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35875 Covington Drive Wildomar, CA 92595

5 Beds 3 Baths 2,617 sqft Built 2004

$499,000

List Price

$2,600

$2.4K - $2.9K

Rent Est.

PROPERTY INFO

December 03, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2004
  • Price/Sqft : $190.68
  • 5 Days on Market
  • MLS # : PTP2001805
  • Updated Date : 12/05/2020 at 11:01
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,617 sqft
  • Baths : 3 full
Listing Agent

Coldwell Banker West

Listing Agent's Description

Fantastic 5 Bedrooms / 3 Bathrooms home with 3-Car Garage, outstanding views of mountains / hills off the back with a pool size backyard. Walk inside this beautiful large entry area that moves into a formal living with the formal dining room just adjacent. Features: large kitchen opens to breakfast nook designed for a small table so you can enjoy views and family room with fireplace. Master bedroom has a master bathroom with dual vanities, separate soaking tub and shower, and a walk-in closet. Step into the large private backyard and enjoy. Situated in a perfect quiet community above Clinton Keith with easy access to the I15 and I215 plus multiple stores and shops in Wildomar and Murrieta and LOW taxes (combined 1.34%).

SEE MORE

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: Wildomar

ZipNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500kPrice in $143k529k

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

Neighborhood: Wildomar

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q21100120013001400150016001700180019002000210022002300Rent in $10782398

* 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
Ronald Reagan Elementary School Primary Regular 709 30 4
David A. Brown Middle School Middle Regular 1,010 41 4
Elsinore High School High Regular 2,125 90 5

Ronald Reagan Elementary School

  • Education Level: Primary
  • # of students: 709
  • # of teachers: 30
4
GreatSchools Rating

David A. Brown Middle School

  • Education Level: Middle
  • # of students: 1,010
  • # of teachers: 41
4
GreatSchools Rating

Elsinore High School

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

$449,100$548,900$499,000

PURCHASE PRICE

$2,340$2,860$2,600

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,600
EXPENSES Loan Payment -$1,841
Property Tax -$600
Property Insurance -$91
HOA -$130
Property Management Fees -$153
CASH FLOW
-$215

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.

$499,000

PROJECTED PRICE

$2,600

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 7.5%
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-$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$1.6M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$137,985

INVESTMENT

$137,985

Down Payment
$124,750
Rehab Estimate
$5,750
Closing Costs
$7,485

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,841

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $124,750
Loan Amount $374,250
See What Happens When You Reinvest Cash Flow

3.33

YEARS SAVED

$16,731

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,600

    LIST RENT
  • $0.99

    LIST RENT PER SQFT
  • $2,689

    COMP ESTIMATED VALUE
  • $1.03

    COMP AVG. RENT PER SQFT
Comps Range
$2,500
1$2,5002$2,6003$2,6504$2,7005$2,950
$2,950
RENT COMPS ANALYSIS
  • 35875 Covington Drive Wildomar, CA 2
    • 5 beds 3 baths ∙ 2,617 Sqft ∙ Built 2004 5 beds 3 baths ∙ 2,617 Sqft ∙ Built 2004
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $0.99
    •  
  • 40463 Jennings Drive Murrieta, CA 1
    • 4 beds 3 baths ∙ 2,492 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,492 Sqft ∙ Built 2003
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.00
    •  
  • 23594 Millstone Place Murrieta, CA 3
    • 4 beds 3 baths ∙ 2,567 Sqft ∙ Built 1992 4 beds 3 baths ∙ 2,567 Sqft ∙ Built 1992
    LEASED 10/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $1.03
    •  
  • 35706 Verde Vista Way Wildomar, CA 4
    • 5 beds 3 baths ∙ 2,728 Sqft ∙ Built 2006 5 beds 3 baths ∙ 2,728 Sqft ∙ Built 2006
    LEASED 11/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $0.99
    •  
  • 23662 Wooden Horse Trail Murrieta, CA 5
    • 4 beds 3 baths ∙ 2,716 Sqft ∙ Built 1996 4 beds 3 baths ∙ 2,716 Sqft ∙ Built 1996
    LEASED 09/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $1.09
    •  
PROPERTY LISTING DETAILS
Andre Hobbs
Coldwell Banker West
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PTP2001805
Last Updated: 12/05/2020
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