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7 Corte Palazzo Lake Elsinore, CA 92532

3 Beds 2 Baths 1,855 sqft Built 1995

$489,900

List Price

$1,950

$1.8K - $2.1K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 09, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1995
  • Price/Sqft : $264.10
  • 7 Days on Market
  • MLS # : OC21047550
  • Updated Date : 03/11/2021 at 16:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,855 sqft
  • Baths : 2 full
Listing Agent

Homebay Broker Ca, Inc

Listing Agent's Description

Single story home is located in the community of Tuscany Hills. Class lot - open floor plan features, high ceiling, upgraded kitchen with granite counter tops and center island. Travertine title flooring with mix carpeting throughout the house with tons of natural light and spacious family room with gas fireplace, perfect for entertaining. Large master bedroom with walk in closet, a separate tub and shower and walk in closet. Indoor laundry room, huge 3 car garage. House fans in each one of the room with separate control. Walking distance to swimming pool, tennis courts, picnic areas, tot area, gated park with picnic and BBQ area & weight room. Close to schools, shopping and highways. Tuscany Hills Elementary School is one of the top rated school. Last year for the Mello Roos on this home.

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: Tuscany Hills

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550kPrice in $149k584k

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

Neighborhood: Tuscany Hills

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2110012001300140015001600170018001900200021002200230024002500Rent in $10512516

* 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
Tuscany Hills Elementary School Primary Regular 777 33 8
Canyon Lake Middle School Middle Regular 1,207 44 6
Temescal Canyon High School High Regular 2,172 89 7

Tuscany Hills Elementary School

  • Education Level: Primary
  • # of students: 777
  • # of teachers: 33
8
GreatSchools Rating

Canyon Lake Middle School

  • Education Level: Middle
  • # of students: 1,207
  • # of teachers: 44
6
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

$1,755$2,145$1,950

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,950
EXPENSES Loan Payment -$1,702
Property Tax -$463
Property Insurance -$72
HOA -$167
Property Management Fees -$115
CASH FLOW
-$569

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

$1,950

PROJECTED RENT

0.40%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 5.9%
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

PROJECTED ANNUAL CASH FLOW

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

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$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 70% 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

0.33

YEARS SAVED

$410

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,950

    LIST RENT
  • $1.05

    LIST RENT PER SQFT
  • $2,152

    COMP ESTIMATED VALUE
  • $1.16

    COMP AVG. RENT PER SQFT
Comps Range
$1,900
1$1,9002$1,9503$1,9754$2,2005$2,250
$2,250
RENT COMPS ANALYSIS
  • 7 Corte Palazzo Lake Elsinore, CA 2
    • 3 beds 2 baths ∙ 1,855 Sqft ∙ Built 1995 3 beds 2 baths ∙ 1,855 Sqft ∙ Built 1995
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $1.05
    •  
  • 31713 Indian Spring Road Lake Elsinore, CA 1
    • 3 beds 2 baths ∙ 1,553 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,553 Sqft ∙ Built 1999
    property image
    LEASED 01/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $1.22
    •  
  • 440 Avenue 10 Lake Elsinore, CA 3
    • 3 beds 3 baths ∙ 1,705 Sqft ∙ Built 1993 3 beds 3 baths ∙ 1,705 Sqft ∙ Built 1993
    property image
    LEASED 03/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,975
    • $1.16
    •  
  • 24 Bella Lucia Lake Elsinore, CA 4
    • 4 beds 3 baths ∙ 2,007 Sqft ∙ Built 1991 4 beds 3 baths ∙ 2,007 Sqft ∙ Built 1991
    property image
    LEASED 10/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.10
    •  
  • 32 Del Brienza Lake Elsinore, CA 5
    • 3 beds 2 baths ∙ 1,936 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,936 Sqft ∙ Built 2000
    property image
    LEASED 01/08/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $1.16
    •  
PROPERTY LISTING DETAILS
David Bezeau
Homebay Broker Ca, Inc
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21047550
Last Updated: 03/11/2021
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