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

409 N Langstaff Street Lake Elsinore, CA 92530

4 Beds 2 Baths 1,603 sqft Built 2004

$489,900

List Price

$2,190

$2K - $2.4K

Rent Est.

PROPERTY INFO

February 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2004
  • Price/Sqft : $305.61
  • 3 Days on Market
  • MLS # : IG21030288
  • Updated Date : 02/12/2021 at 18:23
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,603 sqft
  • Baths : 2 full
Listing Agent

Re/max Platinum Realty

Listing Agent's Description

Two 2 Bedroom Units, total 4 Bedrooms & 2 Baths! Great Investment opportunity in the heart of Lake Elsinore, close to the Lake, Shopping, Schools & Parks! Endless possibilities, live in one unit, rent the other or rent both or live in one & In-laws in the other? They are both currently rented, one unit on a lease, the other month to month. Property to be sold with tenants in place. Don't miss this great opportunity!

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: Lake Elsinore Historic District

NeighborhoodNIR Market*CityMarket2010Year20002019100k150k200k250k300k350k400k450kPrice in $85k459k

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

Neighborhood: Lake Elsinore Historic District

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q280090010001100120013001400150016001700180019002000Rent in $7462078

* 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
Elsinore Elementary School Primary Regular 583 26 1
Elsinore Middle School Middle Magnet 790 33 3
Temescal Canyon High School High Regular 2,172 89 7

Elsinore Elementary School

  • Education Level: Primary
  • # of students: 583
  • # of teachers: 26
1
GreatSchools Rating

Elsinore Middle School

  • Education Level: Middle
  • # of students: 790
  • # of teachers: 33
3
GreatSchools Rating

Temescal Canyon High School

  • Education Level: High
  • # of students: 2,172
  • # of teachers: 89
7
GreatSchools Rating
 

$440,910$538,890$489,900

PURCHASE PRICE

$1,971$2,409$2,190

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,190
EXPENSES Loan Payment -$1,702
Property Tax -$474
Property Insurance -$66
Property Management Fees -$129
CASH FLOW
-$181

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.

$489,900

PROJECTED PRICE

$2,190

PROJECTED RENT

0.45%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 11.9%
Maintenance Year (1-5) 8.00%
Vacancy 5.41%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$500k$1.0M$1.5M$2.0M

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$1.6M$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$135,574

INVESTMENT

$135,574

Down Payment
$122,475
Rehab Estimate
$5,750
Closing Costs
$7,349

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,702

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $122,475
Loan Amount $367,425
See What Happens When You Reinvest Cash Flow

3.5

YEARS SAVED

$15,341

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,190

    LIST RENT
  • $1.37

    LIST RENT PER SQFT
  • $2,137

    COMP ESTIMATED VALUE
  • $1.33

    COMP AVG. RENT PER SQFT
Comps Range
$1,700
1$1,7002$2,0003$2,1004$2,190
$2,190
RENT COMPS ANALYSIS
  • 409 N Langstaff Street Lake Elsinore, CA 4
    • 4 beds 2 baths ∙ 1,603 Sqft ∙ Built 2004 4 beds 2 baths ∙ 1,603 Sqft ∙ Built 2004
    • Rent
    • Rent Per SQFT
    •  
    • $2,190
    • $1.37
    •  
  • 309 N Lindsay Street Lake Elsinore, CA 1
    • 3 beds 2 baths ∙ 1,296 Sqft ∙ Built 1991 3 beds 2 baths ∙ 1,296 Sqft ∙ Built 1991
    LEASED 01/11/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.31
    •  
  • 368 Avenue 6 Lake Elsinore, CA 2
    • 4 beds 2 baths ∙ 1,592 Sqft ∙ Built 2003 4 beds 2 baths ∙ 1,592 Sqft ∙ Built 2003
    LEASED 01/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.26
    •  
  • 1501 W Heald Avenue Lake Elsinore, CA 3
    • 3 beds 1 baths ∙ 1,468 Sqft ∙ Built 1987 3 beds 1 baths ∙ 1,468 Sqft ∙ Built 1987
    LEASED 05/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.43
    •  
PROPERTY LISTING DETAILS
Dan Locascio
Re/max Platinum Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IG21030288
Last Updated: 02/12/2021
BESbswy