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

3611 Lake Crest Drive Lake Elsinore, CA 92530

4 Beds 2 Baths 1,427 sqft Built 1980

$399,000

List Price

$1,960

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

January 27, 2021 RECENTLY ADDED
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!

SEE MORE

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

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
 

$359,100$438,900$399,000

PURCHASE PRICE

$1,764$2,156$1,960

RENT

DOWN PAYMENT
FINANCING

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

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$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

11530$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$111,485

INVESTMENT

$111,485

Down Payment
$99,750
Rehab Estimate
$5,750
Closing Costs
$5,985

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,386

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $99,750
Loan Amount $299,250
See What Happens When You Reinvest Cash Flow

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
$1,495
1$1,4952$1,5253$1,7954$1,9005$1,960
$1,960
RENT COMPS ANALYSIS
  • 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
Candice-lee Silver
Pacific Platinumpropertiesinc
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21010997
Last Updated: 01/28/2021
BESbswy