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1451 Del Norte Drive Corona, CA 92879

4 Beds 2 Baths 1,897 sqft Built 1964

$499,000

List Price

$2,440

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
SINGLE-FAMILY
March 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1964
  • Price/Sqft : $263.05
  • 4 Days on Market
  • MLS # : PW21046002
  • Updated Date : 03/04/2021 at 20:53
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,897 sqft
  • Baths : 2 full
Listing Agent

Mortgage Funding Group

Listing Agent's Description

Great property on Cresta Verde Golf Course. 4 bedroom 2 bath in a great neighborhood. Priced to sell. New HVAC system just installed.

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Corona Hills

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $149k627k

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

Neighborhood: Corona Hills

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
Auburndale Intermediate School Middle Regular 507 24 3
Centennial High School High Regular 3,306 119 8
Auburndale Intermediate School Middle Unknown NA

Auburndale Intermediate School

  • Education Level: Middle
  • # of students: 507
  • # of teachers: 24
3
GreatSchools Rating

Centennial High School

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

Auburndale Intermediate School

  • Education Level: Middle
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$449,100$548,900$499,000

PURCHASE PRICE

$2,196$2,684$2,440

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,440
EXPENSES Loan Payment -$1,733
Property Tax -$473
Property Insurance -$73
Property Management Fees -$144
CASH FLOW
$17

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.

$499,000

PROJECTED PRICE

$2,440

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 7.3%
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$1.6M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$137,985

INVESTMENT

$137,985

Down Payment
$124,750
Rehab Estimate
$5,750
Closing Costs
$7,485

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,733

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $124,750
Loan Amount $374,250
See What Happens When You Reinvest Cash Flow

5.92

YEARS SAVED

$34,065

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,440

    LIST RENT
  • $1.29

    LIST RENT PER SQFT
  • $2,422

    COMP ESTIMATED VALUE
  • $1.28

    COMP AVG. RENT PER SQFT
Comps Range
$2,440
1$2,4402$2,5503$2,6504$3,000
$3,000
RENT COMPS ANALYSIS
  • 1451 Del Norte Drive Corona, CA 1
    • 4 beds 2 baths ∙ 1,897 Sqft ∙ Built 1964 4 beds 2 baths ∙ 1,897 Sqft ∙ Built 1964
    • Rent
    • Rent Per SQFT
    •  
    • $2,440
    • $1.29
    •  
  • 1481 Hilltop Lane Norco, CA 2
    • 4 beds 1 baths ∙ 2,220 Sqft ∙ Built 1972 4 beds 1 baths ∙ 2,220 Sqft ∙ Built 1972
    LEASED 12/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $1.15
    •  
  • 2510 Hillside Avenue Norco, CA 3
    • 4 beds 2 baths ∙ 2,000 Sqft ∙ Built 1970 4 beds 2 baths ∙ 2,000 Sqft ∙ Built 1970
    LEASED 02/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $1.33
    •  
  • 1093 Raquel Road Norco, CA 4
    • 4 beds 2 baths ∙ 2,200 Sqft ∙ Built 1969 4 beds 2 baths ∙ 2,200 Sqft ∙ Built 1969
    LEASED 03/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $1.36
    •  
PROPERTY LISTING DETAILS
Sam Pitassi
Mortgage Funding Group
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21046002
Last Updated: 03/04/2021
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