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125 Smokethorn Street Corona, CA 92881

3 Beds 3 Baths 2,121 sqft Built 2000

INVESTimate

$549,900

List Price

$2,480

$2,232 - $2,728

Rent Est.

$578,605  ( +5.22%)   1 YR EST. FORECAST

PROPERTY INFO

August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 2000
  • Price/Sqft : $259.26
  • 6 Days on Market
  • MLS # : IG20170576
  • Updated Date : 08/21/2020 at 11:43
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,121 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Realty

Listing Agent's Description

Gorgeous home in ideal location! This 3 bedroom 2.5 bath home is walking distance to Mountain Gate Park, Eisenhower Elementary School, Citrus Hills Middle School, and Albertsons shopping center. Features include laminate flooring, new carpet throughout the home, lovely kitchen with a butler's pantry, stainless steel appliances, ample cabinetry, with tons of counter space - perfect for cooking and hosting. The open floor plan downstairs makes the already large rooms feel open and airy - perfect for entertaining. The upstairs loft is an ideal area and large enough to be used as a sitting area or game space, and the three bedrooms are spacious and will accommodate any furnishings. The master suite is stylish, with a well appointed bath featuring a huge walk-in closet. Situated within walking distance of the HOA pool and walking paths, this home has it all!

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: South Corona

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600k650k700kPrice in $149k712k

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

Neighborhood: South Corona

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2120014001600180020002200240026002800Rent in $10822894

* 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
Eisenhower Elementary School Primary Regular 920 33 9
Eisenhower Elementary School Middle Regular 920 33 9
Santiago High School High Regular 3,692 129 8

Eisenhower Elementary School

  • Education Level: Primary
  • # of students: 920
  • # of teachers: 33
9
GreatSchools Rating

Eisenhower Elementary School

  • Education Level: Middle
  • # of students: 920
  • # of teachers: 33
9
GreatSchools Rating

Santiago High School

  • Education Level: High
  • # of students: 3,692
  • # of teachers: 129
8
GreatSchools Rating
 

$494,910$604,890$549,900

PURCHASE PRICE

$2,232$2,728$2,480

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-$10k-$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 $2,480
EXPENSES Loan Payment -$2,029
Property Tax -$668
Property Insurance -$79
HOA -$105
Property Management Fees -$146
CASH FLOW
-$546

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.

$549,900

PROJECTED PRICE

$2,480

PROJECTED RENT

0.45%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 5.22%
Maintenance Year (1-5) 8.00%
Vacancy 5.35%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$151,474

INVESTMENT

$151,474

Down Payment
$137,475
Rehab Estimate
$5,750
Closing Costs
$8,249

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$2,029

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $137,475
Loan Amount $412,425
See What Happens When You Reinvest Cash Flow

1.08

YEARS SAVED

$2,903

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,480

    LIST RENT
  • $1.17

    LIST RENT PER SQFT
  • $2,598

    COMP ESTIMATED VALUE
  • $1.23

    COMP AVG. RENT PER SQFT
Comps Range
$2,480
1$2,4802$2,5953$2,6004$2,6955$2,750
$2,750
RENT COMPS ANALYSIS
  • 125 Smokethorn Street Corona, 1
    • 3 beds 3 baths ∙ 2,121 Sqft ∙ Built 2000 3 beds 3 baths ∙ 2,121 Sqft ∙ Built 2000
    • Rent
    • Rent Per SQFT
    •  
    • $2,480
    • $1.17
    •  
  • 850 Sugar Maple Lane Corona, 2
    • 4 beds 3 baths ∙ 2,200 Sqft ∙ Built 1994 4 beds 3 baths ∙ 2,200 Sqft ∙ Built 1994
    LEASED 03/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,595
    • $1.18
    •  
  • 130 Tamarack Drive Corona, 3
    • 4 beds 3 baths ∙ 2,172 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,172 Sqft ∙ Built 2001
    LEASED 03/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.20
    •  
  • 2968 Lombardy Lane Corona, 4
    • 3 beds 3 baths ∙ 2,217 Sqft ∙ Built 2001 3 beds 3 baths ∙ 2,217 Sqft ∙ Built 2001
    LEASED 06/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,695
    • $1.22
    •  
  • 772 Donatello Drive Corona, 5
    • 4 beds 3 baths ∙ 2,113 Sqft ∙ Built 1998 4 beds 3 baths ∙ 2,113 Sqft ∙ Built 1998
    LEASED 06/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $1.30
    •  
PROPERTY LISTING DETAILS
Dave Clark
Keller Williams Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IG20170576
Last Updated: 08/21/2020
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