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PROPERTY INFO
FACTS
- Single Family
- Built In 1958
- Price/Sqft : $376.31
- 3 Days on Market
- MLS # : SW21000044
- Updated Date : 01/01/2021 at 09:43
CONSTRUCTION
- Beds : 4
- Floor Size : 1,528 sqft
- Baths : 2 full
Listing Agent
Re/max Liberty
Listing Agent's Description
PHENOMENAL INVESTMENT OPPORTUNITY! Check out this spacious single family home that not only has PRIME location and a single story but also has a connected stunning studio. This stunning home is located right where the 91 fwy and the 15 fwy meet. It is in close proximity to the freeway entrances, shops, schools and much more! As you walk up, you immediately will enjoy the tall lush palm trees, custom pavers and low maintenance synthetic grass. Step inside and be welcomed to an open living space lit up by cam lighting where you also will find 4 bedrooms and 2 full bathrooms and a kitchen that was remodeled in 2015 with luxurious white cabinets. Check out the huge backyard that features custom pavers and has been set up to be low maintenance, water saving and also has space that is perfect for gatherings. The home has had the roof completely redone within the last few years. Newer HVAC system. The entire home is supported by a water softener. There is an attached studio that was created in 2017 in place of an add on from previous owners. It features cam lighting, mini kitchenette, vinyl flooring in the main living space and tile for the bathroom. If you’re looking for an investment that already nets a profit with potential to grow more in the future then come check this place out! Or if you’re looking for a home for you and your parents…this could be your golden ticket! Check it out! Fall in love! Make an offer! **DO NOT DISTRUB TENANTS**
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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: Central Corona
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Central Corona
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $2,370 |
| EXPENSES | Loan Payment | -$2,122 |
| Property Tax | -$545 | |
| Property Insurance | -$64 | |
| Property Management Fees | -$140 | |
|
CASH FLOW
-$500
|
||
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.
$575,000
PROJECTED PRICE
$2,370
PROJECTED RENT
0.41%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 3.96% |
| Appreciation Year (1-5) | 7.5% |
| 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
$158,125
LOAN DETAILS
$2,122
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 4.25% |
| Down Payment | $143,750 |
| Loan Amount | $431,250 |
1.58
YEARS SAVED
$6,860
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$2,370
LIST RENT -
$1.55
LIST RENT PER SQFT
-
$2,353
COMP ESTIMATED VALUE -
$1.54
COMP AVG. RENT PER SQFT
Comps Range
-
1133 Acacia Street Corona, CA 3
- 4 beds 2 baths ∙ 1,528 Sqft ∙ Built 1958 4 beds 2 baths ∙ 1,528 Sqft ∙ Built 1958
- Rent
- Rent Per SQFT
- $2,370
- $1.55
-
4077 Brotherton Street Corona, CA 1
- 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 1938 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 1938
LEASED 12/24/19- Rent
- Rent Per SQFT
- $1,795
- $1.50
-
323 E Rancho Road Corona, CA 2
- 4 beds 2 baths ∙ 1,384 Sqft ∙ Built 1962 4 beds 2 baths ∙ 1,384 Sqft ∙ Built 1962
LEASED 02/10/20- Rent
- Rent Per SQFT
- $2,200
- $1.59
-
332 E Rancho Road Corona, CA 4
- 4 beds 2 baths ∙ 1,500 Sqft ∙ Built 1962 4 beds 2 baths ∙ 1,500 Sqft ∙ Built 1962
LEASED 03/04/20- Rent
- Rent Per SQFT
- $2,375
- $1.58
-
951 W Francis Street Corona, CA 5
- 4 beds 2 baths ∙ 1,813 Sqft ∙ Built 1958 4 beds 2 baths ∙ 1,813 Sqft ∙ Built 1958
LEASED 11/07/20- Rent
- Rent Per SQFT
- $2,695
- $1.49
PROPERTY LISTING DETAILS
Re/max Liberty
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: SW21000044
Last Updated: 01/01/2021
