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PROPERTY INFO
FACTS
- Single Family
- Built In 1995
- Price/Sqft : $241.44
- 3 Days on Market
- MLS # : IV21035442
- Updated Date : 02/20/2021 at 18:08
CONSTRUCTION
- Beds : 4
- Floor Size : 2,133 sqft
- Baths : 2 full
Listing Agent
Realty One Group West - Corona
Listing Agent's Description
Highly-desirable single story home! If you're looking for a turn-key home that you can move into and enjoy a sense of privacy, then this is the home for you. This 4 bedroom 2 full bath home backs a lush greenbelt with no neighbors behind and overlooks the beautiful Murrieta valley. This wonderful home is newly painted inside and out, it has a double door entry way with high 9'and 12' ceilings. It features beautiful laminate floors and has an open floor plan. The kitchen center island is perfect for entertaining and opens to a cozy fireplace in the family room. There's a spacious master suite, a separate soaking tub, double vanity, and an oversized walk in closet. Ceiling fans throughout, inside laundry with utility tub, and 3 car garage. Take in the views as you relax in the backyard under the covered patio. This home is situated between the 15 FWY & 215 FWY just off Clinton Keith Road and is perfect for commuters. Located in highly sought Murrieta schools district, close to hospitals and shopping.
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MARKET HIGHLIGHTS
- 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)
- 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)
PRICE & RENT TRENDS
Zip Code: 92562
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Zip Code: 92562
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $2,230 |
| EXPENSES | Loan Payment | -$1,789 |
| Property Tax | -$519 | |
| Property Insurance | -$79 | |
| Property Management Fees | -$132 | |
|
CASH FLOW
-$288
|
||
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.
$515,000
PROJECTED PRICE
$2,230
PROJECTED RENT
0.43%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 3.95% |
| Appreciation Year (1-5) | 7.0% |
| Maintenance Year (1-5) | 8.00% |
| Vacancy | 5.35% |
| 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
$142,225
LOAN DETAILS
$1,789
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 3.75% |
| Down Payment | $128,750 |
| Loan Amount | $386,250 |
2.58
YEARS SAVED
$10,769
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$2,230
LIST RENT -
$1.05
LIST RENT PER SQFT
-
$2,320
COMP ESTIMATED VALUE -
$1.09
COMP AVG. RENT PER SQFT
Comps Range
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39960 Tinderbox Way Murrieta, CA 4
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- Rent Per SQFT
- $2,230
- $1.05
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23768 Castinette Way Murrieta, CA 1
- 4 beds 3 baths ∙ 1,868 Sqft ∙ Built 1989 4 beds 3 baths ∙ 1,868 Sqft ∙ Built 1989
LEASED 02/24/20- Rent
- Rent Per SQFT
- $2,050
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23617 Spindle Way Murrieta, CA 2
- 4 beds 3 baths ∙ 2,052 Sqft ∙ Built 1989 4 beds 3 baths ∙ 2,052 Sqft ∙ Built 1989
LEASED 08/29/19- Rent
- Rent Per SQFT
- $2,150
- $1.05
-
24051 Morning Dove Lane Murrieta, CA 3
- 4 beds 3 baths ∙ 2,018 Sqft ∙ Built 1996 4 beds 3 baths ∙ 2,018 Sqft ∙ Built 1996
LEASED 06/23/20- Rent
- Rent Per SQFT
- $2,200
- $1.09
-
40005 Lafayette Drive Murrieta, CA 5
- 3 beds 3 baths ∙ 2,066 Sqft ∙ Built 1998 3 beds 3 baths ∙ 2,066 Sqft ∙ Built 1998
LEASED 09/12/19- Rent
- Rent Per SQFT
- $2,285
- $1.11
PROPERTY LISTING DETAILS
Realty One Group West - Corona
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: IV21035442
Last Updated: 02/20/2021
