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34025 Corktree Road Lake Elsinore, CA 92532

3 Beds 2 Baths 1,655 sqft Built 2011

$410,000

List Price

$1,920

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

January 07, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2011
  • Price/Sqft : $247.73
  • 5 Days on Market
  • MLS # : IV21003114
  • Updated Date : 01/06/2021 at 16:59
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,655 sqft
  • Baths : 2 full
Listing Agent

Coldwell Banker Abr Prop Mgmt

Listing Agent's Description

Don't Miss Out On This Fantastic Home In The Prestigious Community of Canyon Hills! This home boasts; Three spacious bedrooms, two bathrooms, 20" tile in main living areas and bathrooms. Nice floor plan, plantation shutters, neutral paint colors, ceiling fans and recessed lighting! Kitchen offers; huge walk in pantry, granite counter tops, breakfast bar, black and stainless steel appliances. Master bedroom has; dual sink vanity, separate soaking tub and shower, walk in closet! Living room has a media niche, dining room has buffet alcove and access to back patio. The exterior offers spacious two car garage and fully fenced, private back yard and on a beautiful tree-lined street and located near schools and shopping. Canyon Hills is nestled in the foothills of Lake Elsinore surrounded by its natural beauty. From the preserved natural open space to private recreation centers, sprawling community parks and local shopping centers residents who choose Canyon Hills will find an old-fashioned sense of community. Families connect in many ways…from tennis dates in the park, gatherings at one of three community pools, cheering their kids on to victory at Little League® games or playing fetch with their pups at the community dog park. An active HOA and Social Committee keep things fun throughout the year with an Easter egg hunt in the Spring, outdoor movies in the park in summer and a Fall Festival in October.

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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: Foothill

ZipNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $143k485k

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

Neighborhood: Foothill

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
Herk Bouris Elementary School Primary Unknown 787 32 8
Menifee Valley Middle School Middle Regular 1,006 40 6
Paloma Valley High School High Regular 2,844 101 6

Herk Bouris Elementary School

  • Education Level: Primary
  • # of students: 787
  • # of teachers: 32
8
GreatSchools Rating

Menifee Valley Middle School

  • Education Level: Middle
  • # of students: 1,006
  • # of teachers: 40
6
GreatSchools Rating

Paloma Valley High School

  • Education Level: High
  • # of students: 2,844
  • # of teachers: 101
6
GreatSchools Rating
 

$369,000$451,000$410,000

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 -$1,424
Property Tax -$386
Property Insurance -$67
HOA -$140
Property Management Fees -$113
CASH FLOW
-$210

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.

$410,000

PROJECTED PRICE

$1,920

PROJECTED RENT

0.47%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 6.8%
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$114,400

INVESTMENT

$114,400

Down Payment
$102,500
Rehab Estimate
$5,750
Closing Costs
$6,150

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,424

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $102,500
Loan Amount $307,500
See What Happens When You Reinvest Cash Flow

2.58

YEARS SAVED

$8,675

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
  • $1.16

    LIST RENT PER SQFT
  • $1,965

    COMP ESTIMATED VALUE
  • $1.19

    COMP AVG. RENT PER SQFT
Comps Range
$1,920
1$1,9202$2,1453$2,1504$2,2505$2,400
$2,400
RENT COMPS ANALYSIS
  • 34025 Corktree Road Lake Elsinore, CA 1
    • 3 beds 2 baths ∙ 1,655 Sqft ∙ Built 2011 3 beds 2 baths ∙ 1,655 Sqft ∙ Built 2011
    • Rent
    • Rent Per SQFT
    •  
    • $1,920
    • $1.16
    •  
  • 34115 Dianthus Lane Lake Elsinore, CA 2
    • 4 beds 3 baths ∙ 1,963 Sqft ∙ Built 2012 4 beds 3 baths ∙ 1,963 Sqft ∙ Built 2012
    LEASED 10/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,145
    • $1.09
    •  
  • 34030 Winterberry Lane Lake Elsinore, CA 3
    • 3 beds 3 baths ∙ 1,712 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,712 Sqft ∙ Built 2006
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $1.26
    •  
  • 34230 Baja Court Lake Elsinore, CA 4
    • 4 beds 3 baths ∙ 1,954 Sqft ∙ Built 2006 4 beds 3 baths ∙ 1,954 Sqft ∙ Built 2006
    LEASED 03/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $1.15
    •  
  • 34168 Shasta Drive Lake Elsinore, CA 5
    • 4 beds 3 baths ∙ 1,922 Sqft ∙ Built 2013 4 beds 3 baths ∙ 1,922 Sqft ∙ Built 2013
    LEASED 08/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.25
    •  
PROPERTY LISTING DETAILS
Wendy Gault
Coldwell Banker Abr Prop Mgmt
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV21003114
Last Updated: 01/06/2021
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