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3608 Eisenhower Drive Lake Elsinore, CA 92530

3 Beds 2 Baths 1,125 sqft Built 1980

$280,000

List Price

$1,430

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

December 10, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1980
  • Price/Sqft : $248.89
  • 5 Days on Market
  • MLS # : IG20252531
  • Updated Date : 12/11/2020 at 10:03
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,125 sqft
  • Baths : 2 full
Listing Agent

Realty Masters & Associates

Listing Agent's Description

Great single story home in 3606 Eisenhower Dr. City of Lake Elsinore , perfect for the first time buyer , open floor plan with 3 bedrooms and 2 bathrooms , the home has an open floor plan with tile floor open kitchen with granite counter, spacious living Room with a separate dining area new double panel window, two years old roof installed and A/C unit.

SEE MORE

MARKET HIGHLIGHTS

  • 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.
  • 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)

PRICE & RENT TRENDS

Neighborhood: Lake View District

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $143k459k

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

Neighborhood: Lake View District

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q21100120013001400150016001700180019002000Rent in $10352083

* 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
Withrow Elementary School Primary Regular 768 30 3
Terra Cotta Middle School Middle Regular 1,126 43 3
Lakeside High School High Regular 1,973 87 5

Withrow Elementary School

  • Education Level: Primary
  • # of students: 768
  • # of teachers: 30
3
GreatSchools Rating

Terra Cotta Middle School

  • Education Level: Middle
  • # of students: 1,126
  • # of teachers: 43
3
GreatSchools Rating

Lakeside High School

  • Education Level: High
  • # of students: 1,973
  • # of teachers: 87
5
GreatSchools Rating
 

$252,000$308,000$280,000

PURCHASE PRICE

$1,287$1,573$1,430

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,430
EXPENSES Loan Payment -$1,033
Property Tax -$263
Property Insurance -$54
Property Management Fees -$99
CASH FLOW
-$20

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.

$280,000

PROJECTED PRICE

$1,430

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 8.1%
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

PROJECTED ANNUAL CASH FLOW

11530-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$79,950

INVESTMENT

$79,950

Down Payment
$70,000
Rehab Estimate
$5,750
Closing Costs
$4,200

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,033

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $70,000
Loan Amount $210,000
See What Happens When You Reinvest Cash Flow

5.67

YEARS SAVED

$21,018

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,430

    LIST RENT
  • $1.27

    LIST RENT PER SQFT
  • $1,533

    COMP ESTIMATED VALUE
  • $1.36

    COMP AVG. RENT PER SQFT
Comps Range
$1,430
1$1,4302$1,4953$1,4954$1,5255$1,550
$1,550
RENT COMPS ANALYSIS
  • 3608 Eisenhower Drive Lake Elsinore, CA 1
    • 3 beds 2 baths ∙ 1,125 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,125 Sqft ∙ Built 1980
    • Rent
    • Rent Per SQFT
    •  
    • $1,430
    • $1.27
    •  
  • 1104 Mckinley Street Lake Elsinore, CA 2
    • 3 beds 2 baths ∙ 1,125 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,125 Sqft ∙ Built 1980
    LEASED 06/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $1.33
    •  
  • 3600 Eisenhower Drive Lake Elsinore, CA 3
    • 3 beds 2 baths ∙ 1,112 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,112 Sqft ∙ Built 1980
    LEASED 10/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $1.34
    •  
  • 3506 Eisenhower Drive Lake Elsinore, CA 4
    • 3 beds 2 baths ∙ 1,125 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,125 Sqft ∙ Built 1980
    LEASED 03/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,525
    • $1.36
    •  
  • 16507 Joy Street Lake Elsinore, CA 5
    • 3 beds 3 baths ∙ 1,090 Sqft ∙ Built 1982 3 beds 3 baths ∙ 1,090 Sqft ∙ Built 1982
    LEASED 09/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $1.42
    •  
PROPERTY LISTING DETAILS
Jorge Garcia
Realty Masters & Associates
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IG20252531
Last Updated: 12/11/2020
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