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34338 Heather Ridge Court Lake Elsinore, CA 92532

4 Beds 3 Baths 2,592 sqft Built 2012

$450,000

List Price

$2,360

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

November 13, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2012
  • Price/Sqft : $173.61
  • 4 Days on Market
  • MLS # : CV20238556
  • Updated Date : 11/12/2020 at 17:29
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,592 sqft
  • Baths : 2 full , 1 half
Listing Agent

Kw Vision

Listing Agent's Description

Welcome to this beautiful 4 bedroom, 2.5 bath home with loft in the highly desirable community of Canyon Hills in Lake Elsinore. This home also has an enclosed den downstairs that can easily be used as an office or fifth bedroom. The kitchen features granite countertops in perfect contrast with the light cabinets and stainless steel appliances and offers plenty of storage and counter space and opens up to the dining room and family room. The family room boasts a stone fireplace perfect for enjoying our cool Fall evenings. As you make your way upstairs you will find the spacious loft, large master bedroom, and three additional bedrooms. To make this home even more desirable the community features 3 resort style pools with beach entry, Spa, BBQ, playground, and rec room! This home will please even your most discerning buyers! **Solar is Paid off**

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
 

$405,000$495,000$450,000

PURCHASE PRICE

$2,124$2,596$2,360

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,360
EXPENSES Loan Payment -$1,660
Property Tax -$423
Property Insurance -$90
HOA -$118
Property Management Fees -$139
CASH FLOW
-$71

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.

$450,000

PROJECTED PRICE

$2,360

PROJECTED RENT

0.52%

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

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k$20k

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$125,000

INVESTMENT

$125,000

Down Payment
$112,500
Rehab Estimate
$5,750
Closing Costs
$6,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,660

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $112,500
Loan Amount $337,500
See What Happens When You Reinvest Cash Flow

4.92

YEARS SAVED

$26,735

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,360

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $2,365

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$2,149
1$2,1492$2,3603$2,3954$2,4505$2,555
$2,555
RENT COMPS ANALYSIS
  • 34338 Heather Ridge Court Lake Elsinore, CA 2
    • 4 beds 3 baths ∙ 2,592 Sqft ∙ Built 2012 4 beds 3 baths ∙ 2,592 Sqft ∙ Built 2012
    • Rent
    • Rent Per SQFT
    •  
    • $2,360
    • $0.91
    •  
  • 34241 Toyon Court Lake Elsinore, CA 1
    • 4 beds 2 baths ∙ 2,469 Sqft ∙ Built 2006 4 beds 2 baths ∙ 2,469 Sqft ∙ Built 2006
    LEASED 01/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,149
    • $0.87
    •  
  • 30697 Long Point Drive Canyon Lake, CA 3
    • 4 beds 3 baths ∙ 2,714 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,714 Sqft ∙ Built 2000
    LEASED 12/24/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $0.88
    •  
  • 36438 Tansy Court Lake Elsinore, CA 4
    • 4 beds 4 baths ∙ 2,795 Sqft ∙ Built 2015 4 beds 4 baths ∙ 2,795 Sqft ∙ Built 2015
    LEASED 08/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $0.88
    •  
  • 36401 Verbena Road Lake Elsinore, CA 5
    • 4 beds 3 baths ∙ 2,502 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,502 Sqft ∙ Built 2015
    LEASED 01/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,555
    • $1.02
    •  
PROPERTY LISTING DETAILS
Leticia Sotomayor
Kw Vision
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV20238556
Last Updated: 11/12/2020
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