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513 N Langstaff Street Lake Elsinore, CA 92530

3 Beds 3 Baths 1,525 sqft Built 1948

$359,900

List Price

$1,590

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

February 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1948
  • Price/Sqft : $236.00
  • 3 Days on Market
  • MLS # : IG21030264
  • Updated Date : 02/12/2021 at 17:55
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,525 sqft
  • Baths : 3 full
Listing Agent

Re/max Platinum Realty

Listing Agent's Description

Nice home on very large lot with 3 bedrooms & 3 baths! Quiet neighborhood close to Lake Elsinore, Schools & Parks! 3rd Bathroom has access directly from back yard, perfect for bbqs & get togethers in the oversized yard! The lot next door is also for sale, perfect for creating one Super Sized Yard or maybe build another home for additional family members or maybe build & sell for a profit! All kinds of opportunity & potential! Home is currently rented & will be sold with tenant in place. Don't miss this unique property & opportunity!

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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: 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
 

$323,910$395,890$359,900

PURCHASE PRICE

$1,431$1,749$1,590

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,590
EXPENSES Loan Payment -$1,250
Property Tax -$348
Property Insurance -$64
Property Management Fees -$99
CASH FLOW
-$171

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.

$359,900

PROJECTED PRICE

$1,590

PROJECTED RENT

0.44%

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$200k$400k$600k$800k$1.0M$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

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$101,124

INVESTMENT

$101,124

Down Payment
$89,975
Rehab Estimate
$5,750
Closing Costs
$5,399

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,250

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $89,975
Loan Amount $269,925
See What Happens When You Reinvest Cash Flow

3.08

YEARS SAVED

$8,841

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,590

    LIST RENT
  • $1.04

    LIST RENT PER SQFT
  • $1,815

    COMP ESTIMATED VALUE
  • $1.19

    COMP AVG. RENT PER SQFT
Comps Range
$1,395
1$1,3952$1,5903$1,800
$1,800
RENT COMPS ANALYSIS
  • 513 N Langstaff Street Lake Elsinore, CA 2
    • 3 beds 3 baths ∙ 1,525 Sqft ∙ Built 1948 3 beds 3 baths ∙ 1,525 Sqft ∙ Built 1948
    • Rent
    • Rent Per SQFT
    •  
    • $1,590
    • $1.04
    •  
  • 1205 W Pottery Street Lake Elsinore, CA 1
    • 3 beds 2 baths ∙ 1,248 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,248 Sqft ∙ Built 1964
    LEASED 06/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $1.12
    •  
  • 805 W Pottery Street Lake Elsinore, CA 3
    • 3 beds 2 baths ∙ 1,431 Sqft ∙ Built 1968 3 beds 2 baths ∙ 1,431 Sqft ∙ Built 1968
    LEASED 08/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.26
    •  
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 #: IG21030264
Last Updated: 02/12/2021
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