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53218 Beales Street Lake Elsinore, CA 92532

4 Beds 3 Baths 2,867 sqft Built 2006

$425,000

List Price

$2,280

$2.1K - $2.5K

Rent Est.

PROPERTY INFO

January 02, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $148.24
  • 2 Days on Market
  • MLS # : CV21000485
  • Updated Date : 01/02/2021 at 14:31
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,867 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Champions

Listing Agent's Description

This completely remodeled home is definitely a gem that your clients will love. The home features a remodeled kitchen with backsplash. New interior paint, all new stainless steel kitchen appliances. There are new wood-like floors on the 1st floor, kitchen and all bathrooms. Remodeled downstairs bath and all bathrooms have upgraded fixtures. Sparkling pool for those hot summer days with new pool liner and solar panels to stay cool inside and outside. The home has a huge lot composed of four bedrooms and 2 and a half baths, along with a large pool perfect for any family gatherings. Master bedroom with a retreat & walk-in closet. Spacious family room leading into an airy kitchen. Huge living room. All bedrooms upstairs, as well as a loft convenient for any kind of den or study area. Three-car garage. Located conveniently close to shopping centers & local restaurants. Very well maintained.

SEE MORE

MARKET HIGHLIGHTS

  • 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.
  • 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)

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
 

$382,500$467,500$425,000

PURCHASE PRICE

$2,052$2,508$2,280

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,280
EXPENSES Loan Payment -$1,568
Property Tax -$400
Property Insurance -$97
Property Management Fees -$135
CASH FLOW
$81

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.

$425,000

PROJECTED PRICE

$2,280

PROJECTED RENT

0.54%

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$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$118,375

INVESTMENT

$118,375

Down Payment
$106,250
Rehab Estimate
$5,750
Closing Costs
$6,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,568

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $106,250
Loan Amount $318,750
See What Happens When You Reinvest Cash Flow

7.08

YEARS SAVED

$42,622

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,280

    LIST RENT
  • $0.8

    LIST RENT PER SQFT
  • $2,294

    COMP ESTIMATED VALUE
  • $0.8

    COMP AVG. RENT PER SQFT
Comps Range
$2,200
1$2,2002$2,2803$2,3004$2,3505$2,425
$2,425
RENT COMPS ANALYSIS
  • 53218 Beales Street Lake Elsinore, CA 2
    • 4 beds 3 baths ∙ 2,867 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,867 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $2,280
    • $0.80
    •  
  • 53009 Sweet Juliet Lane Lake Elsinore, CA 1
    • 4 beds 3 baths ∙ 2,643 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,643 Sqft ∙ Built 2006
    LEASED 08/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.83
    •  
  • 45028 Altissimo Way Lake Elsinore, CA 3
    • 4 beds 3 baths ∙ 2,867 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,867 Sqft ∙ Built 2006
    LEASED 07/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.80
    •  
  • 53015 Sweet Juliet Lane Lake Elsinore, CA 4
    • 4 beds 3 baths ∙ 3,000 Sqft ∙ Built 2006 4 beds 3 baths ∙ 3,000 Sqft ∙ Built 2006
    LEASED 10/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $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
Kareem Gates
Re/max Champions
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV21000485
Last Updated: 01/02/2021
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