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PROPERTY INFO
FACTS
- Single Family
- Built In 1995
- Price/Sqft : $204.03
- 6 Days on Market
- MLS # : OC20248550
- Updated Date : 12/01/2020 at 16:22
CONSTRUCTION
- Beds : 5
- Floor Size : 2,058 sqft
- Baths : 3 full
Listing Agent
Marshall Reddick Real Estate
Listing Agent's Description
Fixer Upper Dream Home! Bring your personal touches to this hard to find 5 Bedroom 3 Bath home situated on a cul-de-sac. This home has a great floor plan just waiting for upgrades. The long, private drive way at the end of the cul-de-sac leads to your 3 car garage and huge front yard. There is plenty of space for entertaining indoors with a formal living and dining space as well as a huge family room boasting a fireplace that is open to the kitchen and dinette area. There are 2 bedrooms downstairs with a full bath. The upstairs features a master suite with view of the lake and conveniently located laundry room. Separated by a long hallway there are 2 more bedrooms with a full bath. The large and private pool-sized back yard is a blank canvas just waiting to become your at-home oasis. Close to 15 freeway and shopping. This home has great bones, just needs a little TLC.
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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: Lake View District
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Lake View District
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $2,330 |
| EXPENSES | Loan Payment | -$1,549 |
| Property Tax | -$411 | |
| Property Insurance | -$77 | |
| Property Management Fees | -$137 | |
|
CASH FLOW
$155
|
||
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.
$419,900
PROJECTED PRICE
$2,330
PROJECTED RENT
0.55%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 3.96% |
| Appreciation Year (1-5) | 8.1% |
| Maintenance Year (1-5) | 8.00% |
| Vacancy | 5.43% |
| Length of Stay Years | 2 |
PROJECTED ACCUMULATED WEALTH
30 YEAR PROJECTION
- Cash Flow
- Appreciation
- Principal
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
TOTAL CASH OUT OF POCKET
INVESTMENT
$117,024
LOAN DETAILS
$1,549
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 4.25% |
| Down Payment | $104,975 |
| Loan Amount | $314,925 |
7.83
YEARS SAVED
$50,960
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$2,330
LIST RENT -
$1.13
LIST RENT PER SQFT
-
$2,254
COMP ESTIMATED VALUE -
$1.1
COMP AVG. RENT PER SQFT
Comps Range
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- $2,100
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29448 Rock Point Drive Lake Elsinore, CA 3
- 4 beds 3 baths ∙ 2,000 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,000 Sqft ∙ Built 2006
LEASED 03/03/20- Rent
- Rent Per SQFT
- $2,125
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29272 Northpointe Street Lake Elsinore, CA 4
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LEASED 02/19/20- Rent
- Rent Per SQFT
- $2,195
- $1.15
PROPERTY LISTING DETAILS
Marshall Reddick Real Estate
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: OC20248550
Last Updated: 12/01/2020
