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1390 Kroonen Drive Corona, CA 92882

4 Beds 3 Baths 2,197 sqft Built 1988

$582,500

List Price

$2,560

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

November 21, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1988
  • Price/Sqft : $265.13
  • 3 Days on Market
  • MLS # : CV20244401
  • Updated Date : 11/20/2020 at 18:56
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,197 sqft
  • Baths : 3 full
Listing Agent

Century 21 Experience

Listing Agent's Description

One of the most sought after neighborhoods in Corona! Beautiful 4 bedroom 3 bath home in a quiet neighborhood with wonderful schools. One bedroom and bath is downstairs for guests or mom. This home is very inviting and comfortable for any size of family. Three car direct access garage. Step out into the backyard and enjoy quiet nights under the patio or watch the kiddos play in the yard. This is the perfect home for you.

SEE MORE

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: 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
Ben Franklin Elementary School Primary Regular 831 29 8
Ben Franklin Elementary School Middle Regular 831 29 8
Corona High School High Regular 2,933 110 5

Ben Franklin Elementary School

  • Education Level: Primary
  • # of students: 831
  • # of teachers: 29
8
GreatSchools Rating

Ben Franklin Elementary School

  • Education Level: Middle
  • # of students: 831
  • # of teachers: 29
8
GreatSchools Rating

Corona High School

  • Education Level: High
  • # of students: 2,933
  • # of teachers: 110
5
GreatSchools Rating
 

$524,250$640,750$582,500

PURCHASE PRICE

$2,304$2,816$2,560

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,560
EXPENSES Loan Payment -$2,149
Property Tax -$555
Property Insurance -$80
Property Management Fees -$151
CASH FLOW
-$375

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.

$582,500

PROJECTED PRICE

$2,560

PROJECTED RENT

0.44%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

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
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

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$1.4M$1.6M$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$160,113

INVESTMENT

$160,113

Down Payment
$145,625
Rehab Estimate
$5,750
Closing Costs
$8,738

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$2,149

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $145,625
Loan Amount $436,875
See What Happens When You Reinvest Cash Flow

2.5

YEARS SAVED

$13,675

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,560

    LIST RENT
  • $1.17

    LIST RENT PER SQFT
  • $2,587

    COMP ESTIMATED VALUE
  • $1.18

    COMP AVG. RENT PER SQFT
Comps Range
$2,550
1$2,5502$2,5603$2,5954$2,6005$2,695
$2,695
RENT COMPS ANALYSIS
  • 1390 Kroonen Drive Corona, CA 2
    • 4 beds 3 baths ∙ 2,197 Sqft ∙ Built 1988 4 beds 3 baths ∙ 2,197 Sqft ∙ Built 1988
    • Rent
    • Rent Per SQFT
    •  
    • $2,560
    • $1.17
    •  
  • 2304 Mangular Avenue Corona, CA 1
    • 4 beds 3 baths ∙ 2,200 Sqft ∙ Built 1986 4 beds 3 baths ∙ 2,200 Sqft ∙ Built 1986
    LEASED 12/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $1.16
    •  
  • 2135 Valor Circle Corona, CA 3
    • 5 beds 3 baths ∙ 2,336 Sqft ∙ Built 1988 5 beds 3 baths ∙ 2,336 Sqft ∙ Built 1988
    LEASED 04/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,595
    • $1.11
    •  
  • 2809 Vera Cruz Corona, CA 4
    • 4 beds 3 baths ∙ 2,160 Sqft ∙ Built 1994 4 beds 3 baths ∙ 2,160 Sqft ∙ Built 1994
    LEASED 09/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.20
    •  
  • 1385 Combs Way Corona, CA 5
    • 4 beds 3 baths ∙ 2,179 Sqft ∙ Built 1999 4 beds 3 baths ∙ 2,179 Sqft ∙ Built 1999
    LEASED 02/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,695
    • $1.24
    •  
PROPERTY LISTING DETAILS
Juliet Camacho
Century 21 Experience
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV20244401
Last Updated: 11/20/2020
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