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34306 Chaparossa Dr. Lake Elsinore, CA 92532

5 Beds 2 Baths 2,889 sqft Built 2007

$560,000

List Price

$2,390

$2.2K - $2.6K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 14, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2007
  • Price/Sqft : $193.84
  • 2 Days on Market
  • MLS # : MB21053146
  • Updated Date : 03/13/2021 at 20:09
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,889 sqft
  • Baths : 2 full
Listing Agent

Excellence Re Real Estate

Listing Agent's Description

This a dream to home to live in practically looks looks like a model, 5 bedroom with a floorplan in a great community of Canyon Hills, clean tiled living room beautiful gourmet kitchen, with built-appliances, top micro oven granite counter tops plenty of cabinets plus butler's pantry, and breakfast nook opens to a family room island with built-in appliances Gourmet kitchen stove, opens to a family room with fire place, downstairs a bedroom and a bath room ideal for visitors in the desirable community of Canyon Hills, from the moment you step in learn to love this great home, A Living room with very high ceiling. Down the hallway is the formal dining room and an outdoor Patio, Going upstairs, 3 bedrooms, main bathroom with dual sinks, laundry room with upper/lower cabinets & utility sink, hallway with storage cabinets, and large loft perfect as game/media or family room room, the master bedroom with a retreat area & master bathroom and suite (double sinks with vanity space, separate shower/tub, large walk-in closet). 2 car garage has lots of room. Step outside to your private backyard with concrete patio that has plenty of room to make your own enjoyable paradise! Upgrades include: Southern wood shutters through-out laminate/tile floors, wrought iron rails at stairs, and much more to mention! Canyon Hills is a master planned community that offers multiple community pools, sports courts, playgrounds, kid's splash zone, dog parks, and lots of more amenities!

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: 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
 

$504,000$616,000$560,000

PURCHASE PRICE

$2,151$2,629$2,390

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,390
EXPENSES Loan Payment -$1,945
Property Tax -$527
Property Insurance -$97
HOA -$119
Property Management Fees -$141
CASH FLOW
-$439

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.

$560,000

PROJECTED PRICE

$2,390

PROJECTED RENT

0.43%

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$1.4M$1.6M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$154,150

INVESTMENT

$154,150

Down Payment
$140,000
Rehab Estimate
$5,750
Closing Costs
$8,400

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,945

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $140,000
Loan Amount $420,000
See What Happens When You Reinvest Cash Flow

1.58

YEARS SAVED

$5,375

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,390

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $2,578

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$2,300
1$2,3002$2,3903$2,6004$2,7005$2,800
$2,800
RENT COMPS ANALYSIS
  • 34306 Chaparossa Dr. Lake Elsinore, CA 2
    • 5 beds 2 baths ∙ 2,889 Sqft ∙ Built 2007 5 beds 2 baths ∙ 2,889 Sqft ∙ Built 2007
    • Rent
    • Rent Per SQFT
    •  
    • $2,390
    • $0.83
    •  
  • 24072 Deputy Way Menifee, CA 1
    • 4 beds 3 baths ∙ 2,952 Sqft ∙ Built 2016 4 beds 3 baths ∙ 2,952 Sqft ∙ Built 2016
    LEASED 05/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.78
    •  
  • 34295 Chaparossa Drive Lake Elsinore, CA 3
    • 5 beds 3 baths ∙ 3,088 Sqft ∙ Built 2006 5 beds 3 baths ∙ 3,088 Sqft ∙ Built 2006
    LEASED 08/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $0.84
    •  
  • 35422 Ocotillo Court Lake Elsinore, CA 4
    • 4 beds 3 baths ∙ 2,800 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,800 Sqft ∙ Built 2006
    LEASED 12/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $0.96
    •  
  • 34093 Lady Fern Court Lake Elsinore, CA 5
    • 4 beds 3 baths ∙ 2,835 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,835 Sqft ∙ Built 2007
    LEASED 03/10/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $0.99
    •  
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 #: MB21053146
Last Updated: 03/13/2021
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