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PROPERTY INFO
FACTS
- Single Family
- Built In 1980
- Price/Sqft : $279.61
- 6 Days on Market
- MLS # : OC21010997
- Updated Date : 01/28/2021 at 21:55
CONSTRUCTION
- Beds : 4
- Floor Size : 1,427 sqft
- Baths : 2 full
Listing Agent
Pacific Platinumpropertiesinc
Listing Agent's Description
Welcome to this gorgeous, singe-level Lake Elsinore property! This home sits on an expansive ~ 7,500 Sq Ft lot that boasts a spectacular floor plan w/ many upgrades. With 4 bedrooms (one is currently being used as a den/TV Room), 2 bathrooms, approx 1,500 Sq Ft of living space, this home is sure to impress. The property is situated on a quiet cul-de-sac, ideally located less than a mile from the Lake. The pool-sized backyard is an entertainers dream with space to host the grandest of parties, with picturesque mountain views and RV Parking. Upgrades in the home include: custom paint, custom kitchen cabinets, quartz countertops, stainless steel appliances, kitchen island, newer HVAC system, dual pane windows, custom lighting & chandeliers; including recessed LED lighting. Enjoy all that Lake Elsinore has to offer with no HOA, low tax rate, while being close to shopping, freeways, Storm Stadium, and much more. This home is a must see!
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MARKET HIGHLIGHTS
- 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)
- Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 2018)
PRICE & RENT TRENDS
Neighborhood: Lake View District
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Lake View District
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $1,960 |
| EXPENSES | Loan Payment | -$1,386 |
| Property Tax | -$375 | |
| Property Insurance | -$62 | |
| Property Management Fees | -$116 | |
|
CASH FLOW
$21
|
||
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.
$399,000
PROJECTED PRICE
$1,960
PROJECTED RENT
0.49%
PROJECTED RENT / PRICE RATIO
| 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
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
TOTAL CASH OUT OF POCKET
INVESTMENT
$111,485
LOAN DETAILS
$1,386
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 3.75% |
| Down Payment | $99,750 |
| Loan Amount | $299,250 |
6
YEARS SAVED
$27,645
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$1,960
LIST RENT -
$1.37
LIST RENT PER SQFT
-
$1,894
COMP ESTIMATED VALUE -
$1.33
COMP AVG. RENT PER SQFT
Comps Range
-
3611 Lake Crest Drive Lake Elsinore, CA 5
- 4 beds 2 baths ∙ 1,427 Sqft ∙ Built 1980 4 beds 2 baths ∙ 1,427 Sqft ∙ Built 1980
- Rent
- Rent Per SQFT
- $1,960
- $1.37
-
3600 Eisenhower Drive Lake Elsinore, CA 1
- 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 2
- 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
-
282 Jessica Street Lake Elsinore, CA 3
- 3 beds 2 baths ∙ 1,442 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,442 Sqft ∙ Built 1986
LEASED 06/02/20- Rent
- Rent Per SQFT
- $1,795
- $1.24
-
15171 Teakwood Street Lake Elsinore, CA 4
- 3 beds 2 baths ∙ 1,391 Sqft ∙ Built 1996 3 beds 2 baths ∙ 1,391 Sqft ∙ Built 1996
LEASED 11/11/20- Rent
- Rent Per SQFT
- $1,900
- $1.37
PROPERTY LISTING DETAILS
Pacific Platinumpropertiesinc
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: OC21010997
Last Updated: 01/28/2021
