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40345 Salem Way 
Temecula, CA
92591
4 Beds 3 Baths 2,528 sqft
Built 2005
INVESTimate
$527,000
List Price
$145,405
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PROPERTY INFO
FACTS
- Built In 2005
- Price/Sqft : $208.47
- 15 Days on Market
- MLS # : SW20163789
- Updated Date : 08/23/2020 at 19:21
CONSTRUCTION
- Beds : 4
- Floor Size : 2,528 sqft
- Baths : 2 full , 1 half
Listing Agent
Big Block Realty
Listing Agent's Description
Welcome home to 40345 Salem Way located in the highly desirable community of Lake Harveston! This home boasts 4bd, 2.5ba, 2528 Sq Ft, 3 car tandem garage, carport and freshly painted exterior! Upon entry, you will be greeted by your formal living room to the left and forming dining room to your right. Wide center hall with staircase leads you to your chefs kitchen and breakfast nook perfect for built-in booth seating. Kitchen features upgraded cabinetry, granite counters, center island, butlers pantry and white appliances. Adjacent family room has a cozy fireplace and direct access to backyard great for family gatherings. Seperate french doors off kitchen leads you to covered carport. All bedrooms upstairs including master suite with dual sinks, seperate tub and shower and walk-in closet. Three more bedrooms (two having walk-in closets) down the hall, guest bathroom with dual sinks, built-in office work desk area and laundry conventiently located upstairs. Short distance to award winning Temecula schools, nearby lake with catch and release fishing, boat dock, parks, walking trails, sports park and playground. Clear termite report already on file!
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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: Harveston
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Harveston
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
PROJECTED ACCUMULATED WEALTH
30 YEAR PROJECTION
- Cash Flow
- Appreciation
- Principal
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $2,420 |
| EXPENSES | Loan Payment | -$1,944 |
| Property Tax | -$619 | |
| Property Insurance | -$88 | |
| HOA | -$95 | |
| Property Management Fees | -$143 | |
|
CASH FLOW
-$469
|
||
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.
$527,000
PROJECTED PRICE
$2,420
PROJECTED RENT
0.46%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 3.95% |
| Appreciation Year (1-5) | 4.76% |
| Maintenance Year (1-5) | 8.00% |
| Vacancy | 5.35% |
| Length of Stay Years | 2 |
TOTAL CASH OUT OF POCKET
INVESTMENT
$145,405
LOAN DETAILS
$1,944
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 4.25% |
| Down Payment | $131,750 |
| Loan Amount | $395,250 |
1.42
YEARS SAVED
$4,697
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$2,420
LIST RENT -
$0.96
LIST RENT PER SQFT
-
$2,553
COMP ESTIMATED VALUE -
$1.01
COMP AVG. RENT PER SQFT
Comps Range
-
40345 Salem Way Temecula, 1
- 4 beds 3 baths ∙ 2,528 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,528 Sqft ∙ Built 2005
- Rent
- Rent Per SQFT
- $2,420
- $0.96
-
28769 Edenton Way Temecula, 2
- 4 beds 3 baths ∙ 2,528 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,528 Sqft ∙ Built 2005
LEASED 07/06/20- Rent
- Rent Per SQFT
- $2,500
- $0.99
-
40381 Trenton Court Temecula, 3
- 4 beds 3 baths ∙ 2,443 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,443 Sqft ∙ Built 2005
LEASED 03/02/20- Rent
- Rent Per SQFT
- $2,500
- $1.02
-
29226 Township Road Temecula, 4
- 5 beds 3 baths ∙ 2,578 Sqft ∙ Built 2003 5 beds 3 baths ∙ 2,578 Sqft ∙ Built 2003
LEASED 05/13/20- Rent
- Rent Per SQFT
- $2,500
- $0.97
-
40344 Balboa Drive Temecula, 5
- 5 beds 3 baths ∙ 2,443 Sqft ∙ Built 2005 5 beds 3 baths ∙ 2,443 Sqft ∙ Built 2005
LEASED 10/22/19- Rent
- Rent Per SQFT
- $2,600
- $1.06
PROPERTY LISTING DETAILS
Big Block Realty
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: SW20163789
Last Updated: 08/23/2020
