elsinore, CA 92530

4 Beds 3 Baths 2,804 sqft Built 2006

$460,000

List Price

$2,350

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

December 17, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $164.05
  • 5 Days on Market
  • MLS # : CV20258780
  • Updated Date : 12/16/2020 at 16:31
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,804 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Champions

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Alberhill District

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $149k631k

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

Neighborhood: Alberhill District

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q211001200130014001500160017001800190020002100220023002400Rent in $10512496

* 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
Machado Elementary School Primary Regular 709 28 2
Terra Cotta Middle School Middle Regular 1,126 43 3
Lakeside High School High Regular 1,973 87 5

Machado Elementary School

  • Education Level: Primary
  • # of students: 709
  • # of teachers: 28
2
GreatSchools Rating

Terra Cotta Middle School

  • Education Level: Middle
  • # of students: 1,126
  • # of teachers: 43
3
GreatSchools Rating

Lakeside High School

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

$414,000$506,000$460,000

PURCHASE PRICE

$2,115$2,585$2,350

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,350
EXPENSES Loan Payment -$1,697
Property Tax -$448
Property Insurance -$95
HOA -$140
Property Management Fees -$139
CASH FLOW
-$169

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.

$460,000

PROJECTED PRICE

$2,350

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 8.0%
Maintenance Year (1-5) 8.00%
Vacancy 5.35%
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-$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$127,650

INVESTMENT

$127,650

Down Payment
$115,000
Rehab Estimate
$5,750
Closing Costs
$6,900

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,697

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $115,000
Loan Amount $345,000
See What Happens When You Reinvest Cash Flow

3.67

YEARS SAVED

$18,399

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,350

    LIST RENT
  • $0.84

    LIST RENT PER SQFT
  • $2,421

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$2,300
1$2,3002$2,3503$2,3504$2,350
$2,350
RENT COMPS ANALYSIS
  • 3359 Fern Circle Lake Elsinore, CA 4
    • 4 beds 3 baths ∙ 2,804 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,804 Sqft ∙ Built 2006
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $0.84
    •  
  • 4144 Lovitt Circle Lake Elsinore, CA 1
    • 3 beds 3 baths ∙ 2,618 Sqft ∙ Built 2013 3 beds 3 baths ∙ 2,618 Sqft ∙ Built 2013
    property image
    LEASED 09/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.88
    •  
  • 200 S California Street Lake Elsinore, CA 2
    • 4 beds 3 baths ∙ 2,762 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,762 Sqft ∙ Built 2002
    property image
    LEASED 07/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $0.85
    •  
  • 15488 Solstice Ct Lake Elsinore, CA 3
    • 5 beds 3 baths ∙ 2,721 Sqft ∙ Built 2005 5 beds 3 baths ∙ 2,721 Sqft ∙ Built 2005
    property image
    LEASED 11/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $0.86
    •  
PROPERTY LISTING DETAILS
Leonel Alcazar
Re/max Champions
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV20258780
Last Updated: 12/16/2020
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