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1143 Aspen Street Corona, CA 92879

3 Beds 2 Baths 1,211 sqft Built 1971

INVESTimate

$465,000

List Price

$1,940

$1,746 - $2,134

Rent Est.

$499,875  ( +7.50%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 1971
  • Price/Sqft : $383.98
  • 37 Days on Market
  • MLS # : PW20144505
  • Updated Date : 08/21/2020 at 13:13
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,211 sqft
  • Baths : 2 full
Listing Agent

Messinger Real Estate

Listing Agent's Description

BACK ON THE MARKET!! Great single story home with 3 bedrooms 2 bathrooms located in one of the most sought after communities in Corona. This home has a great layout with an entry way leading to a spacious living room with gas fireplace and high ceilings, dinning area off the kitchen with sliding doors leading to a great backyard. The kitchen has high ceilings, gas stove and a microwave. Master bedroom has new carpet, walk-in closet and a bathroom with a shower. Two secondary bedrooms and hallway bathroom. New paint throughout. Ceramic wood look tile in living room, hallway and two of the bedrooms. Tile floors in kitchen and bathrooms. Large entertainers pool side backyard, with patio and patio cover, grassy areas, and additional hardscaped areas, storage shed included, large hardscaped area on side of the house. The inside large laundry room has washer and dryer hook-ups. With central air, swamp cooler and heating unit. There is a two car garage with recently replaced roll up garage door and a long driveway. Front of the house has a large yard and is completely fenced.

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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: Central Corona

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $143k627k

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

Neighborhood: Central Corona

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q21200140016001800200022002400Rent in $10822579

* 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
John Stallings Elementary School Primary Regular 566 24 4
El Cerrito Middle School Middle Regular 1,256 43 8
Centennial High School High Regular 3,306 119 8

John Stallings Elementary School

  • Education Level: Primary
  • # of students: 566
  • # of teachers: 24
4
GreatSchools Rating

El Cerrito Middle School

  • Education Level: Middle
  • # of students: 1,256
  • # of teachers: 43
8
GreatSchools Rating

Centennial High School

  • Education Level: High
  • # of students: 3,306
  • # of teachers: 119
8
GreatSchools Rating
 

$418,500$511,500$465,000

PURCHASE PRICE

$1,746$2,134$1,940

RENT

DOWN PAYMENT
FINANCING

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-$5.0k$0.0$5.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,940
EXPENSES Loan Payment -$1,716
Property Tax -$440
Property Insurance -$57
Property Management Fees -$114
CASH FLOW
-$387

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.

$465,000

PROJECTED PRICE

$1,940

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 7.50%
Maintenance Year (1-5) 8.00%
Vacancy 5.43%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$128,975

INVESTMENT

$128,975

Down Payment
$116,250
Rehab Estimate
$5,750
Closing Costs
$6,975

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,716

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $116,250
Loan Amount $348,750
See What Happens When You Reinvest Cash Flow

1.67

YEARS SAVED

$6,213

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,940

    LIST RENT
  • $1.6

    LIST RENT PER SQFT
  • $1,956

    COMP ESTIMATED VALUE
  • $1.62

    COMP AVG. RENT PER SQFT
Comps Range
$1,925
1$1,9252$1,9403$2,1004$2,1905$2,200
$2,200
RENT COMPS ANALYSIS
  • 1143 Aspen Street Corona, 2
    • 3 beds 2 baths ∙ 1,211 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,211 Sqft ∙ Built 1971
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,940
    • $1.60
    •  
  • 349 E Rancho Road Corona, 1
    • 3 beds 2 baths ∙ 1,278 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,278 Sqft ∙ Built 1959
    property image
    LEASED 01/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,925
    • $1.51
    •  
  • 931 Inn Keeper Lane Corona, 3
    • 3 beds 3 baths ∙ 1,254 Sqft ∙ Built 1984 3 beds 3 baths ∙ 1,254 Sqft ∙ Built 1984
    property image
    LEASED 07/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.67
    •  
  • 1151 San Marino Court Corona, 4
    • 3 beds 3 baths ∙ 1,298 Sqft ∙ Built 1989 3 beds 3 baths ∙ 1,298 Sqft ∙ Built 1989
    property image
    LEASED 11/17/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,190
    • $1.69
    •  
  • 323 E Rancho Road Corona, 5
    • 4 beds 2 baths ∙ 1,384 Sqft ∙ Built 1962 4 beds 2 baths ∙ 1,384 Sqft ∙ Built 1962
    property image
    LEASED 02/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.59
    •  
PROPERTY LISTING DETAILS
Cecilia Messinger
Messinger Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW20144505
Last Updated: 08/21/2020
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