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40997 Bankhall Street Lake Elsinore, CA 92532

5 Beds 4 Baths 2,955 sqft Built 2012

$472,888

List Price

$2,310

$2.1K - $2.5K

Rent Est.

PROPERTY INFO

January 15, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2012
  • Price/Sqft : $160.03
  • 3 Days on Market
  • MLS # : IV21009118
  • Updated Date : 01/15/2021 at 09:28
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,955 sqft
  • Baths : 3 full , 1 half
Listing Agent

Redfin

Listing Agent's Description

Move-in ready home in the desirable Rosetta Canyon community features a spacious floorplan, wood laminate flooring, recessed lighting, and PAID Solar Panels! The kitchen features wood cabinetry, granite countertops, breakfast bar seating, and stainless steel appliances. The family has a fireplace, ceiling fan, and large windows that let in an abundance of natural light. This home has is a formal dining area, as well as a formal living room. One bedroom on the first floor and three bedrooms along with a huge bonus room on the 2nd floor. The primary bedroom features a private ensuite with a separate soaking tub and shower, dual sink vanity, and a large walk-in closet. Enjoy the private backyard that is ready to be made your own with a patio to relax under. This home also has a finished, attached, 3 car garage with epoxy flooring, and attached storage units and racks. Conveniently located near Rosetta Canyon Sports Park, schools, shopping, dining, and more!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Rosetta Canyon

ZipNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $143k485k

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

Neighborhood: Rosetta Canyon

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q211001200130014001500160017001800190020002100Rent in $10512132

* 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
Earl Warren Elementary School Primary Regular 889 34 5
Elsinore Middle School Middle Magnet 790 33 3
Temescal Canyon High School High Regular 2,172 89 7

Earl Warren Elementary School

  • Education Level: Primary
  • # of students: 889
  • # of teachers: 34
5
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
 

$425,599$520,177$472,888

PURCHASE PRICE

$2,079$2,541$2,310

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,310
EXPENSES Loan Payment -$1,643
Property Tax -$445
Property Insurance -$99
HOA -$110
Property Management Fees -$136
CASH FLOW
-$123

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.

$472,888

PROJECTED PRICE

$2,310

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 6.1%
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-$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$131,065

INVESTMENT

$131,065

Down Payment
$118,222
Rehab Estimate
$5,750
Closing Costs
$7,093

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,643

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $118,222
Loan Amount $354,666
See What Happens When You Reinvest Cash Flow

4.17

YEARS SAVED

$18,471

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,310

    LIST RENT
  • $0.78

    LIST RENT PER SQFT
  • $2,290

    COMP ESTIMATED VALUE
  • $0.78

    COMP AVG. RENT PER SQFT
Comps Range
$2,200
1$2,2002$2,3103$2,3504$2,3955$2,425
$2,425
RENT COMPS ANALYSIS
  • 40997 Bankhall Street Lake Elsinore, CA 2
    • 5 beds 4 baths ∙ 2,955 Sqft ∙ Built 2012 5 beds 4 baths ∙ 2,955 Sqft ∙ Built 2012
    • Rent
    • Rent Per SQFT
    •  
    • $2,310
    • $0.78
    •  
  • 45023 Sonia Drive Lake Elsinore, CA 1
    • 4 beds 3 baths ∙ 2,867 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,867 Sqft ∙ Built 2005
    LEASED 02/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.77
    •  
  • 45015 Sonia Drive Lake Elsinore, CA 3
    • 5 beds 3 baths ∙ 3,081 Sqft ∙ Built 2005 5 beds 3 baths ∙ 3,081 Sqft ∙ Built 2005
    LEASED 02/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $0.76
    •  
  • 45012 Sonia Drive Lake Elsinore, CA 4
    • 5 beds 3 baths ∙ 3,081 Sqft ∙ Built 2005 5 beds 3 baths ∙ 3,081 Sqft ∙ Built 2005
    LEASED 04/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $0.78
    •  
  • 45022 Sonia Drive Lake Elsinore, CA 5
    • 5 beds 3 baths ∙ 3,081 Sqft ∙ Built 2005 5 beds 3 baths ∙ 3,081 Sqft ∙ Built 2005
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,425
    • $0.79
    •  
PROPERTY LISTING DETAILS
Coleen Hyams
Redfin
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV21009118
Last Updated: 01/15/2021
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