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13045 Mew Circle Corona, CA 92883

3 Beds 3 Baths 1,591 sqft Built 1990

$450,000

List Price

$2,220

$2K - $2.4K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
November 01, 2020 RECENTLY ADDED
FACTS
  • Built In 1990
  • Price/Sqft : $282.84
  • 4 Days on Market
  • MLS # : PW20229994
  • Updated Date : 11/01/2020 at 12:07
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,591 sqft
  • Baths : 2 full , 1 half
Listing Agent

Integrity Place Realty

Listing Agent's Description

Welcome to the Horse Thief Canyon lifestyle in Corona! This home has been taken care of with pride and attention to detail. In a quiet Cul De Sac, this is a great home to raise a family or just get away from everyday life. Vaulted ceilings and hardwood floors throughout, formal living room & dining room have tall windows all around, lots of natural lighting upstairs & down. Great kitchen with view to backyard patio and open to family room with fireplace, three bedrooms upstairs include Master bedroom with vaulted ceiling, views of backyard, separate tub & shower & ample walk-in closet. Backyard oasis is perfect getaway after a long day. The large three car finished garage has plenty of room for storage. As a member of the Horse Thief Canyon community you’ll enjoy a resort-style clubhouse offering a fitness center, recreation room, 2 swimming pools, 2 spas, kiddy pool, basketball, tennis and volleyball courts, beautifully landscaped walking trails and access to multiple parks. You’ll also be close to shopping, the 15 freeway and great schools. Stop by for a visit

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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: Horsethief Canyon Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $149k627k

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

Neighborhood: Horsethief Canyon Ranch

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
Luiseno Elementary School Primary Regular 1,042 42 4
Luiseno Elementary School Middle Regular 1,042 42 4
Temescal Canyon High School High Regular 2,172 89 7

Luiseno Elementary School

  • Education Level: Primary
  • # of students: 1,042
  • # of teachers: 42
4
GreatSchools Rating

Luiseno Elementary School

  • Education Level: Middle
  • # of students: 1,042
  • # of teachers: 42
4
GreatSchools Rating

Temescal Canyon High School

  • Education Level: High
  • # of students: 2,172
  • # of teachers: 89
7
GreatSchools Rating
 

$405,000$495,000$450,000

PURCHASE PRICE

$1,998$2,442$2,220

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,220
EXPENSES Loan Payment -$1,660
Property Tax -$396
Property Insurance -$66
HOA -$85
Property Management Fees -$131
CASH FLOW
-$118

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.

$450,000

PROJECTED PRICE

$2,220

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 6.2%
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

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$125,000

INVESTMENT

$125,000

Down Payment
$112,500
Rehab Estimate
$5,750
Closing Costs
$6,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,660

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $112,500
Loan Amount $337,500
See What Happens When You Reinvest Cash Flow

4.42

YEARS SAVED

$23,347

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,220

    LIST RENT
  • $1.4

    LIST RENT PER SQFT
  • $2,156

    COMP ESTIMATED VALUE
  • $1.36

    COMP AVG. RENT PER SQFT
Comps Range
$2,200
1$2,2002$2,2203$2,400
$2,400
RENT COMPS ANALYSIS
  • 13045 Mew Circle Corona, CA 2
    • 3 beds 3 baths ∙ 1,591 Sqft ∙ Built 1990 3 beds 3 baths ∙ 1,591 Sqft ∙ Built 1990
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,220
    • $1.40
    •  
  • 13189 Lucky Spur Lane Corona, CA 1
    • 3 beds 3 baths ∙ 1,591 Sqft ∙ Built 1992 3 beds 3 baths ∙ 1,591 Sqft ∙ Built 1992
    property image
    LEASED 05/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.38
    •  
  • 27292 Eagles Nest Drive Corona, CA 3
    • 3 beds 3 baths ∙ 1,798 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,798 Sqft ∙ Built 1998
    property image
    LEASED 04/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.33
    •  
PROPERTY LISTING DETAILS
Enrique Rodriguez
Integrity Place Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW20229994
Last Updated: 11/01/2020
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