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42321 Iron Gate Lane Murrieta, CA 92562

5 Beds 3 Baths 2,660 sqft Built 1998

$530,000

List Price

$2,580

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
SINGLE-FAMILY
FACTS
  • Single Family
  • Built In 1998
  • Price/Sqft : $199.25
  • 11 Days on Market
  • MLS # : SW21049007
  • Updated Date : 03/18/2021 at 11:51
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,660 sqft
  • Baths : 3 full
Listing Agent

Era Donahoe Realty

Listing Agent's Description

WELCOME HOME TO THE COVETED WEST MURRIETA FOOTHILLS! This spacious two-story home is perfectly located within walking distance of award-winning schools, dining, shopping, entertainment, churches and minutes from endless outdoor adventures at the Santa Rosa Plateau and adjacent golf courses. So much to enjoy for Low Taxes and No HOA! Featuring 5 bedrooms and 3 full baths, this spacious floor plan has something for everyone. Just wait until you see the private pool-sized backyard with lush landscaping! Inside a dramatic formal living and dining area leads to the eat-in kitchen featuring a center island, plenty of cabinets and counter space plus walk-in pantry. Take in the serene backyard from the light and bright kitchen or connected family room with a beautiful floor-to-ceiling brick fireplace. Move over Joanna Gaines, it's your turn to make this blank slate your own! With endless potential throughout, the first floor bedroom is ideal for a guests, home office or as a distance-learning space. Upstairs the master bedroom features a large picture window for loads of natural light and offers an ensuite bath with dual sinks, separate tub and shower, plus a walk-in closet. The remaining oversized upstairs bedrooms share a hallway bath. With a dreamy central location, LOW TAXES, NO HOA, award winning school district, and so much potential to make this one your own, this home will not last! *STAY TUNED FOR PHOTOS COMING 3/18

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

Zip Code: 92562

ZipNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550kPrice in $149k584k

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

Zip Code: 92562

ZipNIR Market*CityMarket2010Year2000 Q22019 Q211001200130014001500160017001800190020002100220023002400Rent in $10822496

* 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
Murrieta Elementary School Primary Regular 830 29 7
Thompson Middle School Middle Regular 1,665 56 6
Murrieta Valley High School High Regular 2,440 93 8

Murrieta Elementary School

  • Education Level: Primary
  • # of students: 830
  • # of teachers: 29
7
GreatSchools Rating

Thompson Middle School

  • Education Level: Middle
  • # of students: 1,665
  • # of teachers: 56
6
GreatSchools Rating

Murrieta Valley High School

  • Education Level: High
  • # of students: 2,440
  • # of teachers: 93
8
GreatSchools Rating
 

$477,000$583,000$530,000

PURCHASE PRICE

$2,322$2,838$2,580

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,580
EXPENSES Loan Payment -$1,841
Property Tax -$545
Property Insurance -$92
Property Management Fees -$152
CASH FLOW
-$50

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.

$530,000

PROJECTED PRICE

$2,580

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

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
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k$20k

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$146,200

INVESTMENT

$146,200

Down Payment
$132,500
Rehab Estimate
$5,750
Closing Costs
$7,950

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,841

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $132,500
Loan Amount $397,500
See What Happens When You Reinvest Cash Flow

5.25

YEARS SAVED

$29,226

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,580

    LIST RENT
  • $0.97

    LIST RENT PER SQFT
  • $2,633

    COMP ESTIMATED VALUE
  • $0.99

    COMP AVG. RENT PER SQFT
Comps Range
$2,200
1$2,2002$2,5003$2,5804$2,6955$2,795
$2,795
RENT COMPS ANALYSIS
  • 42321 Iron Gate Lane Murrieta, CA 3
    • 5 beds 3 baths ∙ 2,660 Sqft ∙ Built 1998 5 beds 3 baths ∙ 2,660 Sqft ∙ Built 1998
    • Rent
    • Rent Per SQFT
    •  
    • $2,580
    • $0.97
    •  
  • 42334 Thoroughbred Lane Murrieta, CA 1
    • 5 beds 3 baths ∙ 2,460 Sqft ∙ Built 1997 5 beds 3 baths ∙ 2,460 Sqft ∙ Built 1997
    LEASED 10/11/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.89
    •  
  • 41432 Patri Circle Murrieta, CA 2
    • 5 beds 3 baths ∙ 2,626 Sqft ∙ Built 1993 5 beds 3 baths ∙ 2,626 Sqft ∙ Built 1993
    LEASED 10/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.95
    •  
  • 24353 Corte Sanino Murrieta, CA 4
    • 4 beds 2 baths ∙ 2,515 Sqft ∙ Built 1998 4 beds 2 baths ∙ 2,515 Sqft ∙ Built 1998
    LEASED 09/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,695
    • $1.07
    •  
  • 42131 Thoroughbred Lane Murrieta, CA 5
    • 4 beds 3 baths ∙ 2,650 Sqft ∙ Built 1989 4 beds 3 baths ∙ 2,650 Sqft ∙ Built 1989
    LEASED 09/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,795
    • $1.05
    •  
PROPERTY LISTING DETAILS
Sarah Donahoe
Era Donahoe Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SW21049007
Last Updated: 03/18/2021
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