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7045 Terrapin Way Eastvale, CA 92880

4 Beds 3 Baths 2,245 sqft Built 2016

$625,000

List Price

$2,650

$2.4K - $2.9K

Rent Est.

PROPERTY INFO

December 18, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2016
  • Price/Sqft : $278.40
  • 3 Days on Market
  • MLS # : CV20259852
  • Updated Date : 12/18/2020 at 17:59
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,245 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Top Producers

Listing Agent's Description

Beautiful two story ready to move in home is now available in the highly desirable Estrella at Copper Sky Community! Featuring four spacious bedrooms and three bathrooms, this home is perfect for entertaining with an open floor plan, an entertainer's backyard and upgraded finishings throughout. The kitchen is a chef’s dream with granite countertops, stainless steel appliances, a large kitchen island, plenty of storage and recessed lighting. Upstairs, the master bedroom is very large with an oversized walk in shower, separate tub, walk in closet and his and hers sinks. The backyard is perfect for entertaining with a patio during the summer and a large fire pit for those cold fall nights! Located in the highly rated **Corona-Norco School District** the local schools are nearby and an easy commute. This property is centrally located in the growing City of Eastvale, this home is minutes away from many retail stores, dining, and major freeways including the 91, 15, 60, 10, and 71. You do not want to pass this home up!

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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: Eastvale

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600k650k700kPrice in $149k728k

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

Neighborhood: Eastvale

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q212001400160018002000220024002600Rent in $10822743

* 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
Eastvale Elementary School Primary Regular 1,396 49 9
Eastvale Elementary School Middle Regular 1,396 49 9
Eleanor Roosevelt High School High Regular 3,868 134 8

Eastvale Elementary School

  • Education Level: Primary
  • # of students: 1,396
  • # of teachers: 49
9
GreatSchools Rating

Eastvale Elementary School

  • Education Level: Middle
  • # of students: 1,396
  • # of teachers: 49
9
GreatSchools Rating

Eleanor Roosevelt High School

  • Education Level: High
  • # of students: 3,868
  • # of teachers: 134
8
GreatSchools Rating
 

$562,500$687,500$625,000

PURCHASE PRICE

$2,385$2,915$2,650

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,650
EXPENSES Loan Payment -$2,306
Property Tax -$757
Property Insurance -$82
HOA -$165
Property Management Fees -$156
CASH FLOW
-$816

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.

$625,000

PROJECTED PRICE

$2,650

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 5.5%
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-$15k-$10k-$5.0k$0.0$5.0k

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$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$171,375

INVESTMENT

$171,375

Down Payment
$156,250
Rehab Estimate
$5,750
Closing Costs
$9,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$2,306

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $156,250
Loan Amount $468,750
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$327

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,650

    LIST RENT
  • $1.18

    LIST RENT PER SQFT
  • $2,672

    COMP ESTIMATED VALUE
  • $1.19

    COMP AVG. RENT PER SQFT
Comps Range
$2,450
1$2,4502$2,6003$2,6504$2,7005$2,750
$2,750
RENT COMPS ANALYSIS
  • 7045 Terrapin Way Eastvale, CA 3
    • 4 beds 3 baths ∙ 2,245 Sqft ∙ Built 2016 4 beds 3 baths ∙ 2,245 Sqft ∙ Built 2016
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $1.18
    •  
  • 7053 Starry Night Court Eastvale, CA 1
    • 4 beds 3 baths ∙ 2,057 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,057 Sqft ∙ Built 2015
    LEASED 02/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $1.19
    •  
  • 6364 Kaisha Street Eastvale, CA 2
    • 3 beds 3 baths ∙ 2,253 Sqft ∙ Built 2004 3 beds 3 baths ∙ 2,253 Sqft ∙ Built 2004
    LEASED 06/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.15
    •  
  • 7028 Terrapin Way Eastvale, CA 4
    • 4 beds 4 baths ∙ 2,245 Sqft ∙ Built 2017 4 beds 4 baths ∙ 2,245 Sqft ∙ Built 2017
    LEASED 08/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.20
    •  
  • 6528 Chloe Court Eastvale, CA 5
    • 4 beds 3 baths ∙ 2,253 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,253 Sqft ∙ Built 2005
    LEASED 04/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $1.22
    •  
PROPERTY LISTING DETAILS
Cesar Gomez
Re/max Top Producers
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV20259852
Last Updated: 12/18/2020
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