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36248 Pursh Drive Lake Elsinore, CA 92532

4 Beds 3 Baths 2,326 sqft Built 2014

$465,500

List Price

$2,260

$2K - $2.5K

Rent Est.

PROPERTY INFO

November 03, 2020 RECENTLY ADDED
FACTS
  • Built In 2014
  • Price/Sqft : $200.13
  • 2 Days on Market
  • MLS # : TR20231160
  • Updated Date : 11/02/2020 at 19:02
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,326 sqft
  • Baths : 3 full
Listing Agent

Berkshire Hathaway Home Srvcs

Listing Agent's Description

We invite you to view this immaculate two-story turnkey home in the desirable Canyon Hills Community. This home boasts an open concept floor plan, featuring a family room that flows into a countertop bar with seating, a beautiful kitchen with a large granite island and a dedicated dining area. You will find generous storage options in the dark wood cabinets and dual closet pantries. The downstairs bedroom gives you versatility. Across the hall, you will find an upgraded full bathroom with standup shower and glass shower doors. The second level of the home is highlighted by a beautiful master suite with a walk-in closet and master bathroom with dual vanities. 2 more bedrooms with a full bathroom upstairs and a large linen closet in the hallway. Plentiful storage in the coat closet under the stairs & the downstairs laundry room with wall to wall shelving. Luxury vinyl plank (LVP) flooring in the living area, kitchen, all bathrooms, laundry room, staircase and upstairs hallway. The backyard features low maintenance turf landscaping, concrete patio and raised planters. 3 car garage. Ideal location, walking distance from Herk Bouris Elementary School. Upstairs views of the resort-style community amenities that feature enjoyment for the entire family, highlighted by the multiple association pools, basketball and tennis courts, picnic areas and more. If you like the outdoors, you will enjoy being just steps away from hiking trails, natural parks and recreation areas.

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: Foothill

ZipNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $143k485k

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

Neighborhood: Foothill

ZipNIR Market*CityMarket2010Year2000 Q22019 Q21100120013001400150016001700180019002000210022002300Rent in $10512347

* 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
Herk Bouris Elementary School Primary Unknown 787 32 8
Menifee Valley Middle School Middle Regular 1,006 40 6
Paloma Valley High School High Regular 2,844 101 6

Herk Bouris Elementary School

  • Education Level: Primary
  • # of students: 787
  • # of teachers: 32
8
GreatSchools Rating

Menifee Valley Middle School

  • Education Level: Middle
  • # of students: 1,006
  • # of teachers: 40
6
GreatSchools Rating

Paloma Valley High School

  • Education Level: High
  • # of students: 2,844
  • # of teachers: 101
6
GreatSchools Rating
 

$418,950$512,050$465,500

PURCHASE PRICE

$2,034$2,486$2,260

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,260
EXPENSES Loan Payment -$1,717
Property Tax -$438
Property Insurance -$84
HOA -$136
Property Management Fees -$133
CASH FLOW
-$248

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.

$465,500

PROJECTED PRICE

$2,260

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 6.8%
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-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$129,108

INVESTMENT

$129,108

Down Payment
$116,375
Rehab Estimate
$5,750
Closing Costs
$6,983

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,717

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $116,375
Loan Amount $349,125
See What Happens When You Reinvest Cash Flow

3

YEARS SAVED

$13,129

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,260

    LIST RENT
  • $0.97

    LIST RENT PER SQFT
  • $2,373

    COMP ESTIMATED VALUE
  • $1.02

    COMP AVG. RENT PER SQFT
Comps Range
$2,150
1$2,1502$2,2503$2,2604$2,5005$2,555
$2,555
RENT COMPS ANALYSIS
  • 36248 Pursh Drive Lake Elsinore, CA 3
    • 4 beds 3 baths ∙ 2,326 Sqft ∙ Built 2014 4 beds 3 baths ∙ 2,326 Sqft ∙ Built 2014
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,260
    • $0.97
    •  
  • 34089 Dianthus Lane Lake Elsinore, CA 1
    • 4 beds 4 baths ∙ 2,133 Sqft ∙ Built 2011 4 beds 4 baths ∙ 2,133 Sqft ∙ Built 2011
    property image
    LEASED 01/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $1.01
    •  
  • 34096 Agaliya Court Lake Elsinore, CA 2
    • 4 beds 3 baths ∙ 2,326 Sqft ∙ Built 2010 4 beds 3 baths ∙ 2,326 Sqft ∙ Built 2010
    property image
    LEASED 01/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.97
    •  
  • 25218 Wild View Road Menifee, CA 4
    • 3 beds 2 baths ∙ 2,323 Sqft ∙ Built 2014 3 beds 2 baths ∙ 2,323 Sqft ∙ Built 2014
    property image
    LEASED 04/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.08
    •  
  • 36401 Verbena Road Lake Elsinore, CA 5
    • 4 beds 3 baths ∙ 2,502 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,502 Sqft ∙ Built 2015
    property image
    LEASED 01/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,555
    • $1.02
    •  
PROPERTY LISTING DETAILS
Veronica Osuna
Berkshire Hathaway Home Srvcs
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: TR20231160
Last Updated: 11/02/2020
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