Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

35930 Covington Wildomar, CA 92595

3 Beds 3 Baths 2,315 sqft Built 2004

$545,000

List Price

$2,310

$2.1K - $2.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2004
  • Price/Sqft : $235.42
  • 2 Days on Market
  • MLS # : SW21050647
  • Updated Date : 03/13/2021 at 05:26
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,315 sqft
  • Baths : 2 full , 1 half
Listing Agent

Nexthome Findly Estates

Listing Agent's Description

This Turnkey Single Level home in a great location and beautiful neighborhood near the 15fwy features a beautiful entryway with custom glass windows bringing lots of natural light. As you enter the large formal living room and formal dining room, a large office or game room is off of the formal living area. As you continue through the open concept layout into the kitchen, it features a large Island and breakfast bar that opens up to the family room and an eating area surrounded by large windows. New kitchen countertops with stone tile back splash and new stainless steel appliances. A large ceramic tile is featured throughout the home along with wood laminate in the formal living and dining area. Interior walls have been recently painted. The oversized master bedroom has lots of room for a King sized bed and a sitting area. The master on suite with double sink vanity, Shower and tub opens to a walk in closet. Continue down the hall to two more bedrooms with adjacent bathroom with double vanity and the laundry room. The large solar system was designed to cover all the electricity usage of the home plus an electric vehicle for commuting. Has a 20 year warranty. The garage has a Tesla Charger, overhead storage, and a new water heater installed. The recently painted home has large concrete patio perfect for entertaining. Along with a producing Lemon tree and small grass area makes for a relaxing and low maintenance yard. Don’t miss this opportunity.

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: 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
 

$490,500$599,500$545,000

PURCHASE PRICE

$2,079$2,541$2,310

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,310
EXPENSES Loan Payment -$1,893
Property Tax -$655
Property Insurance -$83
HOA -$100
Property Management Fees -$136
CASH FLOW
-$558

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.

$545,000

PROJECTED PRICE

$2,310

PROJECTED RENT

0.42%

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-$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$150,175

INVESTMENT

$150,175

Down Payment
$136,250
Rehab Estimate
$5,750
Closing Costs
$8,175

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$1,893

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $136,250
Loan Amount $408,750
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$1,238

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,310

    LIST RENT
  • $1

    LIST RENT PER SQFT
  • $2,523

    COMP ESTIMATED VALUE
  • $1.09

    COMP AVG. RENT PER SQFT
Comps Range
$2,310
1$2,3102$2,4003$2,6004$2,6505$2,850
$2,850
RENT COMPS ANALYSIS
  • 35930 Covington Wildomar, CA 1
    • 3 beds 3 baths ∙ 2,315 Sqft ∙ Built 2004 3 beds 3 baths ∙ 2,315 Sqft ∙ Built 2004
    • Rent
    • Rent Per SQFT
    •  
    • $2,310
    • $1.00
    •  
  • 35505 Country Park Drive Lake Elsinore, CA 2
    • 4 beds 3 baths ∙ 2,288 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,288 Sqft ∙ Built 2002
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.05
    •  
  • 24982 Pasture Court Wildomar, CA 3
    • 4 beds 3 baths ∙ 2,288 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,288 Sqft ∙ Built 2003
    LEASED 03/12/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.14
    •  
  • 23594 Millstone Place Murrieta, CA 4
    • 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
    •  
  • 40463 Jennings Drive Murrieta, CA 5
    • 4 beds 3 baths ∙ 2,492 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,492 Sqft ∙ Built 2003
    LEASED 01/28/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,850
    • $1.14
    •  
PROPERTY LISTING DETAILS
Marivic Bernardo
Nexthome Findly Estates
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SW21050647
Last Updated: 03/13/2021
BESbswy